New York Mortgage Trust (NYMT) 10-Q 6 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 06, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	NEW YORK MORTGAGE TRUST INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		141,214,528
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Central Index Key	1,273,685
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
ASSETS
Investment securities, available for sale, at fair value (including pledged securities of $899,065 and $1,076,187, as of September 30, 2018 and December 31, 2017, respectively, and $51,751 and $47,922 held in securitization trusts as of September 30, 2018 and December 31, 2017, respectively)		$ 1,287,188	$ 1,413,081
Multi-family loans held in securitization trusts, at fair value		10,070,834	9,657,421
Derivative assets		8,760	10,101
Cash and cash equivalents		57,471	95,191
Investment in unconsolidated entities		43,736	51,143
Preferred equity and mezzanine loan investments		198,277	138,920
Real estate held for sale in consolidated variable interest entities		29,558	64,202
Goodwill		25,222	25,222
Receivables and other assets		102,659	108,567
Total Assets	[1]	12,326,911	12,056,285
Liabilities:
Financing arrangements		1,130,659	1,276,918
Securitized debt		53,597	81,537
Mortgages and notes payable in consolidated variable interest entities		32,486	57,124
Accrued expenses and other liabilities		88,186	82,126
Subordinated debentures		45,000	45,000
Convertible notes		130,251	128,749
Total Liabilities	[1]	11,218,222	11,080,284
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 141,214,528 and 111,909,909 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively		1,412	1,119
Additional paid-in capital		927,585	751,155
Accumulated other comprehensive (loss) income		(35,323)	5,553
Accumulated deficit		(75,736)	(75,717)
Company's stockholders' equity		1,107,693	971,865
Non-controlling interest in consolidated variable interest entities		996	4,136
Total equity		1,108,689	976,001
Total Liabilities and Stockholders' Equity		12,326,911	12,056,285
Series B Preferred Stock
Stockholders' Equity:
Preferred stock		72,397	72,397
Series C Preferred Stock
Stockholders' Equity:
Preferred stock		86,862	86,862
Series D Preferred Stock
Stockholders' Equity:
Preferred stock		130,496	130,496
Financing arrangements, portfolio investments
Liabilities:
Financing arrangements		1,130,659	1,276,918
Financing arrangements, residential mortgage loans
Liabilities:
Financing arrangements		177,226	149,063
Residential collateralized debt obligations
Liabilities:
Collateralized debt obligations		56,504	70,308
Multi-family collateralized debt obligations, at fair value
Liabilities:
Collateralized debt obligations		9,504,313	9,189,459
Residential mortgage loans held in securitization trusts, net
ASSETS
Residential mortgage loans, net		60,459	73,820
Residential mortgage loans, at fair value
ASSETS
Residential mortgage loans, net		181,910	87,153
Distressed residential mortgage loans, net (including $96,493 and $121,791 held in securitization trusts as of September 30, 2018 and December 31, 2017, respectively)
ASSETS
Residential mortgage loans, net		$ 260,837	$ 331,464
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2018 and December 31, 2017, assets of consolidated VIEs totaled $10,381,126 and $10,041,468, respectively, and the liabilities of consolidated VIEs totaled $9,680,332 and $9,436,421, respectively. See Note 10 for further discussion.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Distressed residential mortgage loans held in securitization trusts, carrying amount	$ 96,493	$ 121,791
Assets of consolidated VIEs	10,381,126	10,041,468
Liabilities of consolidated VIEs	$ 9,680,332	$ 9,436,421
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	12,000,000	12,000,000
Preferred stock, shares outstanding (in shares)		12,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	141,214,528	111,909,909
Common stock, shares outstanding (in shares)	141,214,528	111,909,909
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, cumulative redeemable dividend rate	7.75%	7.75%
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	6,000,000	6,000,000
Preferred stock, shares issued (in shares)	3,000,000	3,000,000
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, cumulative redeemable dividend rate	7.875%	7.875%
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,140,000	4,140,000
Preferred stock, shares issued (in shares)	3,600,000	3,600,000
Preferred stock, shares outstanding (in shares)	3,600,000	3,600,000
Series D Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, cumulative redeemable dividend rate	8.00%	8.00%
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	5,750,000	5,750,000
Preferred stock, shares issued (in shares)	5,400,000	5,400,000
Preferred stock, shares outstanding (in shares)	5,400,000	5,400,000
Collateral Pledged
Pledged securities	$ 899,065	$ 1,076,187
Available-for-sale securities
Investment securities, available for sale held in securitization trusts	$ 51,751	$ 47,922

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
INTEREST INCOME:
Investment securities and other	$ 17,021	$ 9,716	$ 50,269	$ 29,716
Total interest income	110,249	91,382	326,863	263,748
INTEREST EXPENSE:
Investment securities and other	10,548	5,759	30,673	17,132
Total interest expense	90,646	78,062	270,009	220,801
NET INTEREST INCOME	19,603	13,320	56,854	42,947
OTHER INCOME (LOSS):
Recovery of loan losses	(840)	(563)	(1,235)	(452)
Realized gain (loss) on investment securities and related hedges, net	299	4,059	(11,778)	3,951
Realized gain on distressed residential mortgage loans at carrying value, net	1,806	6,689	3,054	21,024
Net gain on residential mortgage loans at fair value	643	717	573	717
Unrealized gain on investment securities and related hedges, net	2,275	1,192	26,574	1,687
Unrealized gain on multi-family loans and debt held in securitization trusts, net	12,303	2,353	31,867	5,184
Income from operating real estate and real estate held for sale in consolidated variable interest entities	1,380	2,429	4,759	4,746
Other income	4,757	6,916	8,981	12,037
Total other income	24,303	24,918	65,265	49,798
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	6,196	4,242	16,129	14,196
Base management and incentive fees	844	1,386	2,486	4,355
Expenses related to distressed residential mortgage loans	2,117	2,225	5,531	6,682
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities	755	3,143	3,234	7,558
Total general, administrative and operating expenses	9,912	10,996	27,380	32,791
INCOME FROM OPERATIONS BEFORE INCOME TAXES	33,994	27,242	94,739	59,954
Income tax (benefit) expense	(454)	507	(547)	2,187
NET INCOME	34,448	26,735	95,286	57,767
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities	(475)	1,110	(2,001)	3,597
NET INCOME ATTRIBUTABLE TO COMPANY	33,973	27,845	93,285	61,364
Preferred stock dividends	(5,925)	(3,225)	(17,775)	(9,675)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 28,048	$ 24,620	$ 75,510	$ 51,689
Basic earnings per common share (in dollars per share)	$ 0.21	$ 0.22	$ 0.63	$ 0.46
Diluted earnings per common share (in dollars per share)	$ 0.20	$ 0.21	$ 0.60	$ 0.45
Weighted average shares outstanding-basic (in shares)	132,413	111,886	119,955	111,824
Weighted average shares outstanding-diluted (in shares)	152,727	131,580	140,044	129,931
Convertible notes
INTEREST EXPENSE:
Interest expense	$ 2,669	$ 2,630	$ 7,971	$ 7,220
Securitized debt
INTEREST EXPENSE:
Interest expense	1,110	1,651	3,684	5,937
Subordinated debentures
INTEREST EXPENSE:
Subordinated debentures	712	589	2,023	1,699
Multi-family loans held in securitization trusts
INTEREST INCOME:
Interest income	86,458	76,186	257,179	213,242
Residential mortgage loans
INTEREST INCOME:
Interest income	2,844	1,556	7,415	4,163
Distressed residential mortgage loans
INTEREST INCOME:
Interest income	3,926	3,924	12,000	16,627
Multi-family collateralized debt obligations
INTEREST EXPENSE:
Interest expense	75,145	67,030	224,310	187,835
Residential collateralized debt obligations
INTEREST EXPENSE:
Interest expense	$ 462	$ 403	$ 1,348	$ 978

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 28,048	$ 24,620	$ 75,510	$ 51,689
OTHER COMPREHENSIVE (LOSS) INCOME
(Decrease) increase in fair value of available for sale securities	(9,874)	4,560	(40,876)	11,946
Reclassification adjustment for net gain included in net income	0	(3,538)	0	(4,298)
Decrease in fair value of derivative instruments utilized for cash flow hedges	0	(176)	0	(84)
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(9,874)	846	(40,876)	7,564
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 18,174	$ 25,466	$ 34,634	$ 59,253

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total Company Stockholders' Equity	Non-Controlling Interest in Consolidated VIE
Beginning balance at Dec. 31, 2017	$ 976,001	$ 1,119	$ 289,755	$ 751,155	$ (75,717)	$ 5,553	$ 971,865	$ 4,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	95,286				93,285		93,285	2,001
Common stock issuance, net	176,723	293	0	176,430			176,723
Dividends declared on common stock	(75,529)				(75,529)		(75,529)
Dividends declared on preferred stock	(17,775)				(17,775)		(17,775)
Decrease in fair value of available for sale securities	(40,876)					(40,876)	(40,876)
Decrease in non-controlling interest related to distributions from and de-consolidation of variable interest entities	(5,141)							(5,141)
Ending balance at Sep. 30, 2018	$ 1,108,689	$ 1,412	$ 289,755	$ 927,585	$ (75,736)	$ (35,323)	$ 1,107,693	$ 996

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 95,286	$ 57,767
Adjustments to reconcile net income to net cash provided by operating activities:
Net (accretion) amortization	(19,109)	2,248
Realized loss (gain) on investment securities and related hedges, net	11,778	(3,951)
Net gain on distressed residential mortgage and residential mortgage loans	(3,627)	(21,741)
Unrealized gain on investment securities and related hedges, net	(26,574)	(1,687)
Gain on sale of real estate held for sale in consolidated variable interest entities	(2,328)	0
Impairment of real estate under development in consolidated variable interest entities	2,091	0
Unrealized gain on loans and debt held in multi-family securitization trusts	(31,867)	(5,184)
Net decrease in loans held for sale	1,492	24
Recovery of loan losses	(1,235)	(452)
Income from unconsolidated entity, preferred equity and mezzanine loan investments	(24,020)	(21,507)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments	15,957	17,348
Amortization of stock based compensation, net	1,906	1,268
Changes in operating assets and liabilities:
Receivables and other assets	(995)	(7,823)
Accrued expenses and other liabilities	326	9,875
Net cash provided by operating activities	19,081	26,185
Cash Flows from Investing Activities:
Cash received from initial consolidation of variable interest entities	0	112
Net proceeds from sale of real estate in consolidated variable interest entities	33,192	0
Proceeds from sales of investment securities	26,899	100,937
Purchases of investment securities	(140,241)	(129,923)
Purchases of other assets	(131)	(23)
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities	(311)	(191)
Funding of preferred equity, equity and mezzanine loan investments	(65,668)	(45,101)
Principal repayments received on preferred equity and mezzanine loan investments	9,543	18,947
Return of capital from unconsolidated entity investments	11,871	23,395
Net proceeds from other derivative instruments settled during the period	17,719	3,950
Principal paydowns on investment securities - available for sale	193,070	170,133
Proceeds from sale of real estate owned	3,183	5,656
Net cash provided by investing activities	141,234	299,227
Cash Flows from Financing Activities:
Net payments made on financing arrangements	(118,596)	(197,590)
Proceeds from issuance of convertible notes	0	126,995
Common stock issuance, net	174,995	574
Payments made on mortgages and notes payable in consolidated variable interest entities	(25,781)	(266)
Proceeds from mortgages and notes payable in consolidated variable interest entities	1,130	4,425
Payments of secured debt	(29,170)	(62,098)
Net cash used in financing activities	(200,742)	(328,950)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(40,427)	(3,538)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	106,195	139,530
Cash, Cash Equivalents and Restricted Cash - End of Period	65,768	135,992
Supplemental Disclosure:
Cash paid for interest	308,346	245,891
Cash paid for income taxes	1,711	2,153
Non-Cash Investment Activities:
Sales of investment securities not yet settled	0	1,261
Purchase of investment securities not yet settled	0	181,718
Transfer from residential loans to real estate owned	5,805	6,221
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Total cash, cash equivalents, and restricted cash	106,195	139,530
Multi-family collateralized debt obligations
Non-Cash Investment Activities:
Consolidation of multi-family collateralized debt obligations	767,477	1,472,073
Multi-family loans held in securitization trust
Non-Cash Investment Activities:
Consolidation of multi-family loans held in securitization trusts	805,163	1,537,526
Common Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(69,668)	(71,501)
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid on stock	(17,835)	(9,675)
Distressed residential mortgage loans
Cash Flows from Investing Activities:
Principal repayments received on loans	13,367	14,190
Purchases of residential mortgage loans and distressed residential mortgage loans	(118,679)	(81,472)
Distressed residential mortgage loans held in securitization trusts, net
Cash Flows from Investing Activities:
Principal repayments received on loans	93,153	179,108
Multi-family collateralized debt obligations
Cash Flows from Investing Activities:
Principal repayments received on loans	101,953	104,962
Multi-family loans held in securitization trust
Cash Flows from Investing Activities:
Purchases of residential mortgage loans and distressed residential mortgage loans	(37,686)	(65,453)
Residential collateralized debt obligations
Cash Flows from Financing Activities:
Payments of secured debt	(13,859)	(14,856)
Collateralized debt obligation
Cash Flows from Financing Activities:
Payments of secured debt	$ (101,958)	$ (104,958)

Organization

Organization	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization New York Mortgage Trust, Inc., together with its consolidated subsidiaries ("NYMT," "we," "our," or the “Company"), is a real estate investment trust, or REIT, in the business of acquiring, investing in, financing and managing mortgage-related and residential housing-related assets. Our objective is to deliver long-term stable distributions to our stockholders over changing economic conditions through a combination of net interest margin and net realized capital gains from a diversified investment portfolio. Our portfolio includes, without limitation, residential mortgage loans, including distressed residential and second mortgage loans, multi-family CMBS, preferred equity and joint venture equity investments in, and mezzanine loans to, owners of multi-family properties, equity and debt securities issued by entities that invest in residential and commercial real estate, non-Agency RMBS, and Agency RMBS consisting of fixed-rate, adjustable-rate and hybrid adjustable-rate RMBS. The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including special purpose subsidiaries established for residential loan, distressed residential loan and CMBS securitization purposes, taxable REIT subsidiaries ("TRSs") and qualified REIT subsidiaries ("QRSs"). The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. As such, the Company will generally not be subject to federal income taxes on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Definitions – The following defines certain of the commonly used terms in these financial statements: “RMBS” refers to residential mortgage-backed securities comprised of adjustable-rate, hybrid adjustable-rate, fixed-rate, interest only and inverse interest only and principal only securities; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of mortgage loans issued or guaranteed by a government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “non-Agency RMBS” refers to RMBS backed by prime jumbo residential mortgage loans, including performing, re-performing and non-performing mortgage loans; "IO RMBS" refers to RMBS comprised of IOs; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “Agency IOs” refers to Agency RMBS comprised of IO RMBS; “ARMs” refers to adjustable-rate residential mortgage loans; “prime ARM loans” and “residential securitized loans” each refer to prime credit quality residential ARM loans held in our securitization trusts; “Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; “Agency fixed-rate RMBS” refers to Agency RMBS comprised of fixed-rate RMBS; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities, as well as IO or PO securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “Multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties; “CDOs” refers to collateralized debt obligations; and “CLO” refers to collateralized loan obligations. Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2017 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of September 30, 2018 , the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 , the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2018 and 2017 , the accompanying condensed consolidated statement of changes in stockholders’ equity for the nine months ended September 30, 2018 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 30, 2018 and 2017 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the U.S. Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including valuation of its CMBS investments, multi-family loans held in securitization trusts and multi-family CDOs, as well as, income recognition on distressed residential mortgage loans purchased at a discount. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Reclassifications – Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform to current period presentation. Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity ("VIE") where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE, herein referred to as a "Consolidated VIE". As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. Business Combinations – The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. The Company accounts for business combinations by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations ("ASC 805"). Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Net cash paid to acquire a business is classified as investing activities on the accompanying condensed consolidated statements of cash flows. On March 31, 2017 , the Company determined that it became the primary beneficiary of 200 RHC Hoover, LLC ("Riverchase Landing") and The Clusters, LLC ("The Clusters"), two VIEs that each own a multi-family apartment community and in which the Company held preferred equity investments. Accordingly, on this date, the Company consolidated both Riverchase Landing and The Clusters into its condensed consolidated financial statements in accordance with ASC 810, Consolidation ("ASC 810"). These transactions were accounted for by applying the acquisition method for business combinations under ASC 805 ( see Note 10 ). In March 2018, Riverchase Landing completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment. The Company de-consolidated Riverchase Landing as of the date of the sale. Investment Securities Available for Sale – The Company's investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include Agency RMBS, non-Agency RMBS and CMBS. The Company has elected the fair value option for its Agency IOs and certain Agency ARMs and Agency fixed-rate RMBS which were transferred from our Agency IO portfolio, which measures unrealized gains and losses through earnings in the accompanying condensed consolidated statements of operations. The fair value option was elected for these investment securities to better match the accounting for these investment securities with the related derivative instruments within the Agency IO portfolio, which are not designated as hedging instruments for accounting purposes. As of September 30, 2018 , the Company fully exited its Agency IO strategy. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gain (loss) on investment securities and related hedges in the accompanying condensed consolidated statements of operations. Interest income on our investment securities available for sale is accrued based on the outstanding principal balance and their contractual terms. Purchase premiums or discounts on investment securities are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity. Interest income on certain of our credit sensitive securities, such as our CMBS that were purchased at a discount to par value, is recognized based on the security’s effective yield. The effective yield on these securities is based on management’s estimate of the projected cash flows from each security, which are estimated based on assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, management reviews and, if appropriate, adjusts its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield (or interest income) recognized on these securities. A portion of the purchase discount on the Company’s first loss PO multi-family CMBS is designated as non-accretable purchase discount or credit reserve, which is intended to partially mitigate the Company’s risk of loss on the mortgages collateralizing such multi-family CMBS, and is not expected to be accreted into interest income. The amount designated as a credit reserve may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit reserve is more favorable than forecasted, a portion of the amount designated as credit reserve may be accreted into interest income over time. Conversely, if the performance of a security with a credit reserve is less favorable than forecasted, the amount designated as credit reserve may be increased, or impairment charges and write-downs of such securities to a new cost basis could be required. The Company accounts for debt securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO) at date of acquisition in accordance with ASC 320-10, Investments - Debt and Equity Securities ("ASC 320-10"). The Company accounts for debt securities that are not of high credit quality (i.e., those whose risk of loss is less than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40, Investments - Beneficial Interests in Securitized Financial Assets ("ASC 325-40"). The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the debt securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary”. When the fair value of an investment security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, the Company recognizes an other-than-temporary impairment through earnings equal to the entire difference between the investment’s amortized cost and its fair value as of the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings with the remainder recognized as a component of other comprehensive income (loss) on the accompanying condensed consolidated balance sheets. Impairments recognized through other comprehensive income (loss) do not impact earnings. Following the recognition of an other-than-temporary impairment through earnings, a new cost basis is established for the security, which may not be adjusted for subsequent recoveries in fair value through earnings. However, other-than-temporary impairments recognized through earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an other-than-temporary impairment exists and, if so, the amount considered other-than-temporarily impaired is subjective, as such determinations are based on both factual and subjective information available at the time of assessment as well the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of other-than-temporary impairments constitute material estimates that are susceptible to significant change. In determining the other-than temporary impairment related to credit losses for securities that are not of high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the prior reporting date or purchase date, whichever is most recent, against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates. Residential Mortgage Loans Held in Securitization Trusts – Residential mortgage loans held in securitization trusts are comprised of certain ARM loans transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. Residential mortgage loans held in securitization trusts are carried at their unpaid principal balances, net of unamortized premium or discount, unamortized loan origination costs and allowance for loan losses. Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. The Company establishes an allowance for loan losses based on management's judgment and estimate of credit losses inherent in our portfolio of residential mortgage loans held in securitization trusts. Estimation involves the consideration of various credit-related factors, including but not limited to, macro-economic conditions, current housing market conditions, loan-to-value ratios, delinquency status, historical credit loss severity rates, purchased mortgage insurance, the borrower's current economic condition and other factors deemed to warrant consideration. Additionally, management looks at the balance of any delinquent loan and compares that to the current value of the collateralizing property. Management utilizes various home valuation methodologies including appraisals, broker pricing opinions, internet-based property data services to review comparable properties in the same area or consults with a broker in the property's area. Residential Mortgage Loans, at fair value – Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans and second mortgage loans, are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election made at the time of acquisition pursuant to ASC 825, Financial Instruments . Changes in fair value are recorded in current period earnings in net gain (loss) on residential mortgage loans at fair value in the Company's condensed consolidated statements of operations. Premiums and discounts associated with the purchase of residential mortgage loans, at fair value are amortized or accreted into interest income over the life of the related loan using the effective interest method. Any premium amortization or discount accretion is reflected as a component of interest income, residential mortgage loans in the Company's condensed consolidated statements of operations. Residential mortgage loans at fair value are considered past due when they are 30 days past their contractual due date, and are placed on nonaccrual status when delinquent for more than 90 days. Interest accrued but not yet collected at the time loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Acquired Distressed Residential Mortgage Loans – Distressed residential mortgage loans are comprised of pools of fixed- and adjustable-rate residential mortgage loans acquired by the Company at a discount, with evidence of credit deterioration since their origination and where it is probable that the Company will not collect all contractually required principal payments. Distressed residential mortgage loans held in securitization trusts are distressed residential mortgage loans transferred to Consolidated VIEs that have been securitized into beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. Acquired distressed residential mortgage loans that have evidence of deteriorated credit quality at acquisition are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). Management evaluates whether there is evidence of credit quality deterioration as of the acquisition date using indicators such as past due or modified status, risk ratings, recent borrower credit scores and recent loan-to-value percentages. Acquired distressed residential mortgage loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. Under ASC 310-30, the acquired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an expectation of aggregate cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance. Under ASC 310-30, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans in each pool or individually using a level yield methodology. Accordingly, our acquired distressed residential mortgage loans accounted for under ASC 310-30 are not subject to classification as nonaccrual classification in the same manner as our residential mortgage loans that were not distressed when acquired by us. Rather, interest income on acquired distressed residential mortgage loans relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool). Management monitors actual cash collections against its expectations, and revised cash flow estimates are prepared as necessary. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired, thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable. The impacts of (i) prepayments, (ii) changes in variable interest rates and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. A distressed residential mortgage loan disposal, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan from the loan pool at its allocated carrying amount. In the event of a sale of the loan and receipt of payment (in full or partial) from the borrower, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds or payment from the borrower and the allocated carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, an individual loan is removed from the pool and a loss on sale is recognized if the carrying value exceeds the fair value of the collateral less costs to sell. A gain is not recognized if the fair value of collateral less costs to sell exceeds the carrying value. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Acquired distressed residential mortgage loans subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, a loss is recognized if the carrying value exceeds the fair value of the underlying collateral less costs to sell. A gain is not recognized if the fair value of the underlying collateral less costs to sell exceeds the carrying value. Multi-Family Loans Held in Securitization Trusts – Multi-family loans held in securitization trusts are comprised of multi-family mortgage loans held in Freddie Mac-sponsored multi-family K-Series securitizations of which we, or one of our "special purpose entities" ("SPEs") own the first loss POs and certain IOs and mezzanine securities and that we consolidate (the “Consolidated K-Series”). Based on a number of factors, management determined that the Company was the primary beneficiary of each VIE within the Consolidated K-Series, met the criteria for consolidation and, accordingly, has consolidated these securitizations, including their assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations be reflected in the Company's accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated collateralized financing entity ("CFE") using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the Company’s multi-family securitization trusts are considered qualifying CFEs, the Company determines the fair value of multi-family loans held in securitization trusts based on the fair value of its multi-family collateralized debt obligations and its retained interests from these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the multi-family loans and when, in the opinion of management, it is collectible. The accrual of interest on multi-family loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. The multi-family loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Preferred Equity and Mezzanine Loan Investments - The Company invests in preferred equity of and mezzanine loans to entities that have significant real estate assets. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans are secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests in the entity that owns the property. Preferred equity and mezzanine loan investments for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances. The Company accretes or amortizes any discounts or premiums and deferred fees and expenses over the life of the related asset utilizing the effective interest method or straight line-method, if the result is not materially different. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investment utilizing the guidance provided by the ADC Arrangements Subsection of ASC 310, Receivables . Management evaluates the collectibility of both interest and principal of each of these loans, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Interest income is accrued and recognized as revenue when earned according to the terms of the loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Preferred equity and mezzanine loan investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Investment in Unconsolidated Entities ”. Investment in Unconsolidated Entities – Non-controlling, unconsolidated ownership interests in an entity may be accounted for using the equity method or the cost method. In circumstances where the Company has a non-controlling interest but either owns a significant interest or is able to exert influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings or preferred return and decreased for cash distributions and a proportionate share of the entity’s losses. Management periodically reviews its investments for impairment based on projected cash flows from the entity over the holding period. When any impairment is identified, the investments are written down to recoverable amounts. The Company may elect the fair value option for an investment in an unconsolidated entity that is accounted for using the equity method. The Company elected the fair value option for certain investments in unconsolida

Investment Securities Available

Investment Securities Available for Sale	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Investment Securities Available for Sale	Investment Securities Available For Sale Investment securities available for sale consisted of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Agency RMBS Agency ARMs Freddie Mac $ 27,479 $ — $ (1,238 ) $ 26,241 $ 33,623 $ 16 $ (852 ) $ 32,787 Fannie Mae 46,456 9 (1,705 ) 44,760 54,958 6 (1,236 ) 53,728 Ginnie Mae 3,855 — (136 ) 3,719 4,750 — (193 ) 4,557 Total Agency ARMs 77,790 9 (3,079 ) 74,720 93,331 22 (2,281 ) 91,072 Agency Fixed- Rate Freddie Mac 89,023 — (3,806 ) 85,217 20,804 — (736 ) 20,068 Fannie Mae 942,868 — (47,372 ) 895,496 1,038,363 669 (12,174 ) 1,026,858 Ginnie Mae — — — — 365 — (6 ) 359 Total Agency Fixed-Rate 1,031,891 — (51,178 ) 980,713 1,059,532 669 (12,916 ) 1,047,285 Agency IOs Freddie Mac — — — — 8,436 19 (2,756 ) 5,699 Fannie Mae — — — — 11,310 22 (2,989 ) 8,343 Ginnie Mae — — — — 21,621 230 (4,714 ) 17,137 Total Agency IOs — — — — 41,367 271 (10,459 ) 31,179 Total Agency RMBS 1,109,681 9 (54,257 ) 1,055,433 1,194,230 962 (25,656 ) 1,169,536 Non-Agency RMBS 98,301 58 (115 ) 98,244 100,291 1,852 (18 ) 102,125 CMBS (1) 114,529 18,982 — 133,511 123,203 18,217 — 141,420 Total investment securities available for sale $ 1,322,511 $ 19,049 $ (54,372 ) $ 1,287,188 $ 1,417,724 $ 21,031 $ (25,674 ) $ 1,413,081 (1) Included in CMBS is $51.8 million and $47.9 million of investment securities available for sale held in securitization trusts as of September 30, 2018 and December 31, 2017 , respectively. Realized Gain or Loss Activity The Company did not sell investment securities available for sale during the three months ended September 30, 2018 . During the nine months ended September 30, 2018 , the Company received total proceeds of approximately $26.9 million from the sale of investment securities available for sale, realizing a net loss of approximately $12.3 million . During the three and nine months ended September 30, 2017 , the Company received total proceeds of approximately $49.5 million and $102.2 million , respectively, from the sale of investment securities available for sale, realizing a net gain of approximately $3.0 million and $0.7 million , respectively. Weighted Average Life Actual maturities of our available for sale securities are generally shorter than stated contractual maturities (with maturities up to 30 years ), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of September 30, 2018 and December 31, 2017 , the weighted average life of the Company’s available for sale securities portfolio was approximately 5.7 years and 7.1 years , respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Weighted Average Life September 30, 2018 December 31, 2017 0 to 5 years $ 365,791 $ 426,061 Over 5 to 10 years 917,955 970,336 10+ years 3,442 16,684 Total $ 1,287,188 $ 1,413,081 Portfolio Interest Reset Periods The following tables set forth the stated reset periods of our investment securities available for sale at September 30, 2018 and December 31, 2017 at carrying value (dollar amounts in thousands): September 30, 2018 December 31, 2017 Less than 6 6 to 24 More than Total Less than 6 to 24 More than Total Agency RMBS $ 6,770 $ 16,043 $ 1,032,620 $ 1,055,433 $ 26,876 $ 24,726 $ 1,117,934 $ 1,169,536 Non-Agency RMBS 50,000 13,845 34,399 98,244 84,461 — 17,664 102,125 CMBS — — 133,511 133,511 70,791 — 70,629 141,420 Total investment securities available for sale $ 56,770 $ 29,888 $ 1,200,530 $ 1,287,188 $ 182,128 $ 24,726 $ 1,206,227 $ 1,413,081 Unrealized Losses in OCI The following tables present the Company's investment securities available for sale in an unrealized loss position reported through OCI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 Less than 12 months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 768,749 $ (34,876 ) $ 285,758 $ (19,381 ) $ 1,054,507 $ (54,257 ) Non-Agency RMBS 12,825 (107 ) 178 (8 ) 13,003 (115 ) Total investment securities available for sale $ 781,574 $ (34,983 ) $ 285,936 $ (19,389 ) $ 1,067,510 $ (54,372 ) At September 30, 2018 , the Company does not intend to sell any of its investments that were in an unrealized loss position, and it is “more likely than not” that the Company will not be required to sell these securities before recovery of their amortized cost basis, which may be at their maturity. Gross unrealized losses on the Company’s Agency RMBS were $54.3 million at September 30, 2018 . Agency RMBS are issued by GSEs and enjoy either the implicit or explicit backing of the full faith and credit of the U.S. Government. While the Company’s Agency RMBS are not rated by any rating agency, they are currently perceived by market participants to be of high credit quality, with risk of default limited to the unlikely event that the U.S. Government would not continue to support the GSEs. Given the credit quality inherent in Agency RMBS, the Company does not consider any of the current impairments on its Agency RMBS to be credit related. In assessing whether it is more likely than not that it will be required to sell any impaired security before its anticipated recovery, which may be at its maturity, the Company considers for each impaired security, the significance of each investment, the amount of impairment, the projected future performance of such impaired securities, as well as the Company’s current and anticipated leverage capacity and liquidity position. Based on these analyses, the Company determined that at September 30, 2018 any unrealized losses on its Agency RMBS were temporary. December 31, 2017 Less than 12 months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 511,313 $ (1,807 ) $ 342,963 $ (13,390 ) $ 854,276 $ (15,197 ) Non-Agency RMBS — — 193 (18 ) 193 (18 ) Total investment securities available for sale $ 511,313 $ (1,807 ) $ 343,156 $ (13,408 ) $ 854,469 $ (15,215 ) Other than Temporary Impairment For the three and nine months ended September 30, 2018 and 2017 , the Company recognized no other-than-temporary impairment through earnings.

Residential Mortgage Loans Held

Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned	Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned Residential mortgage loans held in securitization trusts, net consist of the following as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): September 30, 2018 December 31, 2017 Unpaid principal balance $ 63,717 $ 77,519 Deferred origination costs – net 405 492 Reserve for loan losses (3,663 ) (4,191 ) Total $ 60,459 $ 73,820 Allowance for Loan Losses - The following table presents the activity in the Company's allowance for loan losses on residential mortgage loans held in securitization trusts for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): Nine Months Ended September 30, 2018 2017 Balance at beginning of period $ 4,191 $ 3,782 (Recovery of) provision for loan losses (93 ) 306 Transfer to real estate owned — (303 ) Charge-offs (435 ) (60 ) Balance at the end of period $ 3,663 $ 3,725 On an ongoing basis, the Company evaluates the adequacy of its allowance for loan losses. The Company’s allowance for loan losses as of September 30, 2018 was $3.7 million , representing 575 basis points of the outstanding principal balance of residential loans held in securitization trusts, as compared to 541 basis points as of December 31, 2017 . As part of the Company’s allowance for loan loss adequacy analysis, management will assess an overall level of allowances while also assessing credit losses inherent in each non-performing residential mortgage loan held in securitization trusts. These estimates involve the consideration of various credit related factors, including but not limited to, current housing market conditions, current loan to value ratios, delinquency status, the borrower’s current economic and credit status and other relevant factors. Real Estate Owned – The Company had no real estate owned held in residential securitization trusts at September 30, 2018 . The Company had real estate owned held in residential securitization trusts of $0.1 million at December 31, 2017 . Real estate owned held in residential securitization trusts are included in receivables and other assets on the accompanying condensed consolidated balance sheets and write downs are included in recovery of (provision for) loan losses in the accompanying condensed consolidated statements of operations for reporting purposes. All of the Company’s mortgage loans and real estate owned held in residential securitization trusts are pledged as collateral for the Residential CDOs issued by the Company. The Company’s net investment in the residential securitization trusts, which is the maximum amount of the Company’s investment that is at risk to loss and represents the difference between (i) the carrying amount of the mortgage loans, real estate owned and receivables held in residential securitization trusts and (ii) the amount of Residential CDOs outstanding, was $5.0 million and $4.4 million as of September 30, 2018 and December 31, 2017 , respectively. Delinquency Status of Our Residential Mortgage Loans Held in Securitization Trusts As of September 30, 2018 , we had 23 delinquent loans with an aggregate principal amount outstanding of approximately $11.9 million categorized as residential mortgage loans held in securitization trusts, net, of which $7.0 million , or 59% , are under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts as of September 30, 2018 (dollar amounts in thousands): September 30, 2018 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 1 $ 134 0.21 % 61 - 90 2 $ 335 0.53 % 90 + 20 $ 11,447 17.97 % As of December 31, 2017 , we had 26 delinquent loans with an aggregate principal amount outstanding of approximately $16.5 million categorized as residential mortgage loans held in securitization trusts, net, of which $10.2 million , or 62% , are under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including REO through foreclosure, as of December 31, 2017 (dollar amounts in thousands): December 31, 2017 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 1 $ 203 0.26 % 61 - 90 1 $ 173 0.22 % 90 + 24 $ 16,147 20.80 % Real estate owned through foreclosure 1 $ 118 0.15 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 34.3 % 31.8 % Massachusetts 20.5 % 20.7 % New Jersey 13.8 % 11.9 % Florida 9.8 % 8.8 % Maryland 5.1 % 5.2 %

Residential Mortgage Loans, At

Residential Mortgage Loans, At Fair Value	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Residential Mortgage Loans, at Fair Value	Residential Mortgage Loans, At Fair Value Certain of the Company’s residential mortgage loans, including distressed residential mortgage loans and second mortgages, are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election made at time of acquisition. Subsequent changes in fair value are reported in current period earnings and presented in net gain (loss) on residential mortgage loans at fair value on the Company’s condensed consolidated statements of operations. The Company’s residential mortgage loans at fair value consist of the following as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Principal Premium/(Discount) Unrealized Gains/(Losses) Carrying Value September 30, 2018 $ 189,461 $ (6,588 ) $ (963 ) $ 181,910 December 31, 2017 92,105 (4,911 ) (41 ) 87,153 As of September 30, 2018 , the Company is committed to purchase $0.8 million of second mortgage loans from originators. The following table presents the components of net gain (loss) on residential mortgage loans at fair value for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): September 30, 2018 September 30, 2017 Net realized gain on payoff and sale of loans $ 1,496 $ 493 Net unrealized (losses) gains (923 ) 224 The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 California 26.7 % 35.9 % Florida 13.7 % 6.6 % New Jersey 5.5 % 7.7 % New York 5.1 % 3.8 % The following table presents the difference between the fair value and the aggregate unpaid principal balance of the Company's residential mortgage loans at fair value greater than 90 days past due and in non-accrual status as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Fair Value Unpaid Principal Balance Difference September 30, 2018 $ 4,917 $ 5,442 $ (525 ) December 31, 2017 1,048 1,214 (166 ) Residential mortgage loans, including distressed residential mortgage loans and second mortgages, with a fair value of approximately $110.9 million and $44.2 million at September 30, 2018 and December 31, 2017 , respectively, are pledged as collateral for master repurchase agreements with Deutsche Bank AG, Cayman Islands Branch ( see Note 14 ).

Distressed Residential Mortgage

Distressed Residential Mortgage Loans	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Distressed Residential Mortgage Loans	Distressed Residential Mortgage Loans As of September 30, 2018 and December 31, 2017 , the carrying value of the Company’s distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, amounts to approximately $260.8 million and $331.5 million , respectively. The Company considers its purchase price for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, to be at fair value at the date of acquisition. The Company only establishes an allowance for loan losses subsequent to acquisition. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the distressed residential mortgage loans acquired during the nine months ended September 30, 2017 (dollar amounts in thousands): September 30, 2017 Contractually required principal and interest $ 76,529 Nonaccretable yield (6,467 ) Expected cash flows to be collected 70,062 Accretable yield (58,767 ) Fair value at the date of acquisition $ 11,295 Distressed residential mortgage loans purchased during the nine months ended September 30, 2018 are presented in the accompanying condensed consolidated balance sheets at fair value ( see Note 5 ). The following table details activity in accretable yield for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): September 30, 2018 September 30, 2017 Balance at beginning of period $ 303,949 $ 530,511 Additions 6,007 91,356 Disposals (64,876 ) (263,475 ) Accretion (11,999 ) (16,635 ) Balance at end of period (1) $ 233,081 $ 341,757 (1) Accretable yield is the excess of the distressed residential mortgage loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Disposals include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in each of the nine month periods ended September 30, 2018 and 2017 is not necessarily indicative of future results. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 Florida 10.7 % 11.2 % North Carolina 8.6 % 8.3 % Georgia 6.6 % 5.8 % California 5.7 % 6.9 % New York 5.5 % 5.7 % South Carolina 5.4 % 5.0 % Ohio 5.2 % 5.1 % The Company's distressed residential mortgage loans held in securitization trusts with a carrying value of approximately $96.5 million and $121.8 million at September 30, 2018 and December 31, 2017 , respectively, are pledged as collateral for certain of the Securitized Debt issued by the Company ( see Note 10 ). In addition, distressed residential mortgage loans with a carrying value of approximately $143.8 million and $182.6 million at September 30, 2018 and December 31, 2017 , respectively, are pledged as collateral for a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch ( see Note 14 ).

Consolidated K-Series

Consolidated K-Series	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Consolidated K-Series	Consolidated K-Series The Company has elected the fair value option on the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's condensed consolidated statements of operations. Our investment in the Consolidated K-Series is limited to the multi-family CMBS comprised of first loss POs, certain IOs and mezzanine securities issued by certain Freddie Mac K-Series securitizations with an aggregate net carrying value of $566.5 million and $468.0 million at September 30, 2018 and December 31, 2017 , respectively ( see Note 10 ). The Consolidated K-Series is comprised of eight and seven Freddie Mac K-Series securitizations as of September 30, 2018 and December 31, 2017 , respectively. The condensed consolidated balance sheets of the Consolidated K-Series at September 30, 2018 and December 31, 2017 , respectively, are as follows (dollar amounts in thousands): Balance Sheets September 30, 2018 December 31, 2017 Assets Multi-family loans held in securitization trusts $ 10,070,834 $ 9,657,421 Receivables 32,533 33,562 Total Assets $ 10,103,367 $ 9,690,983 Liabilities and Equity Multi-family CDOs $ 9,504,313 $ 9,189,459 Accrued expenses 31,966 33,136 Total Liabilities 9,536,279 9,222,595 Equity 567,088 468,388 Total Liabilities and Equity $ 10,103,367 $ 9,690,983 The multi-family loans held in securitization trusts had aggregate unpaid principal balances of approximately $10.1 billion and $9.4 billion at September 30, 2018 and December 31, 2017 , respectively. The multi-family CDOs had aggregate unpaid principal balances of approximately $10.1 billion and $9.4 billion at September 30, 2018 and December 31, 2017 , respectively. As of September 30, 2018 and December 31, 2017 , the current weighted average interest rate on these multi-family CDOs was 4.06% and 3.92% , respectively. The Company does not have any claims to the assets or obligations for the liabilities of the Consolidated K-Series (other than those securities represented by our first loss and mezzanine securities). We have elected the fair value option for the Consolidated K-Series. The net fair value of our investment in the Consolidated K-Series, which represents the difference between the carrying values of multi-family loans held in securitization trusts less the carrying value of multi-family CDOs, approximates the fair value of our underlying securities ( see Note 18 ). The condensed consolidated statements of operations of the Consolidated K-Series for the three and nine months ended September 30, 2018 and 2017 , respectively, are as follows (dollar amounts in thousands): Three Months Ended Nine Months Ended Statements of Operations 2018 2017 2018 2017 Interest income $ 86,458 $ 76,186 $ 257,179 $ 213,242 Interest expense 75,145 67,030 224,310 187,835 Net interest income 11,313 9,156 32,869 25,407 Unrealized gain on multi-family loans and debt held in securitization trusts, net 12,303 2,353 31,867 5,184 Net income $ 23,616 $ 11,509 $ 64,736 $ 30,591 The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 California 13.8 % 14.7 % Texas 11.8 % 12.7 % New York 6.1 % 6.5 % Maryland 5.1 % 5.5 %

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investment in Unconsolidated Entities The Company's investments in unconsolidated entities accounted for under the equity method consist of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Investment Name Ownership Interest Carrying Amount Ownership Interest Carrying Amount BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 45% $ 8,675 45% $ 8,320 Total - Equity Method $ 8,675 $ 8,320 The Company's investments in unconsolidated entities accounted for under the equity method using the fair value option consist of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Investment Name Ownership Interest Carrying Amount Ownership Interest Carrying Amount Morrocroft Neighborhood Stabilization Fund II, LP 11% $ 13,451 11% $ 12,623 Evergreens JV Holdings, LLC 85% 7,970 85% 4,220 The Preserve at Port Royal Venture, LLC 77% 13,640 77% 13,040 WR Savannah Holdings, LLC (1) — — 90% 12,940 Total - Fair Value Option $ 35,061 $ 42,823 (1) The Company's equity investment was redeemed during the three months ended September 30, 2018. The following table presents income from investments in unconsolidated entities for the three and nine months ended September 30, 2018 and September 30, 2017 (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2018 2017 2018 2017 Autumnwood Investments LLC $ — $ 64 $ — $ 137 200 RHC Hoover, LLC — — — 275 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 265 252 777 741 Morrocroft Neighborhood Stabilization Fund II, LP 149 394 829 1,374 Evergreens JV Holdings, LLC 3,643 161 4,008 464 Bent Tree JV Holdings, LLC — 1,210 — 1,795 Summerchase LR Partners LLC — 194 — 556 Lake Mary Realty Partners, LLC — 2,312 — 2,745 The Preserve at Port Royal Venture, LLC 449 440 1,351 1,266 WR Savannah Holdings, LLC (1) 113 405 1,743 1,030 (1) Includes income recognized from redemption of the Company's investment during the three and nine months ended September 30, 2018 .

Preferred Equity and Mezzanine

Preferred Equity and Mezzanine Loan Investments	9 Months Ended
	Sep. 30, 2018
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Preferred Equity and Mezzanine Loan Investments	Preferred Equity and Mezzanine Loan Investments P referred equity and mezzanine loan investments consist of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Investment amount $ 200,047 $ 140,560 Deferred loan fees, net (1,770 ) (1,640 ) Total $ 198,277 $ 138,920 There were no delinquent preferred equity and mezzanine loan investments as of September 30, 2018 and December 31, 2017 . As of September 30, 2018 , the Company is committed to fund an additional $1.7 million of preferred equity on an existing investment. The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 22.1 % 24.1 % Texas 13.8 % 24.3 % Florida 12.1 % 3.9 % Georgia 9.9 % 3.4 % Virginia 7.6 % 10.8 % Alabama 7.4 % 7.1 % Tennessee 5.6 % — South Carolina 5.1 % 7.0 %

Use of Special Purpose Entities

Use of Special Purpose Entities and Variable Interest Entities	9 Months Ended
	Sep. 30, 2018
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Use of Special Purpose Entities and Variable Interest Entities	Use of Special Purpose Entities and Variable Interest Entities The Company uses SPEs to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has entered into resecuritization and financing transactions which required the Company to analyze and determine whether the SPEs that were created to facilitate the transactions are VIEs in accordance with ASC 810 , and if so, whether the Company is the primary beneficiary requiring consolidation. The Company evaluated the following resecuritization or financing transactions: 1) its Residential CDOs; 2) its multi-family CMBS re-securitization transaction and 3) its distressed residential mortgage loan securitization transaction (each a “Financing VIE” and collectively, the “Financing VIEs”) and concluded that the entities created to facilitate each of the transactions are VIEs and that the Company is the primary beneficiary of these VIEs. Accordingly, the Company continues to consolidate the Financing VIEs as of September 30, 2018 . The Company invests in multi-family CMBS consisting of PO securities that represent the first loss of the securitizations from which they were issued, and certain IOs and mezzanine CMBS securities issued from Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company has evaluated these CMBS investments in Freddie Mac-sponsored K-Series securitization trusts to determine whether they are VIEs and if so, whether the Company is the primary beneficiary requiring consolidation. The Company has determined that eight and seven Freddie Mac-sponsored multi-family K-Series securitization trusts are VIEs as of September 30, 2018 and December 31, 2017 , respectively. The Company also determined that it is the primary beneficiary of each VIE within the Consolidated K-Series and, accordingly, has consolidated its assets, liabilities, income and expenses in the accompanying condensed consolidated financial statements ( see Notes 2 and 7 ). Of the Company’s multi-family CMBS investments included in the Consolidated K-Series, seven and six of these investments are not included as collateral to any Financing VIE as of September 30, 2018 and December 31, 2017 , respectively. In analyzing whether the Company is the primary beneficiary of the Consolidated K-Series and the Financing VIEs, the Company considered its involvement in each of the VIEs, including the design and purpose of each VIE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. RB Development Holding Company, LLC ("RBDHC"), a wholly-owned subsidiary of the Company, owns 50% of Kiawah River View Investors LLC ("KRVI"), a limited liability company that owns developed land and residential homes under development in Kiawah Island, SC, for which RiverBanc LLC ("RiverBanc"), a wholly-owned subsidiary of the Company, is the manager. The Company has evaluated KRVI to determine if it is a VIE and if so, whether the Company is the primary beneficiary requiring consolidation. The Company has determined that KRVI is a VIE for which RBDHC is the primary beneficiary as the Company, collectively through RiverBanc and RBDHC, has both the power to direct the activities that most significantly impact the economic performance of KRVI and has a right to receive benefits or absorb losses of KRVI that could be potentially significant to KRVI. Accordingly, the Company has consolidated KRVI in its condensed consolidated financial statements with a non-controlling interest for the third-party ownership of KRVI membership interests. The Company evaluates the home pricing and lot values of the real estate under development that is owned by KRVI, which is included in other assets on the Company's condensed consolidated balance sheets, on a quarterly basis. Based on the evaluation during the quarter ended June 30, 2018, the Company determined that the real estate under development with a carrying amount of $22.4 million was no longer recoverable and was impaired. The Company recognized a $2.1 million impairment loss which is included in other income in the Company's condensed consolidated statements of operations for the nine months ended September 30, 2018 . For the nine months ended September 30, 2018 , $1.0 million of this impairment loss is included in net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying condensed consolidated statements of operations, resulting in a net loss to the Company of $1.1 million . Fair value was determined based on the sales comparison approach which derives a value indication by comparing the subject property to similar properties that have been recently sold and assumes a purchaser will not pay more for a particular property than a similar substitute property. On March 31, 2017 , (the "Changeover Date"), the Company reconsidered its evaluation of its variable interests in Riverchase Landing and The Clusters, two VIEs that each own a multi-family apartment community and in which the Company held a preferred equity investment. The Company determined that it gained the power to direct the activities, and became primary beneficiary, of Riverchase Landing and The Clusters on the Changeover Date. Prior to the Changeover Date, the Company accounted for Riverchase Landing as an investment in an unconsolidated entity and for The Clusters as a preferred equity investment. On the Changeover Date, the Company consolidated Riverchase Landing and The Clusters into its condensed consolidated financial statements. These transactions were accounted for by applying the acquisition method for business combinations. The estimated Changeover Date fair value of the consideration transferred totaled $ 12.5 million , which consisted of the estimated fair value of the Company's preferred equity investments in both Riverchase Landing and The Clusters. The Company determined the estimated fair value of its preferred equity investments in Riverchase Landing and The Clusters using assumptions for the timing and amount of expected future cash flows from the underlying multi-family apartment communities and a discount rate. The following table summarizes the estimated fair values of the assets and liabilities of Riverchase Landing and The Clusters at the Changeover Date (dollar amounts in thousands). Cash $ 112 Operating real estate (1) 62,322 Lease intangibles (1) 5,340 Receivables and other assets 2,260 Total assets 70,034 Mortgages payable 51,570 Accrued expenses and other liabilities 1,519 Total liabilities 53,089 Non-controlling interest (2) 4,462 Net assets consolidated $ 12,483 (1) Reclassified to real estate held for sale in consolidated variable interest entities on the condensed consolidated balance sheets in 2017 ( see Note 11 ). (2) Represents third party ownership of membership interests in Riverchase Landing and The Clusters. The fair value of the non-controlling interests in Riverchase Landing and The Clusters, both private companies, was estimated using assumptions for the timing and amount of expected future cash flows from the underlying multi-family apartment communities and a discount rate. In March 2018, Riverchase Landing completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment. The Company de-consolidated Riverchase Landing as of the date of the sale. Prior to March 2018, the Company did not have any claims to the assets or obligations for the liabilities of Riverchase Landing. As of September 30, 2018 , the Company does not have any claims to the assets or obligations for the liabilities of The Clusters. The Consolidated K-Series, the Financing VIEs, KRVI, Riverchase Landing (as of December 31, 2017 ) and The Clusters are collectively referred to in this footnote as "Consolidated VIEs". The following tables present a summary of the assets and liabilities of these Consolidated VIEs as of September 30, 2018 and December 31, 2017 , respectively. Intercompany balances have been eliminated for purposes of this presentation. Assets and Liabilities of Consolidated VIEs as of September 30, 2018 (dollar amounts in thousands): Financing VIEs Other VIEs Multi-family CMBS Re- securitization (1) Distressed Residential Mortgage Loan Securitization (2) Residential Mortgage Loan Securitization Multi- family CMBS (3) Other Total Cash and cash equivalents $ — $ — $ — $ — $ 781 $ 781 Investment securities available for sale, at fair value held in securitization trusts 51,751 — — — — 51,751 Residential mortgage loans held in securitization trusts, net — — 60,459 — — 60,459 Distressed residential mortgage loans held in securitization trusts, net — 96,493 — — — 96,493 Multi-family loans held in securitization trusts, at fair value 1,109,276 — — 8,961,558 — 10,070,834 Real estate held for sale in consolidated variable interest entities — — — — 29,558 29,558 Receivables and other assets 4,131 14,320 1,021 28,474 23,304 71,250 Total assets $ 1,165,158 $ 110,813 $ 61,480 $ 8,990,032 $ 53,643 $ 10,381,126 Residential collateralized debt obligations $ — $ — $ 56,504 $ — $ — $ 56,504 Multi-family collateralized debt obligations, at fair value 1,040,174 — — 8,464,139 — 9,504,313 Securitized debt 29,870 23,727 — — — 53,597 Mortgages and notes payable in consolidated variable interest entities — — — — 32,486 32,486 Accrued expenses and other liabilities 4,115 317 25 27,999 976 33,432 Total liabilities $ 1,074,159 $ 24,044 $ 56,529 $ 8,492,138 $ 33,462 $ 9,680,332 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 7 ). (2) The Company engaged in this transaction for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed- and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one - to four - family properties. Balances as of September 30, 2018 are related to a securitization transaction that closed in April 2016 that involved the issuance of $177.5 million of Class A Notes representing the beneficial ownership in a pool of performing and re-performing seasoned mortgage loans. The Company holds 5% of the Class A Notes issued as part of the securitization transaction, which were eliminated in consolidation. (3) Seven of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series were not held in a Financing VIE as of September 30, 2018 . Assets and Liabilities of Consolidated VIEs as of December 31, 2017 (dollar amounts in thousands): Financing VIEs Other VIEs Multi-family CMBS Re- securitization (1) Distressed Residential Mortgage Loan Securitization (2) Residential Mortgage Loan Securitization Multi- family CMBS (3) Other Total Cash and cash equivalents $ — $ — $ — $ — $ 808 $ 808 Investment securities available for sale, at fair value held in securitization trusts 47,922 — — — — 47,922 Residential mortgage loans held in securitization trusts, net — — 73,820 — — 73,820 Distressed residential mortgage loans held in securitization trusts, net — 121,791 — — — 121,791 Multi-family loans held in securitization trusts, at fair value 1,157,726 — — 8,499,695 — 9,657,421 Real estate held for sale in consolidated variable interest entities — — — — 64,202 64,202 Receivables and other assets 4,333 15,428 935 29,301 25,507 75,504 Total assets $ 1,209,981 $ 137,219 $ 74,755 $ 8,528,996 $ 90,517 $ 10,041,468 Residential collateralized debt obligations $ — $ — $ 70,308 $ — $ — $ 70,308 Multi-family collateralized debt obligations, at fair value 1,094,044 — — 8,095,415 — 9,189,459 Securitized debt 29,164 52,373 — — — 81,537 Mortgages and notes payable in consolidated variable interest entities — — — — 57,124 57,124 Accrued expenses and other liabilities 4,316 2,957 24 28,969 1,727 37,993 Total liabilities $ 1,127,524 $ 55,330 $ 70,332 $ 8,124,384 $ 58,851 $ 9,436,421 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 7 ). (2) The Company engaged in this transaction for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed- and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one - to four - family properties. Balances as of December 31, 2017 are related to a securitization transaction that closed in April 2016 that involved the issuance of $177.5 million of Class A Notes representing the beneficial ownership in a pool of performing and re-performing seasoned mortgage loans. The Company holds 5% of the Class A Notes issued as part of the securitization transaction, which have been eliminated in consolidation. (3) Six of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series were not held in a Financing VIE as of December 31, 2017 . The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Distressed Residential Mortgage Loan Securitizations Principal Amount at September 30, 2018 $ 33,218 $ 24,051 Principal Amount at December 31, 2017 $ 33,350 $ 53,089 Carrying Value at September 30, 2018 (2) $ 29,870 $ 23,727 Carrying Value at December 31, 2017 (2) $ 29,164 $ 52,373 Pass-through rate of Notes issued 5.35% 4.00% (1) The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note issued in this re-securitization transaction have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership. (2) Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets. The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Scheduled Maturity (principal amount) September 30, 2018 December 31, 2017 Within 24 months $ 24,051 $ 53,089 Over 24 months to 36 months — — Over 36 months 33,218 33,350 Total 57,269 86,439 Discount (3,312 ) (4,232 ) Debt issuance cost (360 ) (670 ) Carrying value $ 53,597 $ 81,537 There is no guarantee that the Company will receive any cash flows from these securitization trusts. Residential Mortgage Loan Securitization Transaction The Company has completed four residential mortgage loan securitizations (other than the distressed residential mortgage loan securitizations discussed above) since inception; the first three were accounted for as permanent financings and have been included in the Company’s accompanying condensed consolidated financial statements. The fourth was accounted for as a sale and, accordingly, is not included in the Company’s accompanying condensed consolidated financial statements. Unconsolidated VIEs The Company has evaluated its multi-family CMBS investments in two Freddie Mac-sponsored K-Series securitizations and its preferred equity, mezzanine loan and other equity investments as of September 30, 2018 and December 31, 2017 , respectively, to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, except for The Clusters as of September 30, 2018 and both Riverchase Landing and The Clusters as of December 31, 2017 , it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following tables present the classification and carrying value of unconsolidated VIEs as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 Investment securities, available for sale, at fair value, held in securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investment in unconsolidated entities Total Multi-family CMBS $ 51,751 $ 72 $ — $ — $ 51,823 Preferred equity investments in multi-family properties — — 187,508 8,675 196,183 Mezzanine loan on multi-family properties — — 10,769 — 10,769 Equity investments in entities that invest in residential properties — — — 13,451 13,451 Total assets $ 51,751 $ 72 $ 198,277 $ 22,126 $ 272,226 December 31, 2017 Investment securities, available for sale, at fair value, held in securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investment in unconsolidated entities Total Multi-family CMBS $ 47,922 $ 73 $ — $ — $ 47,995 Preferred equity investments in multi-family properties — — 132,009 8,320 140,329 Mezzanine loan on multi-family properties — — 6,911 — 6,911 Equity investments in entities that invest in multi-family and residential properties — — — 25,562 25,562 Total assets $ 47,922 $ 73 $ 138,920 $ 33,882 $ 220,797 Our maximum loss exposure on the multi-family CMBS investments, preferred equity, mezzanine loan and equity investments is approximately $272.2 million and $220.8 million at September 30, 2018 and December 31, 2017 , respectively. The Company’s maximum exposure does not exceed the carrying value of its investments.

Real Estate Held for Sale in Co

Real Estate Held for Sale in Consolidated VIEs	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Real Estate Held for Sale in Consolidated VIEs	Real Estate Held for Sale in Consolidated VIEs On March 31, 2017 , the Company determined that it became the primary beneficiary of Riverchase Landing and The Clusters, two VIEs that each own a multi-family apartment community and in which the Company held preferred equity investments. Accordingly, on this date, the Company consolidated both Riverchase Landing and The Clusters into its condensed consolidated financial statements ( see Note 10). During the second quarter of 2017, Riverchase Landing determined to actively market its multi-family apartment community for sale. Accordingly, the Company classified the real estate assets in Riverchase Landing as held for sale as of December 31, 2017 in the accompanying condensed consolidated balance sheets. The Company also ceased depreciation of the operating real estate assets and amortization of the related lease intangible asset in Riverchase Landing as of June 5, 2017. In March 2018, Riverchase Landing completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment. Riverchase Landing recognized a net gain on sale of approximately $2.3 million which is included in other income and is allocated to net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying condensed consolidated statements of operations. The Company de-consolidated Riverchase Landing as of the date of the sale. During the third quarter of 2017, The Clusters determined to actively market its multi-family apartment community for sale. The Company anticipates completing a sale to a third party buyer in 2018. Accordingly, the Company classified the real estate assets in The Clusters as held for sale as of September 30, 2018 and December 31, 2017 in the accompanying condensed consolidated balance sheets. The Company also ceased depreciation of the operating real estate assets and amortization of the related lease intangible asset in The Clusters as of September 1, 2017. The following is a summary of the real estate held for sale in consolidated variable interest entities as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Land $ 2,650 $ 7,000 Building and improvements 25,975 53,468 Furniture, fixtures and equipment 885 2,150 Lease intangible 2,802 5,340 Real estate held for sale before accumulated depreciation and amortization 32,312 67,958 Accumulated depreciation (1) (418 ) (647 ) Accumulated amortization of lease intangible (1) (2,336 ) (3,109 ) Real estate held for sale in consolidated variable interest entities $ 29,558 $ 64,202 (1) There were no depreciation and amortization expenses for the three and nine months ended September 30, 2018 . Depreciation and amortization expenses for the three months ended September 30, 2017 totaled $0.2 million and $0.9 million , respectively. Depreciation and amortization expenses for the nine months ended September 30, 2017 totaled $0.6 million and $3.1 million , respectively. No gain or loss was recognized by the Company or allocated to non-controlling interests related to the initial classification of the real estate assets as held for sale.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into derivative instruments in connection with its risk management activities. These derivative instruments may include interest rate swaps, swaptions, futures and options on futures. The Company may also purchase or sell TBAs, purchase options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The Company's derivative instruments are currently comprised of interest rate swaps, which are designated as trading instruments. The following table presents the fair value of derivative instruments and their location in our condensed consolidated balance sheets at September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Type of Derivative Instrument Balance Sheet Location September 30, 2018 December 31, 2017 Interest rate swaps (1) Derivative assets $ 8,760 $ 10,101 (1) Variation margin payable of $8.5 million and variation margin receivable of $9.3 million is included as an adjustment to the carrying value of the derivative assets at September 30, 2018 and December 31, 2017 , respectively. The tables below summarize the volume activity of derivative instruments for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): Notional Amount For the Nine Months Ended September 30, 2018 Type of Derivative Instrument December 31, 2017 Additions Settlement, Expiration or Exercise September 30, 2018 Interest rate swaps $ 345,500 $ 50,000 $ — $ 395,500 Notional Amount For the Nine Months Ended September 30, 2017 Type of Derivative Instrument December 31, 2016 Additions Settlement, Expiration or Exercise September 30, 2017 TBA securities (1) $ 149,000 $ 1,466,000 $ (1,440,000 ) $ 175,000 U.S. Treasury futures 17,100 123,900 (135,500 ) 5,500 Interest rate swap futures (151,700 ) 413,800 (349,000 ) (86,900 ) Eurodollar futures (2,575,000 ) 5,989,000 (5,054,000 ) (1,640,000 ) Options on U.S. Treasury futures — 5,000 (5,000 ) — Swaptions 154,000 — — 154,000 Interest rate swaps 15,000 — — 15,000 (1) Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our condensed consolidated financial statements on a net basis. The following table presents the components of realized and unrealized gains and losses related to our derivative instruments included in other income category in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (dollar amounts in thousands): Three Months Ended September 30, 2018 2017 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA securities $ — $ — $ 1,470 $ (265 ) Eurodollar futures — — 62 39 Interest rate swaps — 2,275 — 36 Swaptions — — — 171 U.S. Treasury and interest rate swap futures and options — — (583 ) 505 Total $ — $ 2,275 $ 949 $ 486 Nine Months Ended September 30, 2018 2017 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA securities $ — $ — $ 3,285 $ (1,080 ) Eurodollar futures — — 849 (886 ) Interest rate swaps — 16,379 — 110 Swaptions — — — 239 U.S. Treasury and interest rate swap futures and options — — (999 ) 699 Total $ — $ 16,379 $ 3,135 $ (918 ) The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): September 30, 2018 December 31, 2017 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Notional Amount Weighted Average Fixed Interest Rate Weighted Average 2024 $ 98,000 2.18 % 2.34 % $ 98,000 2.18 % 1.36 % 2027 247,500 2.39 % 2.34 % 247,500 2.39 % 1.39 % 2028 50,000 3.13 % 2.31 % — — — Total $ 395,500 2.43 % 2.34 % $ 345,500 2.33 % 1.38 % The use of derivatives exposes the Company to counterparty credit risks in the event of a default by a counterparty. If a counterparty defaults under the applicable derivative agreement, the Company may be unable to collect payments to which it is entitled under its derivative agreements and may have difficulty collecting the assets it pledged as collateral against such derivatives. The Company has in place with all counterparties bi-lateral margin agreements requiring a party to post collateral to the Company for any valuation deficit. This arrangement is intended to limit the Company’s exposure to losses in the event of a counterparty default. Currently, all of the Company's interest rate swaps outstanding are cleared through CME Group Inc. ("CME Clearing") which is the parent company of the Chicago Mercantile Exchange Inc. CME Clearing serves as the counterparty to every cleared transaction, becoming the buyer to each seller and the seller to each buyer, limiting the credit risk by guaranteeing the financial performance of both parties and netting down exposures.

Financing Arrangements, Portfol

Financing Arrangements, Portfolio Investments	9 Months Ended
	Sep. 30, 2018
Banking and Thrift [Abstract]
Financing Arrangements, Portfolio Investments	Financing Arrangements, Portfolio Investments The Company has entered into repurchase agreements with third party financial institutions to finance its investment portfolio. These financing arrangements are short-term borrowings that bear interest rates typically based on a spread to LIBOR, and are secured by the securities which they finance. At September 30, 2018 , the Company had repurchase agreements with an outstanding balance of $1.1 billion and a weighted average interest rate of 2.90% . At December 31, 2017 , the Company had repurchase agreements with an outstanding balance of $1.3 billion and a weighted average interest rate of 2.18% . The following table presents detailed information about the Company’s borrowings under financing arrangements and associated assets pledged as collateral at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency ARMs RMBS $ 49,689 $ 51,750 $ 53,699 $ 86,349 $ 90,343 $ 92,586 Agency Fixed-rate RMBS 802,636 847,316 891,660 842,474 890,359 902,744 Non-Agency RMBS — — — 38,160 51,841 50,693 CMBS (1) 278,334 405,623 282,492 309,935 421,156 322,092 Balance at end of the period $ 1,130,659 $ 1,304,689 $ 1,227,851 $ 1,276,918 $ 1,453,699 $ 1,368,115 (1) Includes first loss PO and mezzanine CMBS securities with a fair value amounting to $405.6 million and $377.5 million included in the Consolidated K-Series as of September 30, 2018 and December 31, 2017 , respectively. As of September 30, 2018 and December 31, 2017 , the average days to maturity for financing arrangements were 29 days and 44 days , respectively. The Company’s accrued interest payable on outstanding financing arrangements at September 30, 2018 and December 31, 2017 amounts to $5.2 million and $2.5 million , respectively, and is included in accrued expenses and other liabilities on the Company’s condensed consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding financing arrangements, at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Contractual Maturity September 30, 2018 December 31, 2017 Within 30 days $ 822,582 $ 1,081,911 Over 30 days to 90 days 308,077 95,007 Over 90 days — 100,000 Total $ 1,130,659 $ 1,276,918 As of September 30, 2018 , the outstanding balance under our financing arrangements was funded at a weighted average advance rate of 90.3% that implies an average haircut of 9.7% . As of September 30, 2018 , the weighted average “haircut” related to our repurchase agreement financing for our Agency RMBS and CMBS was approximately 5% and 25% , respectively. In the event we are unable to obtain sufficient short-term financing through existing financings arrangements, or our lenders start to require additional collateral, we may have to liquidate our investment securities at a disadvantageous time, which could result in losses. Any losses resulting from the disposition of our investment securities in this manner could have a material adverse effect on our operating results and net profitability. At September 30, 2018 and December 31, 2017 , the Company had financing arrangements with ten counterparties. As of September 30, 2018 and December 31, 2017 , the Company's only exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity was to Deutsche Bank AG, London Branch at 7.4% and 5.0% , respectively. The amount at risk is defined as the fair value of securities pledged as collateral to the financing arrangement in excess of the financing arrangement liability. As of September 30, 2018 , our available liquid assets included unrestricted cash and cash equivalents and unencumbered securities that we believe may be posted as margin. The Company had $57.5 million in cash and cash equivalents and $429.4 million in unencumbered investment securities to meet additional haircuts or market valuation requirements. The unencumbered securities that we believe may be posted as margin as of September 30, 2018 included $156.5 million of Agency RMBS, $173.6 million of CMBS and $99.3 million of non-Agency RMBS and other investment securities. The cash and unencumbered securities, which collectively represent 43.1% of our financing arrangements, are liquid and could be monetized to pay down or collateralize a liability immediately. Financing Arrangements, Residential Mortgage Loans The Company has a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch with a maximum aggregate committed principal amount of $100.0 million and a maximum uncommitted principal amount of $150.0 million to fund the purchase of residential mortgage loans, expiring on June 8, 2019 . The outstanding balance on this master repurchase agreement as of September 30, 2018 and December 31, 2017 amounts to approximately $141.5 million and $123.6 million , respectively, bearing interest at one-month LIBOR plus 2.40% and 2.50% , respectively ( 4.62% and 4.05% at September 30, 2018 and December 31, 2017 , respectively). The Company expects to roll outstanding borrowings under this master repurchase agreement into a new repurchase agreement or other financing prior to or at maturity. The Company also has a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch with a maximum aggregate committed principal amount of $25.0 million and a maximum uncommitted principal amount of $25.0 million to fund the purchase of residential mortgage loans, particularly second mortgage loans, expiring on November 24, 2018 . The outstanding balance on this master repurchase agreement as of September 30, 2018 and December 31, 2017 amounts to approximately $35.9 million and $26.1 million , respectively, bearing interest at one-month LIBOR plus 3.50% ( 5.72% and 5.05% at September 30, 2018 and December 31, 2017 , respectively). The Company expects to roll outstanding borrowings under this master repurchase agreement into a new repurchase agreement or other financing prior to or at maturity. During the terms of the master repurchase agreements, proceeds from the residential mortgage loans, including the Company's distressed residential mortgage loans, will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financings under the master repurchase agreements are subject to margin calls to the extent the market value of the residential mortgage loans falls below specified levels and repurchase may be accelerated upon an event of default under the master repurchase agreements. The master repurchase agreements contain various covenants, including among other things, the maintenance of certain amounts of net worth, liquidity and leverage ratios. The Company is in compliance with such covenants as of November 6, 2018 .

Financing Arrangements, Residen

Financing Arrangements, Residential Mortgage Loans	9 Months Ended
	Sep. 30, 2018
Banking and Thrift [Abstract]
Financing Arrangements, Residential Mortgage Loans	Financing Arrangements, Portfolio Investments The Company has entered into repurchase agreements with third party financial institutions to finance its investment portfolio. These financing arrangements are short-term borrowings that bear interest rates typically based on a spread to LIBOR, and are secured by the securities which they finance. At September 30, 2018 , the Company had repurchase agreements with an outstanding balance of $1.1 billion and a weighted average interest rate of 2.90% . At December 31, 2017 , the Company had repurchase agreements with an outstanding balance of $1.3 billion and a weighted average interest rate of 2.18% . The following table presents detailed information about the Company’s borrowings under financing arrangements and associated assets pledged as collateral at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency ARMs RMBS $ 49,689 $ 51,750 $ 53,699 $ 86,349 $ 90,343 $ 92,586 Agency Fixed-rate RMBS 802,636 847,316 891,660 842,474 890,359 902,744 Non-Agency RMBS — — — 38,160 51,841 50,693 CMBS (1) 278,334 405,623 282,492 309,935 421,156 322,092 Balance at end of the period $ 1,130,659 $ 1,304,689 $ 1,227,851 $ 1,276,918 $ 1,453,699 $ 1,368,115 (1) Includes first loss PO and mezzanine CMBS securities with a fair value amounting to $405.6 million and $377.5 million included in the Consolidated K-Series as of September 30, 2018 and December 31, 2017 , respectively. As of September 30, 2018 and December 31, 2017 , the average days to maturity for financing arrangements were 29 days and 44 days , respectively. The Company’s accrued interest payable on outstanding financing arrangements at September 30, 2018 and December 31, 2017 amounts to $5.2 million and $2.5 million , respectively, and is included in accrued expenses and other liabilities on the Company’s condensed consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding financing arrangements, at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Contractual Maturity September 30, 2018 December 31, 2017 Within 30 days $ 822,582 $ 1,081,911 Over 30 days to 90 days 308,077 95,007 Over 90 days — 100,000 Total $ 1,130,659 $ 1,276,918 As of September 30, 2018 , the outstanding balance under our financing arrangements was funded at a weighted average advance rate of 90.3% that implies an average haircut of 9.7% . As of September 30, 2018 , the weighted average “haircut” related to our repurchase agreement financing for our Agency RMBS and CMBS was approximately 5% and 25% , respectively. In the event we are unable to obtain sufficient short-term financing through existing financings arrangements, or our lenders start to require additional collateral, we may have to liquidate our investment securities at a disadvantageous time, which could result in losses. Any losses resulting from the disposition of our investment securities in this manner could have a material adverse effect on our operating results and net profitability. At September 30, 2018 and December 31, 2017 , the Company had financing arrangements with ten counterparties. As of September 30, 2018 and December 31, 2017 , the Company's only exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity was to Deutsche Bank AG, London Branch at 7.4% and 5.0% , respectively. The amount at risk is defined as the fair value of securities pledged as collateral to the financing arrangement in excess of the financing arrangement liability. As of September 30, 2018 , our available liquid assets included unrestricted cash and cash equivalents and unencumbered securities that we believe may be posted as margin. The Company had $57.5 million in cash and cash equivalents and $429.4 million in unencumbered investment securities to meet additional haircuts or market valuation requirements. The unencumbered securities that we believe may be posted as margin as of September 30, 2018 included $156.5 million of Agency RMBS, $173.6 million of CMBS and $99.3 million of non-Agency RMBS and other investment securities. The cash and unencumbered securities, which collectively represent 43.1% of our financing arrangements, are liquid and could be monetized to pay down or collateralize a liability immediately. Financing Arrangements, Residential Mortgage Loans The Company has a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch with a maximum aggregate committed principal amount of $100.0 million and a maximum uncommitted principal amount of $150.0 million to fund the purchase of residential mortgage loans, expiring on June 8, 2019 . The outstanding balance on this master repurchase agreement as of September 30, 2018 and December 31, 2017 amounts to approximately $141.5 million and $123.6 million , respectively, bearing interest at one-month LIBOR plus 2.40% and 2.50% , respectively ( 4.62% and 4.05% at September 30, 2018 and December 31, 2017 , respectively). The Company expects to roll outstanding borrowings under this master repurchase agreement into a new repurchase agreement or other financing prior to or at maturity. The Company also has a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch with a maximum aggregate committed principal amount of $25.0 million and a maximum uncommitted principal amount of $25.0 million to fund the purchase of residential mortgage loans, particularly second mortgage loans, expiring on November 24, 2018 . The outstanding balance on this master repurchase agreement as of September 30, 2018 and December 31, 2017 amounts to approximately $35.9 million and $26.1 million , respectively, bearing interest at one-month LIBOR plus 3.50% ( 5.72% and 5.05% at September 30, 2018 and December 31, 2017 , respectively). The Company expects to roll outstanding borrowings under this master repurchase agreement into a new repurchase agreement or other financing prior to or at maturity. During the terms of the master repurchase agreements, proceeds from the residential mortgage loans, including the Company's distressed residential mortgage loans, will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financings under the master repurchase agreements are subject to margin calls to the extent the market value of the residential mortgage loans falls below specified levels and repurchase may be accelerated upon an event of default under the master repurchase agreements. The master repurchase agreements contain various covenants, including among other things, the maintenance of certain amounts of net worth, liquidity and leverage ratios. The Company is in compliance with such covenants as of November 6, 2018 .

Residential Collateralized Debt

Residential Collateralized Debt Obligations	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Residential Collateralized Debt Obligations	Residential Collateralized Debt Obligations The Company’s Residential CDOs, which are recorded as liabilities on the Company’s condensed consolidated balance sheets, are secured by ARM loans pledged as collateral, which are recorded as assets of the Company. As of September 30, 2018 and December 31, 2017 , the Company had Residential CDOs outstanding of $56.5 million and $70.3 million , respectively. As of September 30, 2018 and December 31, 2017 , the current weighted average interest rate on these Residential CDOs was 2.83% and 2.16% , respectively. The Residential CDOs are collateralized by ARM loans with a principal balance of $63.7 million and $77.5 million at September 30, 2018 and December 31, 2017 , respectively. The Company retained the owner trust certificates, or residual interest, for three securitizations, and, as of September 30, 2018 and December 31, 2017 , had a net investment in the residential securitization trusts of $5.0 million and $4.4 million , respectively. Debt Convertible Notes On January 23, 2017 , the Company issued $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 , including $18.0 million aggregate principal amount of the Convertible Notes issued upon exercise of the underwriter's over-allotment option, in an underwritten public offering. The net proceeds to the Company from the sale of the Convertible Notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $127.0 million with the total cost to the Company of approximately 8.24% . The Convertible Notes were issued at 96% of the principal amount, bear interest at a rate equal to 6.25% per year, payable semi-annually in arrears on January 15 and July 15 of each year, and are expected to mature on January 15, 2022 , unless earlier converted or repurchased. The Company does not have the right to redeem the Convertible Notes prior to maturity and no sinking fund is provided for the Convertible Notes. Holders of the Convertible Notes will be permitted to convert their Convertible Notes into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding January 15, 2022 . The conversion rate for the Convertible Notes, which is subject to adjustment upon the occurrence of certain specified events, initially equals 142.7144 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $7.01 per share of the Company’s common stock, based on a $1,000 principal amount of the Convertible Notes. The Convertible Notes are senior unsecured obligations of the Company that rank senior in right of payment to the Company's subordinated debentures and any of its other indebtedness that is expressly subordinated in right of payment to the Convertible Notes. During the nine months ended September 30, 2018 , none of the Convertible Notes were converted. As of November 6, 2018 , the Company has not been notified, and is not aware, of any event of default under the covenants for the Convertible Notes. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of November 6, 2018 , the Company has not been notified, and is not aware, of any event of default under the covenants for the subordinated debentures. Mortgages and Notes Payable in Consolidated VIEs On March 31, 2017 , the Company consolidated both Riverchase Landing and The Clusters into its condensed consolidated financial statements (s ee Note 10) . In March 2018, Riverchase Landing completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment. The Company de-consolidated Riverchase Landing as of the date of the sale. The Clusters' real estate investment is subject to a mortgage payable and the Company has no obligation for this liability as of September 30, 2018 . The Company also consolidates KRVI into its condensed consolidated financial statements ( see Note 10 ). KRVI's real estate under development is subject to a note payable of $5.1 million that has an unused commitment of $3.3 million as of September 30, 2018 . The Company has not been notified, and is not aware, of any event of default under the covenants of KRVI's note payable as of November 6, 2018 . The mortgages and notes payable in the consolidated VIEs as of September 30, 2018 are described below (dollar amounts in thousands): Assumption/Origination Date Mortgage Note Amount Maturity Date Interest Rate Net Deferred Finance Costs The Clusters 6/30/2014 $ 27,445 7/6/2024 4.49 % $ 58 KRVI 12/16/2016 $ 5,098 12/16/2019 6.75 % $ — As of September 30, 2018 , maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Fiscal Year Total 2018 $ — 2019 5,098 2020 — 2021 — 2022 138,000 2023 — Thereafter 72,445 $ 215,543

Debt

Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	Residential Collateralized Debt Obligations The Company’s Residential CDOs, which are recorded as liabilities on the Company’s condensed consolidated balance sheets, are secured by ARM loans pledged as collateral, which are recorded as assets of the Company. As of September 30, 2018 and December 31, 2017 , the Company had Residential CDOs outstanding of $56.5 million and $70.3 million , respectively. As of September 30, 2018 and December 31, 2017 , the current weighted average interest rate on these Residential CDOs was 2.83% and 2.16% , respectively. The Residential CDOs are collateralized by ARM loans with a principal balance of $63.7 million and $77.5 million at September 30, 2018 and December 31, 2017 , respectively. The Company retained the owner trust certificates, or residual interest, for three securitizations, and, as of September 30, 2018 and December 31, 2017 , had a net investment in the residential securitization trusts of $5.0 million and $4.4 million , respectively. Debt Convertible Notes On January 23, 2017 , the Company issued $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 , including $18.0 million aggregate principal amount of the Convertible Notes issued upon exercise of the underwriter's over-allotment option, in an underwritten public offering. The net proceeds to the Company from the sale of the Convertible Notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $127.0 million with the total cost to the Company of approximately 8.24% . The Convertible Notes were issued at 96% of the principal amount, bear interest at a rate equal to 6.25% per year, payable semi-annually in arrears on January 15 and July 15 of each year, and are expected to mature on January 15, 2022 , unless earlier converted or repurchased. The Company does not have the right to redeem the Convertible Notes prior to maturity and no sinking fund is provided for the Convertible Notes. Holders of the Convertible Notes will be permitted to convert their Convertible Notes into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding January 15, 2022 . The conversion rate for the Convertible Notes, which is subject to adjustment upon the occurrence of certain specified events, initially equals 142.7144 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $7.01 per share of the Company’s common stock, based on a $1,000 principal amount of the Convertible Notes. The Convertible Notes are senior unsecured obligations of the Company that rank senior in right of payment to the Company's subordinated debentures and any of its other indebtedness that is expressly subordinated in right of payment to the Convertible Notes. During the nine months ended September 30, 2018 , none of the Convertible Notes were converted. As of November 6, 2018 , the Company has not been notified, and is not aware, of any event of default under the covenants for the Convertible Notes. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of November 6, 2018 , the Company has not been notified, and is not aware, of any event of default under the covenants for the subordinated debentures. Mortgages and Notes Payable in Consolidated VIEs On March 31, 2017 , the Company consolidated both Riverchase Landing and The Clusters into its condensed consolidated financial statements (s ee Note 10) . In March 2018, Riverchase Landing completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment. The Company de-consolidated Riverchase Landing as of the date of the sale. The Clusters' real estate investment is subject to a mortgage payable and the Company has no obligation for this liability as of September 30, 2018 . The Company also consolidates KRVI into its condensed consolidated financial statements ( see Note 10 ). KRVI's real estate under development is subject to a note payable of $5.1 million that has an unused commitment of $3.3 million as of September 30, 2018 . The Company has not been notified, and is not aware, of any event of default under the covenants of KRVI's note payable as of November 6, 2018 . The mortgages and notes payable in the consolidated VIEs as of September 30, 2018 are described below (dollar amounts in thousands): Assumption/Origination Date Mortgage Note Amount Maturity Date Interest Rate Net Deferred Finance Costs The Clusters 6/30/2014 $ 27,445 7/6/2024 4.49 % $ 58 KRVI 12/16/2016 $ 5,098 12/16/2019 6.75 % $ — As of September 30, 2018 , maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Fiscal Year Total 2018 $ — 2019 5,098 2020 — 2021 — 2022 138,000 2023 — Thereafter 72,445 $ 215,543

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loans Sold to Third Parties – In the normal course of business, the Company is obligated to repurchase loans based on violations of representations and warranties in the loan sale agreements. The Company did not repurchase any loans during the nine months ended September 30, 2018 . Outstanding Litigation – The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of September 30, 2018 , the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Investment Securities Available for Sale – Fair value for the investment securities in our portfolio, except the CMBS held in securitization trusts, are valued using a third-party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. Dealer valuations typically incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. If quoted prices for a security are not reasonably available from a dealer, the security will be classified as a Level 3 security and, as a result, management will determine fair value by modeling the security based on its specific characteristics and available market information. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions, comparisons to interest pricing models as well as offerings of like securities by dealers. The Company's investment securities, except the CMBS held in securitization trusts, are valued based upon readily observable market parameters and are classified as Level 2 fair values. The Company’s CMBS held in securitization trusts are comprised of securities for which there are not substantially similar securities that trade frequently. The Company classifies these securities as Level 3 fair values. Fair value of the Company’s CMBS investments held in securitization trusts is based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses of certain identified loans within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity and current market interest rates. The discount rate ranges from 4.5% to 9.5% . Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Multi - Family Loans Held in Securitization Trusts – Multi-family loans held in securitization trusts are carried at fair value as a result of a fair value election and classified as Level 3 fair values. The Company determines the fair value of multi-family loans held in securitization trusts based on the fair value of its Multi-Family CDOs and its retained interests from these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. c. Derivative Instruments – The fair value of interest rate swaps are based on dealer quotes and are presented net of variation margin payments pledged or received. The Company’s derivatives are classified as Level 2 fair values. d. Multi-Family CDOs – Multi-Family CDOs are recorded at fair value and classified as Level 3 fair values. The fair value of Multi-Family CDOs is determined using a third party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. The dealers will consider contractual cash payments and yields expected by market participants. Dealers also incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. e. Investment in Unconsolidated Entities – Fair value for investments in unconsolidated entities is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the unconsolidated entities and a discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. f. Residential Mortgage Loans - Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans and second mortgages, are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for first lien mortgages is determined using prices obtained from a third party pricing service. The fair value is based upon cash flow models that primarily use market-based inputs such as current interest and discount rates but also include unobservable market data inputs such as prepayment speeds, default rates and loss severities. The fair value for second mortgage residential loans is based upon an internal cash flow model that considers current interest rates, prepayment speeds, default rates, and loss severities. Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 , respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale: Agency RMBS $ — $ 1,055,433 $ — $ 1,055,433 $ — $ 1,169,536 $ — $ 1,169,536 Non-Agency RMBS — 98,244 — 98,244 — 102,125 — 102,125 CMBS — 81,760 51,751 133,511 — 93,498 47,922 141,420 Multi-family loans held in securitization trusts — — 10,070,834 10,070,834 — — 9,657,421 9,657,421 Residential mortgage loans, at fair value — — 181,910 181,910 — — 87,153 87,153 Derivative assets: Interest rate swaps — 8,760 — 8,760 — 10,101 — 10,101 Investments in unconsolidated entities — — 35,061 35,061 — — 42,823 42,823 Total $ — $ 1,244,197 $ 10,339,556 $ 11,583,753 $ — $ 1,375,260 $ 9,835,319 $ 11,210,579 Liabilities carried at fair value Multi-family collateralized debt obligations $ — $ — $ 9,504,313 $ 9,504,313 $ — $ — $ 9,189,459 $ 9,189,459 Total $ — $ — $ 9,504,313 $ 9,504,313 $ — $ — $ 9,189,459 $ 9,189,459 The following table details changes in valuation for the Level 3 assets for the nine months ended September 30, 2018 and 2017 , respectively (amounts in thousands): Level 3 Assets: Nine Months Ended September 30, 2018 2017 Balance at beginning of period $ 9,835,319 $ 7,061,842 Total (losses)/gains (realized/unrealized) Included in earnings (1) (280,300 ) 38,978 Included in other comprehensive income 901 208 Contributions — 1,300 Paydowns/Distributions (133,101 ) (139,751 ) Sales (7,105 ) (4,100 ) Purchases (2) 923,842 1,598,018 Balance at the end of period $ 10,339,556 $ 8,556,495 (1) Amounts included in interest income from multi-family loans held in securitization trusts, interest income from residential mortgage loans, realized gain on distressed residential mortgage loans, net gain on residential mortgage loans at fair value, unrealized gain on multi-family loans and debt held in securitization trusts, and other income. (2) During the nine months ended September 30, 2018 and 2017 , the Company purchased PO securities, certain IOs and mezzanine CMBS securities issued from Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company determined that the securitization trusts are VIEs and that the Company is the primary beneficiary of the VIEs. As a result, during the nine months ended September 30, 2018 and 2017 , the Company consolidated assets of these Freddie Mac sponsored multi-family K-Series securitization trusts in the amounts of $0.8 billion and $1.5 billion , respectively ( see Notes 2 and 7 ). The following table details changes in valuation for the Level 3 liabilities for the nine months ended September 30, 2018 and 2017 , respectively (amounts in thousands): Level 3 Liabilities: Nine Months Ended September 30, 2018 2017 Balance at beginning of period $ 9,189,459 $ 6,624,896 Total gains (realized/unrealized) Included in earnings (1) (350,674 ) (1,389 ) Purchases (2) 767,477 1,472,073 Paydowns (101,949 ) (104,961 ) Balance at the end of period $ 9,504,313 $ 7,990,619 (1) Amounts included in interest expense on Multi-Family CDOs and unrealized gain on multi-family loans and debt held in securitization trusts. (2) During the nine months ended September 30, 2018 and 2017 , the Company purchased PO securities, certain IOs and mezzanine CMBS securities issued from Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company determined that the securitization trusts are VIEs and that the Company is the primary beneficiary of the VIEs. As a result, during the nine months ended September 30, 2018 and 2017 , the Company consolidated liabilities of these Freddie Mac sponsored multi-family K-Series securitization trusts in the amounts of $0.8 billion and $1.5 billion , respectively ( see Notes 2 and 7 ). The following table details the changes in unrealized gains (losses) included in earnings for our Level 3 multi-family loans and debt held in securitization trusts for the three and nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Change in unrealized (losses) gains – assets $ (33,153 ) $ (19,767 ) $ (252,899 ) $ 56,995 Change in unrealized gains (losses) – liabilities 45,456 22,120 284,766 (51,811 ) Net change in unrealized gains included in earnings for assets and liabilities $ 12,303 $ 2,353 $ 31,867 $ 5,184 The following table presents assets measured at fair value on a non-recurring basis as of September 30, 2018 and December 31, 2017 , respectively, on the Company's condensed consolidated balance sheets (dollar amounts in thousands): Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans, net $ — $ — $ 6,336 $ 6,336 $ — $ — $ 10,317 $ 10,317 Real estate owned held in residential securitization trusts — — — — — — 111 111 The following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the three and nine months ended September 30, 2018 and 2017 , respectively, on the Company’s condensed consolidated statements of operations (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Residential mortgage loans held in securitization trusts – impaired loans, net $ (17 ) $ 199 $ 93 $ (6 ) Real estate owned held in residential securitization trusts — (297 ) — (303 ) Residential Mortgage Loans Held in Securitization Trusts – Impaired Loans, net – Impaired residential mortgage loans held in securitization trusts are recorded at amortized cost less specific loan loss reserves. Impaired loan value is based on management’s estimate of the net realizable value taking into consideration local market conditions of the property, updated appraisal values of the property and estimated expenses required to remediate the impaired loan. Real Estate Owned Held in Residential Securitization Trusts – Real estate owned held in the residential securitization trusts are recorded at net realizable value. Any subsequent adjustment will result in the reduction in carrying value with the corresponding amount charged to earnings. Net realizable value is based on an estimate of disposal taking into consideration local market conditions of the property, updated appraisal values of the property and estimated expenses required to sell the property. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): September 30, 2018 December 31, 2017 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 57,471 $ 57,471 $ 95,191 $ 95,191 Investment securities available for sale (1) Level 2 or 3 1,287,188 1,287,188 1,413,081 1,413,081 Residential mortgage loans held in securitization trusts, net Level 3 60,459 60,228 73,820 72,131 Distressed residential mortgage loans, at carrying value, net (2) Level 3 260,837 263,935 331,464 334,765 Residential mortgage loans, at fair value (3) Level 3 181,910 181,910 87,153 87,153 Multi-family loans held in securitization trusts Level 3 10,070,834 10,070,834 9,657,421 9,657,421 Derivative assets Level 2 8,760 8,760 10,101 10,101 Mortgage loans held for sale, net (4) Level 3 3,284 3,622 5,507 5,598 Mortgage loans held for investment (4) Level 3 1,760 1,760 1,760 1,900 Preferred equity and mezzanine loan investments (5) Level 3 198,277 199,885 138,920 140,129 Investments in unconsolidated entities (6) Level 3 43,736 43,795 51,143 51,212 Financial Liabilities: Financing arrangements, portfolio investments Level 2 1,130,659 1,130,659 1,276,918 1,276,918 Financing arrangements, residential mortgage loans Level 2 177,226 177,226 149,063 149,063 Residential collateralized debt obligations Level 3 56,504 54,228 70,308 66,865 Multi-family collateralized debt obligations Level 3 9,504,313 9,504,313 9,189,459 9,189,459 Securitized debt Level 3 53,597 57,236 81,537 87,891 Subordinated debentures Level 3 45,000 44,988 45,000 45,002 Convertible notes Level 2 130,251 137,923 128,749 140,060 (1) Includes $51.8 million and $47.9 million of investment securities for sale held in securitization trusts as of September 30, 2018 and December 31, 2017 , respectively. (2) Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $96.5 million and $121.8 million at September 30, 2018 and December 31, 2017 , respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $164.3 million and $209.7 million at September 30, 2018 and December 31, 2017 , respectively. (3) Includes distressed residential mortgage loans with a carrying value amounting to $112.5 million and $36.9 million at September 30, 2018 and December 31, 2017 , respectively, and second mortgages with a carrying value amounting to $69.4 million and $50.2 million at September 30, 2018 and December 31, 2017 , respectively. (4) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. (5) Includes preferred equity and mezzanine loan investments accounted for as loans ( see Note 9 ). (6) Includes investments in unconsolidated entities accounted for under the fair value option with a carrying value of $35.1 million and $42.8 million at September 30, 2018 and December 31, 2017 , respectively ( see Note 8) . In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value on a recurring basis and non-recurring basis, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above: a. Cash and cash equivalents – Estimated fair value approximates the carrying value of such assets. b. Residential mortgage loans held in securitization trusts, net – Residential mortgage loans held in the securitization trusts are recorded at amortized cost, net of allowance for loan losses. Fair value is based on an internal valuation model that considers the aggregated characteristics of groups of loans such as, but not limited to, collateral type, index, interest rate, margin, length of fixed-rate period, life cap, periodic cap, underwriting standards, age and credit estimated using the estimated market prices for similar types of loans. c. Distressed residential mortgage loans, net – Fair value is estimated using pricing models taking into consideration current interest rates, loan amount, payment status and property type, and forecasts of future interest rates, home prices and property values, prepayment speeds, default, loss severities, and actual purchases and sales of similar loans. d. Mortgage loans held for sale, net – The fair value of mortgage loans held for sale, net are estimated by the Company based on the price that would be received if the loans were sold as whole loans taking into consideration the aggregated characteristics of the loans such as, but not limited to, collateral type, index, interest rate, margin, length of fixed interest rate period, life time cap, periodic cap, underwriting standards, age and credit. e. Preferred equity and mezzanine loan investments – Estimated fair value is determined by both market comparable pricing and discounted cash flows. The discounted cash flows are based on the underlying contractual cash flows and estimated changes in market yields. The fair value also reflects consideration of changes in credit risk since the origination or time of initial investment. f. Financing arrangements – The fair value of these financing arrangements approximates cost as they are short term in nature. g. Residential collateralized debt obligations – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations. h. Securitized debt – The fair value of securitized debt is based on discounted cash flows using management’s estimate for market yields. i. Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields. j. Convertible notes – The fair value is based on quoted prices provided by dealers who make markets in similar financial instruments.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity (a) Dividends on Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share, with 12,000,000 shares issued and outstanding as of September 30, 2018 and December 31, 2017 . On June 4, 2013, the Company issued 3,000,000 shares of 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering, for net proceeds of approximately $72.4 million , after deducting underwriting discounts and offering expenses. As of September 30, 2018 and December 31, 2017 , there were 6,000,000 shares of Series B Preferred Stock authorized. The Series B Preferred Stock is entitled to receive a dividend at a rate of 7.75% per year on the $25 liquidation preference and is senior to the common stock with respect to dividends and distribution of assets upon liquidation, dissolution or winding up. On April 22, 2015, the Company issued 3,600,000 shares of 7.875% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering, for net proceeds of approximately $86.9 million , after deducting underwriting discounts and offering expenses. As of September 30, 2018 and December 31, 2017 , there were 4,140,000 shares of Series C Preferred Stock authorized. The Series C Preferred Stock is entitled to receive a dividend at a rate of 7.875% per year on the $25 liquidation preference and is senior to the common stock with respect to dividends and distribution of assets upon liquidation, dissolution or winding up. On October 13, 2017, the Company issued 5,400,000 shares of 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering, for net proceeds of approximately $130.5 million , after deducting underwriting discounts and offering expenses. As of September 30, 2018 and December 31, 2017 , there were 5,750,000 shares of Series D Preferred Stock authorized. The Series D Preferred Stock is entitled to receive a dividend at a fixed rate from and including the issue date to, but excluding, October 15, 2027 of 8.00% per year on the $25 liquidation preference. Beginning October 15, 2027, the Series D Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus a spread of 5.695% per year on the $25 liquidation preference. The Series D Preferred Stock is senior to the common stock with respect to dividends and distribution of assets upon liquidation, dissolution or winding up. The Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”) until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock. The Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock are not redeemable by the Company prior to June 4, 2018, April 22, 2020, and October 15, 2027, respectively, except under circumstances intended to preserve the Company’s qualification as a REIT and except upon the occurrence of a Change of Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock, respectively). On and after June 4, 2018, April 22, 2020, and October 15, 2027, the Company may, at its option, redeem the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock, respectively, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a Change of Control, the Company may, at its option, redeem the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. Each of the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a Change of Control. Upon the occurrence of a Change of Control, each holder of Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock will have the right (unless the Company has exercised its right to redeem the Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, respectively) to convert some or all of the Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock held by such holder into a number of shares of our common stock per share of Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the applicable Articles Supplementary for such series. From the time of original issuance of the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock through September 30, 2018 , the Company has declared and paid all required quarterly dividends on such series of stock. The following table presents the relevant dates with respect to such quarterly cash dividends on the Series B Preferred Stock and Series C Preferred Stock commencing January 1, 2017 through September 30, 2018 and on the Series D Preferred Stock from its time of original issuance through September 30, 2018 : Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock September 17, 2018 October 1, 2018 October 15, 2018 $ 0.484375 $ 0.4921875 $ 0.50 June 18, 2018 July 1, 2018 July 15, 2018 0.484375 0.4921875 0.50 March 19, 2018 April 1, 2018 April 15, 2018 0.484375 0.4921875 0.50 December 7, 2017 January 1, 2018 January 15, 2018 0.484375 0.4921875 0.51111 (1) September 14, 2017 October 1, 2017 October 15, 2017 0.484375 0.4921875 — June 14, 2017 July 1, 2017 July 15, 2017 0.484375 0.4921875 — March 16, 2017 April 1, 2017 April 15, 2017 0.484375 0.4921875 — (1) Cash dividend for the partial quarterly period that began on October 13, 2017 and ended on January 14, 2018. (b) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock with respect to each of the quarterly periods commencing January 1, 2017 and ended September 30, 2018 : Period Declaration Date Record Date Payment Date Cash Dividend Per Share Third Quarter 2018 September 17, 2018 September 27, 2018 October 26, 2018 $ 0.20 Second Quarter 2018 June 18, 2018 June 28, 2018 July 26, 2018 0.20 First Quarter 2018 March 19, 2018 March 29, 2018 April 26, 2018 0.20 Fourth Quarter 2017 December 7, 2017 December 18, 2017 January 25, 2018 0.20 Third Quarter 2017 September 14, 2017 September 25, 2017 October 25, 2017 0.20 Second Quarter 2017 June 14, 2017 June 26, 2017 July 25, 2017 0.20 First Quarter 2017 March 16, 2017 March 27, 2017 April 25, 2017 0.20 (c) Public Offering of Common Stock On August 14, 2018, the Company issued 14,375,000 shares of its common stock through an underwritten public offering, at a public offering price of $6.16 per share, resulting in total net proceeds to the Company of $86.0 million after deducting underwriting discounts and commissions and offering expenses. (d) Equity Distribution Agreements On August 10, 2017, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Credit Suisse Securities (USA) LLC (“Credit Suisse”), as sales agent, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, having a maximum aggregate sales price of up to $100.0 million , from time to time through Credit Suisse. On September 10, 2018, the Company entered into an amendment to the Equity Distribution Agreement that increased the maximum aggregate sales price to $177.1 million . The Company has no obligation to sell any of the shares of common stock issuable under the Equity Distribution Agreement and may at any time suspend solicitations and offers under the Equity Distribution Agreement. During the three months ended September 30, 2018 , the Company issued 2,443,487 shares of its common stock under the Equity Distribution Agreement, at an average sales price of $6.31 per share, resulting in total net proceeds to the Company of $15.2 million after deducting the placement fees. During the nine months ended September 30, 2018 , the Company issued 14,588,631 shares of its common stock under the Equity Distribution Agreement, at an average sales price of $6.19 per share, resulting in total net proceeds to the Company of $89.0 million after deducting the placement fees. As of September 30, 2018 , approximately $86.4 million of common stock remains available for issuance under the Equity Distribution Agreement.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per common share by dividing net income attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted earnings per common share takes into account the effect of dilutive instruments, such as convertible notes and performance share awards, and the number of incremental shares that are to be added to the weighted-average number of shares outstanding. During the three and nine months ended September 30, 2018 and September 30, 2017 , the Company's Convertible Notes were determined to be dilutive and were included in the calculation of diluted earnings per common share under the "if-converted" method. Under this method, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator. During the three and nine months ended September 30, 2018 , PSUs awarded under the Company's 2018 Long-Term Equity Incentive Program ("2018 Long-Term EIP") ( see Note 21 ) were also determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that target PSUs vest according to the PSU Agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period. The following table presents the computation of basic and diluted earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Basic Earnings per Common Share Net income attributable to Company $ 33,973 $ 27,845 $ 93,285 $ 61,364 Less: Preferred stock dividends (5,925 ) (3,225 ) (17,775 ) (9,675 ) Net income attributable to Company's common stockholders $ 28,048 $ 24,620 $ 75,510 $ 51,689 Basic weighted average common shares outstanding 132,413 111,886 119,955 111,824 Basic Earnings per Common Share $ 0.21 $ 0.22 $ 0.63 $ 0.46 Diluted Earnings per Common Share: Net income attributable to Company $ 33,973 $ 27,845 $ 93,285 $ 61,364 Less: Preferred stock dividends (5,925 ) (3,225 ) (17,775 ) (9,675 ) Add back: Interest expense on convertible notes for the period, net of tax 2,570 2,428 7,838 6,982 Net income attributable to Company's common stockholders $ 30,618 $ 27,048 $ 83,348 $ 58,671 Weighted average common shares outstanding 132,413 111,886 119,955 111,824 Net effect of assumed PSUs vested 620 — 395 — Net effect of assumed convertible notes conversion to common shares 19,694 19,694 19,694 18,107 Diluted weighted average common shares outstanding 152,727 131,580 140,044 129,931 Diluted Earnings per Common Share $ 0.20 $ 0.21 $ 0.60 $ 0.45 (1) There were no dilutive PSU awards during the three and nine months ended September 30, 2017 .

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation In May 2017, the Company’s stockholders approved the 2017 Plan, with such stockholder action resulting in the termination of the Company’s 2010 Stock Incentive Plan (the “2010 Plan”). The terms of the 2017 Plan are substantially the same as the 2010 Plan. However, any outstanding awards under the 2010 Plan will continue in accordance with the terms of the 2010 Plan and any award agreement executed in connection with such outstanding awards. At September 30, 2018 , there were 217,163 shares of non-vested restricted stock outstanding under the 2010 Plan. Pursuant to the 2017 Plan, eligible employees, officers and directors of the Company are offered the opportunity to acquire the Company's common stock through the award of restricted stock and other equity awards under the 2017 Plan. The maximum number of shares that may be issued under the 2017 Plan is 5,570,000 . Of the common stock authorized at September 30, 2018 , 3,865,174 shares are available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 131,975 shares under the 2017 Plan as of September 30, 2018 . The Company’s employees have been issued 292,459 of restricted stock under the 2017 Plan as of September 30, 2018 . At September 30, 2018 , there were 290,373 shares of non-vested restricted stock outstanding and 1,280,392 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan. (a) Restricted Common Stock Awards During the three and nine months ended September 30, 2018 , the Company recognized non-cash compensation expense on its restricted common stock awards of $0.3 million and $1.0 million , respectively. During the three and nine months ended September 30, 2017 , the Company recognized non-cash compensation expense on its restricted common stock awards of $0.8 million and $1.5 million , respectively. Dividends are paid on all restricted common stock issued, whether those shares have vested or not. In general, non-vested restricted stock is forfeited upon the recipient's termination of employment. A summary of the activity of the Company's non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the nine months ended September 30, 2018 and 2017 , respectively, is presented below: 2018 2017 Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 422,928 $ 6.36 319,058 $ 6.40 Granted 289,792 5.63 332,921 6.54 Vested (200,064 ) 6.55 (229,051 ) 6.67 Forfeited (5,120 ) 6.25 — — Non-vested shares as of September 30 507,536 5.91 422,928 6.36 Weighted-average of restricted stock granted during the period 289,792 $ 5.63 332,921 $ 6.54 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. At September 30, 2018 and 2017 , the Company had unrecognized compensation expense of $2.3 million and $1.9 million , respectively, related to the non-vested shares of restricted common stock under the 2010 Plan and 2017 Plan. The unrecognized compensation expense at September 30, 2018 is expected to be recognized over a weighted average period of 2.1 years. The total fair value of restricted shares vested during the nine months ended September 30, 2018 and 2017 was approximately $1.1 million and $1.5 million , respectively. The requisite service period for restricted shares at issuance is three years. (b) Performance Share Awards In May 2015, the Compensation Committee of the Board of Directors approved a PSA under the 2010 Plan to the Company’s Chairman and Chief Executive Officer. At the time of grant, the target number of shares pursuant to the PSA consisted of 89,629 shares of common stock. The PSA had a grant date fair value of approximately $0.4 million . The grant date fair value of the PSA was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its peer companies to determine the total shareholder return of the Company’s common stock relative to its peer companies over a future period of three years. For the PSA granted in 2015, the inputs used by the model to determine the fair value were (i) historical stock return volatilities of the Company and its peer companies over the most recent three year period, (ii) a risk free rate based on the three year U.S. Treasury rate on grant date, and (iii) historical pairwise stock return correlations between the Company and its peer companies over the most recent three year period. Under the terms of the agreement pursuant to which the PSA was granted, vesting of the PSA would occur at the end of three years based on three -year total shareholder return in April 2018. At the end of the three-year performance period in April 2018, no shares were issued under the PSA award. (c) Performance Stock Units During the nine months ended September 30, 2018, the Compensation Committee and the Board of Directors approved the grant of PSUs to the Chief Executive Officer, Chief Financial Officer and certain other employees as part of our 2018 Long-Term EIP. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The PSU awards are subject to performance-based vesting under the 2017 Plan pursuant to the PSU Agreements. At the time of grant, the target number of shares pursuant to the PSU awards totaled 842,792 shares of common stock. The PSU awards had a grant date fair value of approximately $3.5 million . Vesting of the PSUs will occur at the end of three years based on the following: • If three -year TSR performance relative to the Company's identified performance peer group (the "Relative TSR") is less than 30 th percentile, then 0% of the target PSUs will vest; • If three -year Relative TSR performance is equal to the 30 th percentile, then Threshold % (as defined in the individual PSU Agreements) of the target PSUs will vest; • If three -year Relative TSR performance is equal to the 50 th percentile, then 100% of the target PSUs will vest; and • If three -year Relative TSR performance is greater than or equal to the 80 th percentile, then Maximum % (as defined in the individual PSU Agreements) of the target PSUs will vest. The percentage of target PSUs that vest for performance between the 30 th , 50 th , and 80 th percentiles will be calculated using linear interpolation. Total shareholder return for the Company and each member of the peer group will be determined by dividing (i) the sum of the cumulative amount of such entity’s dividends per share for the performance period and the arithmetic average per share volume weighted average price (the “VWAP”) of such entity’s common stock for the last thirty (30) consecutive trading days of the performance period minus the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period by (ii) the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period. Each PSU represents an unfunded promise to receive one share of the Company's common stock once the performance condition has been satisfied. The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. For the PSUs granted in 2018, the inputs used by the model to determine the fair value are (i) historical stock price volatilities of the Company and its identified performance peer companies over the most recent three year period and correlation between each company's stock and the identified performance peer group over the same time series and (ii) a risk free rate for the period interpolated from the U.S. Treasury yield curve on grant date. Compensation expense related to the PSUs was $0.3 million and $0.6 million for the three and nine months ended September 30, 2018 , respectively. As of September 30, 2018 , there was $3.0 million of unrecognized compensation cost related to the non-vested portion of the PSUs.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2018 and September 30, 2017 , the Company qualified to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the consolidated financial statements. The income tax provision for the three and nine months ended September 30, 2018 and September 30, 2017 is comprised of the following components (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Current income tax (benefit) expense $ (94 ) $ 541 $ (87 ) $ 2,280 Deferred income tax benefit (360 ) (34 ) (460 ) (93 ) Total provision $ (454 ) $ 507 $ (547 ) $ 2,187 Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of September 30, 2018 and December 31, 2017 are as follows (dollar amounts in thousands): September 30, 2018 December 31, 2017 Deferred tax assets Net operating loss carryforward $ 3,019 $ 295 GAAP/Tax basis differences 3,379 2,237 Total deferred tax assets (1) 6,398 2,532 Deferred tax liabilities Deferred tax liabilities 9 144 Total deferred tax liabilities (2) 9 144 Valuation allowance (1) (5,723 ) (2,182 ) Total net deferred tax asset $ 666 $ 206 (1) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. (2) Included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. As of September 30, 2018 , the Company, through wholly owned TRSs, had incurred net operating losses in the aggregate amount of approximately $8.9 million . The Company’s carryforward net operating losses can be carried forward indefinitely until they are offset by future taxable income. At September 30, 2018 , the Company has recorded a valuation allowance against certain deferred tax assets as management does not believe that it is more likely than not that these deferred tax assets will be realized. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company's federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. In addition, based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. On December 22, 2017, H.R.1, informally known as the Tax Cuts and Jobs Act (the “TCJA”) was signed into law. The TCJA makes major changes to the Internal Revenue Code, including several provisions of the Internal Revenue Code that may affect the taxation of real estate investment trusts and holders of their securities. The most significant of these changes, among other things, include lowering U.S. corporate income tax rates, net operating loss utilization rules, limitation on the deduction of business interest, and income recognition rules. We have recognized the tax effects of the TCJA in the three and nine months ended September 30, 2018 and the year ended December 31, 2017 through the measurement of deferred tax assets at the reduced corporate tax rate. We will continue to analyze and monitor the application of TCJA to our business and continue to assess our provision for income taxes as future guidance is issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2017 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of September 30, 2018 , the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 , the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2018 and 2017 , the accompanying condensed consolidated statement of changes in stockholders’ equity for the nine months ended September 30, 2018 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 30, 2018 and 2017 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the U.S. Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including valuation of its CMBS investments, multi-family loans held in securitization trusts and multi-family CDOs, as well as, income recognition on distressed residential mortgage loans purchased at a discount. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition.
Reclassifications	Reclassifications – Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform to current period presentation.
Principles of Consolidation and Variable Interest Entities	Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity ("VIE") where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE, herein referred to as a "Consolidated VIE". As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE.
Business Combinations	Business Combinations – The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. The Company accounts for business combinations by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations ("ASC 805"). Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Net cash paid to acquire a business is classified as investing activities on the accompanying condensed consolidated statements of cash flows.
Investment Securities Available for Sale	Investment Securities Available for Sale – The Company's investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include Agency RMBS, non-Agency RMBS and CMBS. The Company has elected the fair value option for its Agency IOs and certain Agency ARMs and Agency fixed-rate RMBS which were transferred from our Agency IO portfolio, which measures unrealized gains and losses through earnings in the accompanying condensed consolidated statements of operations. The fair value option was elected for these investment securities to better match the accounting for these investment securities with the related derivative instruments within the Agency IO portfolio, which are not designated as hedging instruments for accounting purposes. As of September 30, 2018 , the Company fully exited its Agency IO strategy. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gain (loss) on investment securities and related hedges in the accompanying condensed consolidated statements of operations. Interest income on our investment securities available for sale is accrued based on the outstanding principal balance and their contractual terms. Purchase premiums or discounts on investment securities are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity. Interest income on certain of our credit sensitive securities, such as our CMBS that were purchased at a discount to par value, is recognized based on the security’s effective yield. The effective yield on these securities is based on management’s estimate of the projected cash flows from each security, which are estimated based on assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, management reviews and, if appropriate, adjusts its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield (or interest income) recognized on these securities. A portion of the purchase discount on the Company’s first loss PO multi-family CMBS is designated as non-accretable purchase discount or credit reserve, which is intended to partially mitigate the Company’s risk of loss on the mortgages collateralizing such multi-family CMBS, and is not expected to be accreted into interest income. The amount designated as a credit reserve may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit reserve is more favorable than forecasted, a portion of the amount designated as credit reserve may be accreted into interest income over time. Conversely, if the performance of a security with a credit reserve is less favorable than forecasted, the amount designated as credit reserve may be increased, or impairment charges and write-downs of such securities to a new cost basis could be required. The Company accounts for debt securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO) at date of acquisition in accordance with ASC 320-10, Investments - Debt and Equity Securities ("ASC 320-10"). The Company accounts for debt securities that are not of high credit quality (i.e., those whose risk of loss is less than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40, Investments - Beneficial Interests in Securitized Financial Assets ("ASC 325-40"). The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the debt securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary”. When the fair value of an investment security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, the Company recognizes an other-than-temporary impairment through earnings equal to the entire difference between the investment’s amortized cost and its fair value as of the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings with the remainder recognized as a component of other comprehensive income (loss) on the accompanying condensed consolidated balance sheets. Impairments recognized through other comprehensive income (loss) do not impact earnings. Following the recognition of an other-than-temporary impairment through earnings, a new cost basis is established for the security, which may not be adjusted for subsequent recoveries in fair value through earnings. However, other-than-temporary impairments recognized through earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an other-than-temporary impairment exists and, if so, the amount considered other-than-temporarily impaired is subjective, as such determinations are based on both factual and subjective information available at the time of assessment as well the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of other-than-temporary impairments constitute material estimates that are susceptible to significant change. In determining the other-than temporary impairment related to credit losses for securities that are not of high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the prior reporting date or purchase date, whichever is most recent, against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates.
Residential Mortgage Loans Held in Securitization Trusts	Residential Mortgage Loans Held in Securitization Trusts – Residential mortgage loans held in securitization trusts are comprised of certain ARM loans transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. Residential mortgage loans held in securitization trusts are carried at their unpaid principal balances, net of unamortized premium or discount, unamortized loan origination costs and allowance for loan losses. Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. The Company establishes an allowance for loan losses based on management's judgment and estimate of credit losses inherent in our portfolio of residential mortgage loans held in securitization trusts. Estimation involves the consideration of various credit-related factors, including but not limited to, macro-economic conditions, current housing market conditions, loan-to-value ratios, delinquency status, historical credit loss severity rates, purchased mortgage insurance, the borrower's current economic condition and other factors deemed to warrant consideration. Additionally, management looks at the balance of any delinquent loan and compares that to the current value of the collateralizing property. Management utilizes various home valuation methodologies including appraisals, broker pricing opinions, internet-based property data services to review comparable properties in the same area or consults with a broker in the property's area.
Residential Mortgage Loans, at fair value	Residential Mortgage Loans, at fair value – Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans and second mortgage loans, are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election made at the time of acquisition pursuant to ASC 825, Financial Instruments . Changes in fair value are recorded in current period earnings in net gain (loss) on residential mortgage loans at fair value in the Company's condensed consolidated statements of operations. Premiums and discounts associated with the purchase of residential mortgage loans, at fair value are amortized or accreted into interest income over the life of the related loan using the effective interest method. Any premium amortization or discount accretion is reflected as a component of interest income, residential mortgage loans in the Company's condensed consolidated statements of operations. Residential mortgage loans at fair value are considered past due when they are 30 days past their contractual due date, and are placed on nonaccrual status when delinquent for more than 90 days. Interest accrued but not yet collected at the time loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.
Acquired Distressed Residential Mortgage Loans	Acquired Distressed Residential Mortgage Loans – Distressed residential mortgage loans are comprised of pools of fixed- and adjustable-rate residential mortgage loans acquired by the Company at a discount, with evidence of credit deterioration since their origination and where it is probable that the Company will not collect all contractually required principal payments. Distressed residential mortgage loans held in securitization trusts are distressed residential mortgage loans transferred to Consolidated VIEs that have been securitized into beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. Acquired distressed residential mortgage loans that have evidence of deteriorated credit quality at acquisition are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). Management evaluates whether there is evidence of credit quality deterioration as of the acquisition date using indicators such as past due or modified status, risk ratings, recent borrower credit scores and recent loan-to-value percentages. Acquired distressed residential mortgage loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. Under ASC 310-30, the acquired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an expectation of aggregate cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance. Under ASC 310-30, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans in each pool or individually using a level yield methodology. Accordingly, our acquired distressed residential mortgage loans accounted for under ASC 310-30 are not subject to classification as nonaccrual classification in the same manner as our residential mortgage loans that were not distressed when acquired by us. Rather, interest income on acquired distressed residential mortgage loans relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool). Management monitors actual cash collections against its expectations, and revised cash flow estimates are prepared as necessary. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired, thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable. The impacts of (i) prepayments, (ii) changes in variable interest rates and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. A distressed residential mortgage loan disposal, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan from the loan pool at its allocated carrying amount. In the event of a sale of the loan and receipt of payment (in full or partial) from the borrower, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds or payment from the borrower and the allocated carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, an individual loan is removed from the pool and a loss on sale is recognized if the carrying value exceeds the fair value of the collateral less costs to sell. A gain is not recognized if the fair value of collateral less costs to sell exceeds the carrying value. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Acquired distressed residential mortgage loans subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, a loss is recognized if the carrying value exceeds the fair value of the underlying collateral less costs to sell. A gain is not recognized if the fair value of the underlying collateral less costs to sell exceeds the carrying value.
Multi-Family Loans Held in Securitization Trusts	Multi-Family Loans Held in Securitization Trusts – Multi-family loans held in securitization trusts are comprised of multi-family mortgage loans held in Freddie Mac-sponsored multi-family K-Series securitizations of which we, or one of our "special purpose entities" ("SPEs") own the first loss POs and certain IOs and mezzanine securities and that we consolidate (the “Consolidated K-Series”). Based on a number of factors, management determined that the Company was the primary beneficiary of each VIE within the Consolidated K-Series, met the criteria for consolidation and, accordingly, has consolidated these securitizations, including their assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations be reflected in the Company's accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated collateralized financing entity ("CFE") using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the Company’s multi-family securitization trusts are considered qualifying CFEs, the Company determines the fair value of multi-family loans held in securitization trusts based on the fair value of its multi-family collateralized debt obligations and its retained interests from these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the multi-family loans and when, in the opinion of management, it is collectible. The accrual of interest on multi-family loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. The multi-family loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
Preferred Equity and Mezzanine Loan Investments and Mortgage Loans Held for Investment	Preferred Equity and Mezzanine Loan Investments - The Company invests in preferred equity of and mezzanine loans to entities that have significant real estate assets. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans are secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests in the entity that owns the property. Preferred equity and mezzanine loan investments for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances. The Company accretes or amortizes any discounts or premiums and deferred fees and expenses over the life of the related asset utilizing the effective interest method or straight line-method, if the result is not materially different. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investment utilizing the guidance provided by the ADC Arrangements Subsection of ASC 310, Receivables . Management evaluates the collectibility of both interest and principal of each of these loans, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Interest income is accrued and recognized as revenue when earned according to the terms of the loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Preferred equity and mezzanine loan investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Investment in Unconsolidated Entities ”.
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities – Non-controlling, unconsolidated ownership interests in an entity may be accounted for using the equity method or the cost method. In circumstances where the Company has a non-controlling interest but either owns a significant interest or is able to exert influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings or preferred return and decreased for cash distributions and a proportionate share of the entity’s losses. Management periodically reviews its investments for impairment based on projected cash flows from the entity over the holding period. When any impairment is identified, the investments are written down to recoverable amounts. The Company may elect the fair value option for an investment in an unconsolidated entity that is accounted for using the equity method. The Company elected the fair value option for certain investments in unconsolidated entities that own interests (directly or indirectly) in commercial and residential real estate assets because the Company determined that such presentation represents the underlying economics of the respective investment. The Company records the change in fair value of its investment in other income in the condensed consolidated statements of operations ( see Note 8 ).
Real Estate	Operating Real Estate Held in Consolidated Variable Interest Entities, Net – The Company recorded its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805. The purchase price of acquired properties was apportioned to the tangible and identified intangible assets and liabilities acquired at their respective estimated fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilized a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective real estate, its own analysis of recently-acquired and existing comparable properties, property financial results, and other market data. The Company also considered information obtained about the real estate as a result of its due diligence, including marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired. The Company considered the value of acquired in-place leases and utilized an amortization period that is the average remaining term of the acquired leases. The Company has reclassified its operating real estate held in consolidated variable interest entities to real estate held for sale in consolidated variable interest entities as of September 30, 2018 . Real Estate - Depreciation – The Company depreciates on a straight-line basis the building component of its real estate over a 30 -year estimated useful life, building and improvements over a 10 -year to 30 -year estimated useful life, and furniture, fixtures and equipment over a 5 -year estimated useful life, all of which are judgmental determinations. Betterments and certain costs directly related to the improvement of real estate are capitalized. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Real Estate Held for Sale in Consolidated Variable Interest Entities - The Company classifies its long-lived assets as held for sale in accordance with ASC 360, Property, Plant, and Equipment . When real estate assets are identified as held for sale, the Company discontinues depreciating (amortizing) the assets and estimates the fair value, net of selling costs, of such assets. Real estate held for sale in consolidated variable interest entities is recorded at the lower of the net carrying amount of the assets or the estimated net fair value. If the estimated net fair value of the real estate held for sale is less than the net carrying amount of the assets, an impairment charge is recorded in the condensed consolidated statements of operations with an allocation to non-controlling interests in the respective VIEs, if any. The Company assesses the net fair value of real estate held for sale each reporting period the assets remain classified as held for sale. Subsequent changes, if any, in the net fair value of the real estate assets held for sale that require an adjustment to the carrying amount are recorded in the condensed consolidated statements of operations with an allocation to non-controlling interests in the respective VIEs, if any, unless the adjustment causes the carrying amount of the assets to exceed the net carrying amount upon initial classification as held for sale. If circumstances arise that the Company previously considered unlikely and, as a result, the Company decides not to sell real estate assets previously classified as held for sale, the real estate assets are reclassified to another real estate classification. Real estate assets that are reclassified are measured at the lower of (a) their carrying amount before they were classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the assets remained in their previous classification, or (b) their fair value at the date of the subsequent decision not to sell. Real Estate Sales – The Company accounts for its real estate sales in accordance with ASC 360-20, Property, Plant and Equipment - Real Estate Sales . When real estate is sold, the nature of the entire real estate component being sold is considered in relation to the entire transaction to determine whether the substance of the transaction is the sale of real estate. Profit is recognized on the date of the real estate sale provided that a) a sale is consummated, b) the buyer's initial and continuing investments are adequate to demonstrate commitment to pay for the property, c) the seller's receivable is not subject to future subordination, and d) the seller has transferred to the buyer the usual risks and rewards of ownership and does not have a substantial continuing involvement with the sold property. Sales value is calculated based off of the stated sales price plus any other proceeds that are additions to the sales price subtracting any discount needed to reduce a receivable to its present value and any services the seller commits to perform without compensation. See Note 11 for further discussion regarding sales of real estate by consolidated VIEs. Real Estate Under Development – The Company's expenditures which directly relate to the acquisition, development, construction and improvement of properties are capitalized at cost. During the development period, which culminates once a property is substantially complete and ready for intended use, operating and carrying costs such as interest expense, real estate taxes, insurance and other direct costs are capitalized. Advertising and general administrative costs that do not relate to the development of a property are expensed as incurred. Real estate under development as of September 30, 2018 and December 31, 2017 of $22.2 million and $22.9 million , respectively, is included in receivables and other assets on the condensed consolidated balance sheets. Real Estate - Impairment – The Company periodically evaluates its real estate assets for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company's ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment is warranted. If impairment indicators exist for long-lived assets to be held and used, and the expected future undiscounted cash flows are less than the carrying amount of the asset, then the Company will record an impairment loss for the difference between the fair value of the asset and its carrying amount. If the asset is to be disposed of, then an impairment loss is recognized for the difference between the estimated fair value of the asset, net of selling costs, and its carrying amount. The Company, through one of its consolidated VIEs, recorded a $2.1 million impairment loss on real estate under development during the nine months ended September 30, 2018 which is included in other income in the Company's condensed consolidated statements of operations. $1.0 million of this impairment loss is included in net income attributable to non-controlling interest in consolidated variable interest entities for the nine months ended September 30, 2018 on the accompanying condensed consolidated statements of operations, resulting in a net loss to the Company of $1.1 million . See Note 10 for further discussion regarding impairment.
Cash and Cash Equivalents	Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, amounts due from banks and overnight deposits. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.
Goodwill	Goodwill – Goodwill represents the excess of the fair value of consideration transferred in a business combination over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity. Goodwill of $25.2 million as of September 30, 2018 and December 31, 2017 relates to the Company's multi-family investment reporting unit. Goodwill is not amortized but is evaluated for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist, by initially performing a qualitative screen and, if necessary, then comparing fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than the carrying value, an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value (in an amount not to exceed the total amount of goodwill allocated to the reporting unit) is recognized.
Intangible Assets	Intangible Assets – Intangible assets consisting of acquired trade name, acquired technology, employment/non-compete agreements, and acquired in-place leases with useful lives ranging from 6 months to 10 years are included in receivables and other assets on the condensed consolidated balance sheets. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The useful lives of intangible assets are evaluated on an annual basis to determine whether events and circumstances warrant a revision to the remaining useful life. See " Operating Real Estate Held in Consolidated Variable Interest Entities, Net " for further discussion of acquired in-place lease intangible assets.
Receivables and Other Assets	Receivables and Other Assets – Receivables and other assets as of September 30, 2018 and December 31, 2017 include restricted cash held by third parties of $8.3 million and $11.0 million , respectively. Interest receivable on multi-family loans held in securitization trusts is also included in the amounts of $32.5 million and $33.6 million as of September 30, 2018 and December 31, 2017 , respectively.
Derivative Financial Instruments	Derivative Financial Instruments – In accordance with ASC 815, the Company records derivative financial instruments on its condensed consolidated balance sheets as assets or liabilities at fair value. Changes in fair value are accounted for depending on the use of the derivative instruments and whether they qualify for hedge accounting treatment. The Company uses interest rate swaps to hedge the variable cash flows associated with our variable rate borrowings. We typically pay a fixed rate and receive a floating rate, based on one or three month LIBOR, on the notional amount of the interest rate swaps. The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics and cash flows of our financing arrangements. At the inception of an interest rate swap agreement, the Company determines whether the instrument will be part of a qualifying hedge accounting relationship or whether the Company will account for the contract as a trading instrument. The Company has elected to treat all current interest swaps as trading instruments due to volatility and difficulty in effectively matching cash flows. Changes in fair value for interest rate swaps designated as trading instruments are reported in the condensed consolidated statements of operations as unrealized gain (loss) on investment securities and related hedges. All of the Company's interest rate swaps outstanding are cleared through a central clearing house. The Company exchanges variation margin for swaps based upon daily changes in fair value. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is treated as a legal settlement of the exposure under the swap contract. Previously such payments were treated as cash collateral pledged against the exposure under the swap contract. Accordingly, the Company accounted for the receipt or payment of variation margin as a direct increase of or reduction to the carrying value of the interest rate swap asset or liability on the Company's consolidated balance sheets.
Manager Compensation	Manager Compensation – We are a party to an investment management agreement with Headlands Asset Management LLC (“Headlands”) pursuant to which Headlands provides investment management services with respect to our investments in certain distressed residential mortgage loans. From 2011 to December 2017, we were a party to an investment management agreement with the Midway Group, LP ("Midway"), pursuant to which Midway provided investment management services with respect to our investments in Agency IOs. These investment management agreements provide for the payment to our investment managers of a management fee, incentive fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. On August 2, 2018, the Company provided Headlands with written notice that it will not renew its management agreement at the end of the current term, which is set to expire on June 30, 2019. The Midway agreement was terminated effective December 31, 2017.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) – The Company’s comprehensive income/(loss) attributable to the Company's common stockholders includes net income, the change in net unrealized gains/(losses) on its available for sale securities and its derivative hedging instruments, comprised of interest rate swaps until October 2017 (to the extent that such changes are not recorded in earnings), adjusted by realized net gains/(losses) reclassified out of accumulated other comprehensive income/(loss) for available for sale securities, reduced by dividends declared on the Company’s preferred stock and increased/decreased for net loss/income attributable to non-controlling interest.
Employee Benefit Plans	Employee Benefits Plans – The Company sponsors a defined contribution plan (the “Plan”) for all eligible domestic employees. The Plan qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
Stock Based Compensation	Stock Based Compensation – The Company has awarded restricted stock to eligible employees and officers as part of their compensation. Compensation expense for equity based awards and stock issued for services are recognized over the vesting period of such awards and services based upon the fair value of the award at the grant date. In May 2015, the Company granted Performance Share Awards (“PSAs”) which cliff vest after a three -year period, subject to the achievement of certain performance criteria based on a formula tied to the Company’s achievement of three -year total shareholder return (“TSR”) and the Company’s TSR relative to the TSR of certain peer companies. The feature in this award constitutes a “market condition” which impacts the amount of compensation expense recognized for these awards. The grant date fair values of PSAs were determined through Monte-Carlo simulation analysis. During the nine months ended September 30, 2018 , the Company granted Performance Stock Units ("PSUs") to the Chief Executive Officer, Chief Financial Officer and certain other employees. The awards were issued pursuant to and are consistent with the terms and conditions of the Company’s 2017 Equity Incentive Plan (the “2017 Plan”). The PSUs are subject to performance-based vesting under the 2017 Plan pursuant to a form of PSU award agreement (the "PSU Agreement"). Vesting of the PSUs will occur after a three-year period based on the Company's relative TSR percentile ranking as compared to an identified performance peer group. The feature in this award constitutes a “market condition” which impacts the amount of compensation expense recognized for these awards. The grant date fair values of PSUs were determined through Monte-Carlo simulation analysis.
Income Taxes	Income Taxes – The Company operates in such a manner so as to qualify as a REIT under the requirements of the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of the Company’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders, of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of the Company’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities of the Company are conducted through TRSs and therefore are subject to federal and various state and local income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740, Income Taxes ("ASC 740"), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. In situations involving uncertain tax positions related to income tax matters, we do not recognize benefits unless it is more likely than not that they will be sustained. ASC 740 was applied to all open taxable years as of the effective date. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based on factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in our condensed consolidated statements of operations.
Earnings Per Share	Earnings Per Share – Basic earnings per share excludes dilution and is computed by dividing net income attributable to the Company's common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.
Segment Reporting	Segment Reporting – ASC 280, Segment Reporting , is the authoritative guidance for the way public entities report information about operating segments in their annual financial statements. We are a REIT focused on the business of acquiring, investing in, financing and managing mortgage-related and residential housing-related assets, and currently operate in only one reportable segment.
Summary of Recent Accounting Pronouncements	Summary of Recent Accounting Pronouncements Revenue Recognition (Topic 606) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This guidance created a new, principle-based revenue recognition framework that affects nearly every revenue-generating entity. ASU 2014-09 also created a new topic in the Codification, Topic 606 (“ASC 606”). In addition to superseding and replacing nearly all existing GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 does the following: (1) establishes a new control-based revenue recognition model; (2) changes the basis for deciding when revenue is recognized over time or at a point in time; (3) provides new and more detailed guidance on specific aspects of revenue recognition; and (4) expands and improves disclosures about revenue. ASC 606 applies to all contracts with customers with exceptions for financial instruments and other contractual rights or obligations that are within the scope of other ASC Topics. Exclusions from the scope of ASC 606 include investment securities available for sale (subject to ASC 320, Investments - Debt and Equity Securities or ASC 325, Investments - Other ); residential mortgage loans, distressed residential mortgage loans, multi-family loans, and preferred equity and mezzanine loan investments (subject to either ASC 310, Receivables or ASC 825, Financial Instruments ); derivative assets and derivative liabilities (subject to ASC 815, Derivatives and Hedging ); and investment in unconsolidated entities (subject to either ASC 323, Investments- Equity Method and Joint Ventures or ASC 825, Financial Instruments ). In adopting the ASU effective January 1, 2018, the Company evaluated the applicability of this ASU with respect to its investment portfolio and, considering the scope exceptions listed above, the adoption of this ASU did not have a material impact on the Company's financial condition or results of operations. Financial Instruments — Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption as of the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 is permitted. The Company is currently assessing the impact of this guidance as the ASU will have an effect on the Company's estimation of credit losses on distressed residential mortgage loans, residential mortgage loans held in securitization trusts, residential mortgage loans, and preferred equity and mezzanine loan investments that are accounted for as loans. Fair Value Measurement — (Topic 820) In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement ("ASU 2018-13") . These amendments add, modify, or remove disclosure requirements regarding the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, narrative descriptions of measurement uncertainty, and the valuation processes for Level 3 fair value measurements. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date.
Residential collateralized debt obligations
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Residential Collateralized Debt Obligations, Multi-Family Collateralized Debt Obligations, Securitized Debt, and Convertible Notes	Residential Collateralized Debt Obligations (“Residential CDOs”) – We use Residential CDOs to permanently finance our residential mortgage loans held in securitization trusts. For financial reporting purposes, the ARM loans held as collateral are recorded as assets of the Company and the Residential CDOs are recorded as the Company’s debt. The Company completed four securitizations in 2005 and 2006. The first three were accounted for as a permanent financing while the fourth was accounted for as a sale and accordingly, is not included in the Company’s accompanying condensed consolidated financial statements.
Multi-family collateralized debt obligations
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Residential Collateralized Debt Obligations, Multi-Family Collateralized Debt Obligations, Securitized Debt, and Convertible Notes	Multi-Family Collateralized Debt Obligations (“Multi-Family CDOs”) – The Consolidated K-Series including their debt are referred to as Multi-Family CDOs in our condensed consolidated financial statements. The Multi-Family CDOs permanently finance the multi-family mortgage loans held in the Consolidated K-Series securitizations. For financial reporting purposes, the loans held as collateral are recorded as assets of the Company and the Multi-Family CDOs are recorded as the Company’s debt. We refer to the Residential CDOs and Multi-Family CDOs collectively as "CDOs" in this report.
Securitized debt
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Residential Collateralized Debt Obligations, Multi-Family Collateralized Debt Obligations, Securitized Debt, and Convertible Notes	Securitized Debt – Securitized debt represents third-party liabilities of Consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated on consolidation. The Company has entered into several financing transactions that resulted in the Company consolidating as VIEs the SPEs that were created to facilitate the transactions and to which underlying assets in connection with the financing were transferred. The Company engaged in these transactions primarily to obtain permanent or longer term financing on a portion of its multi-family CMBS and acquired distressed residential mortgage loans. Costs related to issuance of securitized debt which include underwriting, rating agency, legal, accounting and other fees are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets in the amount of $0.4 million and $0.7 million as of September 30, 2018 and December 31, 2017 , respectively. These deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different.
Convertible Notes
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Residential Collateralized Debt Obligations, Multi-Family Collateralized Debt Obligations, Securitized Debt, and Convertible Notes	Convertible Notes – On January 23, 2017, the Company issued convertible notes (the "Convertible Notes") to finance the acquisition of targeted assets and for general working capital purposes. The Company evaluated the conversion features of the Convertible Notes for embedded derivatives in accordance with ASC 815, Derivatives and Hedging ("ASC 815") and determined that the conversion features should not be bifurcated from the notes. The Convertible Notes were issued at a 4% discount. Costs related to issuance of the Convertible Notes which include underwriting, legal, accounting and other fees are reflected as deferred charges. The discount and deferred charges are amortized as an adjustment to interest expense using the effective interest method. The discount and deferred issuance costs, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $7.7 million and $9.3 million as of September 30, 2018 and December 31, 2017 , respectively.
Portfolio Investments
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Financing Arrangements, Portfolio Investments and Residential Mortgage Loans	Financing Arrangements, Portfolio Investments – The Company finances the majority of its investment securities available for sale using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The repurchase agreements are treated as collateralized financing transactions and carried at the contractual amounts, as specified in the respective agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over LIBOR.
Distressed Residential Mortgage Loans
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Financing Arrangements, Portfolio Investments and Residential Mortgage Loans	Financing Arrangements, Residential Mortgage Loans – The Company finances a portion of its residential mortgage loans, including its distressed residential mortgage loans, through repurchase agreements ( see Note 14 ). The borrowing under the repurchase agreements bear an interest rate of a specified margin over one-month LIBOR. The repurchase agreements are treated as collateralized financing transactions and carried at the contractual amounts, as specified in the respective agreements. Costs related to the establishment of the repurchase agreements which include underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets in the amount of $0.2 million as of September 30, 2018 and $0.7 million as of December 31, 2017 . These deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different.

Investment Securities Availab_2

Investment Securities Available for Sale (Tables)	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Available for Sale Securities	Investment securities available for sale consisted of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Agency RMBS Agency ARMs Freddie Mac $ 27,479 $ — $ (1,238 ) $ 26,241 $ 33,623 $ 16 $ (852 ) $ 32,787 Fannie Mae 46,456 9 (1,705 ) 44,760 54,958 6 (1,236 ) 53,728 Ginnie Mae 3,855 — (136 ) 3,719 4,750 — (193 ) 4,557 Total Agency ARMs 77,790 9 (3,079 ) 74,720 93,331 22 (2,281 ) 91,072 Agency Fixed- Rate Freddie Mac 89,023 — (3,806 ) 85,217 20,804 — (736 ) 20,068 Fannie Mae 942,868 — (47,372 ) 895,496 1,038,363 669 (12,174 ) 1,026,858 Ginnie Mae — — — — 365 — (6 ) 359 Total Agency Fixed-Rate 1,031,891 — (51,178 ) 980,713 1,059,532 669 (12,916 ) 1,047,285 Agency IOs Freddie Mac — — — — 8,436 19 (2,756 ) 5,699 Fannie Mae — — — — 11,310 22 (2,989 ) 8,343 Ginnie Mae — — — — 21,621 230 (4,714 ) 17,137 Total Agency IOs — — — — 41,367 271 (10,459 ) 31,179 Total Agency RMBS 1,109,681 9 (54,257 ) 1,055,433 1,194,230 962 (25,656 ) 1,169,536 Non-Agency RMBS 98,301 58 (115 ) 98,244 100,291 1,852 (18 ) 102,125 CMBS (1) 114,529 18,982 — 133,511 123,203 18,217 — 141,420 Total investment securities available for sale $ 1,322,511 $ 19,049 $ (54,372 ) $ 1,287,188 $ 1,417,724 $ 21,031 $ (25,674 ) $ 1,413,081 (1) Included in CMBS is $51.8 million and $47.9 million of investment securities available for sale held in securitization trusts as of September 30, 2018 and December 31, 2017 , respectively.
Weighted Average Lives of Investment Securities Available for Sale	The following table sets forth the weighted average lives of our investment securities available for sale as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Weighted Average Life September 30, 2018 December 31, 2017 0 to 5 years $ 365,791 $ 426,061 Over 5 to 10 years 917,955 970,336 10+ years 3,442 16,684 Total $ 1,287,188 $ 1,413,081
Stated Reset Periods of Investment Securities Available for Sale	The following tables set forth the stated reset periods of our investment securities available for sale at September 30, 2018 and December 31, 2017 at carrying value (dollar amounts in thousands): September 30, 2018 December 31, 2017 Less than 6 6 to 24 More than Total Less than 6 to 24 More than Total Agency RMBS $ 6,770 $ 16,043 $ 1,032,620 $ 1,055,433 $ 26,876 $ 24,726 $ 1,117,934 $ 1,169,536 Non-Agency RMBS 50,000 13,845 34,399 98,244 84,461 — 17,664 102,125 CMBS — — 133,511 133,511 70,791 — 70,629 141,420 Total investment securities available for sale $ 56,770 $ 29,888 $ 1,200,530 $ 1,287,188 $ 182,128 $ 24,726 $ 1,206,227 $ 1,413,081
Schedule of Investment Securities Available for Sale in Unrealized Loss Position	The following tables present the Company's investment securities available for sale in an unrealized loss position reported through OCI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 Less than 12 months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 768,749 $ (34,876 ) $ 285,758 $ (19,381 ) $ 1,054,507 $ (54,257 ) Non-Agency RMBS 12,825 (107 ) 178 (8 ) 13,003 (115 ) Total investment securities available for sale $ 781,574 $ (34,983 ) $ 285,936 $ (19,389 ) $ 1,067,510 $ (54,372 ) December 31, 2017 Less than 12 months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 511,313 $ (1,807 ) $ 342,963 $ (13,390 ) $ 854,276 $ (15,197 ) Non-Agency RMBS — — 193 (18 ) 193 (18 ) Total investment securities available for sale $ 511,313 $ (1,807 ) $ 343,156 $ (13,408 ) $ 854,469 $ (15,215 )

Residential Mortgage Loans He_2

Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Residential Mortgage Loans Held in Securitization Trusts (Net)	Residential mortgage loans held in securitization trusts, net consist of the following as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): September 30, 2018 December 31, 2017 Unpaid principal balance $ 63,717 $ 77,519 Deferred origination costs – net 405 492 Reserve for loan losses (3,663 ) (4,191 ) Total $ 60,459 $ 73,820
Allowance for Loan Losses on Residential Mortgage Loans Held in Securitization Trusts	The following table presents the activity in the Company's allowance for loan losses on residential mortgage loans held in securitization trusts for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): Nine Months Ended September 30, 2018 2017 Balance at beginning of period $ 4,191 $ 3,782 (Recovery of) provision for loan losses (93 ) 306 Transfer to real estate owned — (303 ) Charge-offs (435 ) (60 ) Balance at the end of period $ 3,663 $ 3,725
Delinquencies in Portfolio of Residential Mortgage Loans Held in Securitization Trusts	The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts as of September 30, 2018 (dollar amounts in thousands): September 30, 2018 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 1 $ 134 0.21 % 61 - 90 2 $ 335 0.53 % 90 + 20 $ 11,447 17.97 % The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including REO through foreclosure, as of December 31, 2017 (dollar amounts in thousands): December 31, 2017 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 1 $ 203 0.26 % 61 - 90 1 $ 173 0.22 % 90 + 24 $ 16,147 20.80 % Real estate owned through foreclosure 1 $ 118 0.15 %
Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Total Loan Balances	The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 34.3 % 31.8 % Massachusetts 20.5 % 20.7 % New Jersey 13.8 % 11.9 % Florida 9.8 % 8.8 % Maryland 5.1 % 5.2 % The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 California 26.7 % 35.9 % Florida 13.7 % 6.6 % New Jersey 5.5 % 7.7 % New York 5.1 % 3.8 %

Residential Mortgage Loans, A_2

Residential Mortgage Loans, At Fair Value (Tables)	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Residential Mortgage Loans At Fair Value	The Company’s residential mortgage loans at fair value consist of the following as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Principal Premium/(Discount) Unrealized Gains/(Losses) Carrying Value September 30, 2018 $ 189,461 $ (6,588 ) $ (963 ) $ 181,910 December 31, 2017 92,105 (4,911 ) (41 ) 87,153
Components of Net Gain on Residential Mortgage Loans at Fair Value	The following table presents the components of net gain (loss) on residential mortgage loans at fair value for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): September 30, 2018 September 30, 2017 Net realized gain on payoff and sale of loans $ 1,496 $ 493 Net unrealized (losses) gains (923 ) 224
Schedule of Geographic Concentration of Credit Risk	The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 34.3 % 31.8 % Massachusetts 20.5 % 20.7 % New Jersey 13.8 % 11.9 % Florida 9.8 % 8.8 % Maryland 5.1 % 5.2 % The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 California 26.7 % 35.9 % Florida 13.7 % 6.6 % New Jersey 5.5 % 7.7 % New York 5.1 % 3.8 %
Residential Mortgage Loans, Fair Value Compared to Unpaid Principal	The following table presents the difference between the fair value and the aggregate unpaid principal balance of the Company's residential mortgage loans at fair value greater than 90 days past due and in non-accrual status as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Fair Value Unpaid Principal Balance Difference September 30, 2018 $ 4,917 $ 5,442 $ (525 ) December 31, 2017 1,048 1,214 (166 ) Residential mortgage loans, including distressed residential mortgage loans and second mortgages, with a fair value of approximately $110.9 million and $44.2 million at September 30, 2018 and December 31, 2017 , respectively, are pledged as collateral for master repurchase agreements with Deutsche Bank AG, Cayman Islands Branch ( see Note 14 ).

Distressed Residential Mortga_2

Distressed Residential Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Schedule of Information of Distressed Residential Mortgage Loans Acquired	The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the distressed residential mortgage loans acquired during the nine months ended September 30, 2017 (dollar amounts in thousands): September 30, 2017 Contractually required principal and interest $ 76,529 Nonaccretable yield (6,467 ) Expected cash flows to be collected 70,062 Accretable yield (58,767 ) Fair value at the date of acquisition $ 11,295
Activity in Accretable Yield for Distressed Residential Mortgage Loans	The following table details activity in accretable yield for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): September 30, 2018 September 30, 2017 Balance at beginning of period $ 303,949 $ 530,511 Additions 6,007 91,356 Disposals (64,876 ) (263,475 ) Accretion (11,999 ) (16,635 ) Balance at end of period (1) $ 233,081 $ 341,757 (1) Accretable yield is the excess of the distressed residential mortgage loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Disposals include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in each of the nine month periods ended September 30, 2018 and 2017 is not necessarily indicative of future results.
Schedule of Geographic Concentration of Credit Risk	The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 34.3 % 31.8 % Massachusetts 20.5 % 20.7 % New Jersey 13.8 % 11.9 % Florida 9.8 % 8.8 % Maryland 5.1 % 5.2 % The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 California 26.7 % 35.9 % Florida 13.7 % 6.6 % New Jersey 5.5 % 7.7 % New York 5.1 % 3.8 %
Distressed residential mortgage loans held in securitization trusts, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Schedule of Geographic Concentration of Credit Risk	The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 Florida 10.7 % 11.2 % North Carolina 8.6 % 8.3 % Georgia 6.6 % 5.8 % California 5.7 % 6.9 % New York 5.5 % 5.7 % South Carolina 5.4 % 5.0 % Ohio 5.2 % 5.1 %

Consolidated K-Series (Tables)

Consolidated K-Series (Tables)	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Schedule of Geographic Concentration of Credit Risk	The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 34.3 % 31.8 % Massachusetts 20.5 % 20.7 % New Jersey 13.8 % 11.9 % Florida 9.8 % 8.8 % Maryland 5.1 % 5.2 % The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 California 26.7 % 35.9 % Florida 13.7 % 6.6 % New Jersey 5.5 % 7.7 % New York 5.1 % 3.8 %
Multi-family loans held in securitization trusts
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Schedule of Geographic Concentration of Credit Risk	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of September 30, 2018 and December 31, 2017 , respectively, are as follows: September 30, 2018 December 31, 2017 California 13.8 % 14.7 % Texas 11.8 % 12.7 % New York 6.1 % 6.5 % Maryland 5.1 % 5.5 %
Consolidated K-Series
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Condensed Consolidated Balance Sheet of the Consolidated K-Series	The condensed consolidated balance sheets of the Consolidated K-Series at September 30, 2018 and December 31, 2017 , respectively, are as follows (dollar amounts in thousands): Balance Sheets September 30, 2018 December 31, 2017 Assets Multi-family loans held in securitization trusts $ 10,070,834 $ 9,657,421 Receivables 32,533 33,562 Total Assets $ 10,103,367 $ 9,690,983 Liabilities and Equity Multi-family CDOs $ 9,504,313 $ 9,189,459 Accrued expenses 31,966 33,136 Total Liabilities 9,536,279 9,222,595 Equity 567,088 468,388 Total Liabilities and Equity $ 10,103,367 $ 9,690,983
Condensed Consolidated Statements of Operations of the Consolidated K-Series	The condensed consolidated statements of operations of the Consolidated K-Series for the three and nine months ended September 30, 2018 and 2017 , respectively, are as follows (dollar amounts in thousands): Three Months Ended Nine Months Ended Statements of Operations 2018 2017 2018 2017 Interest income $ 86,458 $ 76,186 $ 257,179 $ 213,242 Interest expense 75,145 67,030 224,310 187,835 Net interest income 11,313 9,156 32,869 25,407 Unrealized gain on multi-family loans and debt held in securitization trusts, net 12,303 2,353 31,867 5,184 Net income $ 23,616 $ 11,509 $ 64,736 $ 30,591

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The Company's investments in unconsolidated entities accounted for under the equity method consist of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Investment Name Ownership Interest Carrying Amount Ownership Interest Carrying Amount BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 45% $ 8,675 45% $ 8,320 Total - Equity Method $ 8,675 $ 8,320 The Company's investments in unconsolidated entities accounted for under the equity method using the fair value option consist of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Investment Name Ownership Interest Carrying Amount Ownership Interest Carrying Amount Morrocroft Neighborhood Stabilization Fund II, LP 11% $ 13,451 11% $ 12,623 Evergreens JV Holdings, LLC 85% 7,970 85% 4,220 The Preserve at Port Royal Venture, LLC 77% 13,640 77% 13,040 WR Savannah Holdings, LLC (1) — — 90% 12,940 Total - Fair Value Option $ 35,061 $ 42,823 (1) The Company's equity investment was redeemed during the three months ended September 30, 2018. The following table presents income from investments in unconsolidated entities for the three and nine months ended September 30, 2018 and September 30, 2017 (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2018 2017 2018 2017 Autumnwood Investments LLC $ — $ 64 $ — $ 137 200 RHC Hoover, LLC — — — 275 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) 265 252 777 741 Morrocroft Neighborhood Stabilization Fund II, LP 149 394 829 1,374 Evergreens JV Holdings, LLC 3,643 161 4,008 464 Bent Tree JV Holdings, LLC — 1,210 — 1,795 Summerchase LR Partners LLC — 194 — 556 Lake Mary Realty Partners, LLC — 2,312 — 2,745 The Preserve at Port Royal Venture, LLC 449 440 1,351 1,266 WR Savannah Holdings, LLC (1) 113 405 1,743 1,030 (1) Includes income recognized from redemption of the Company's investment during the three and nine months ended September 30, 2018 .

Preferred Equity and Mezzanin_2

Preferred Equity and Mezzanine Loan Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Schedule of Preferred Equity and Mezzanine Loan Investments	investments consist of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Investment amount $ 200,047 $ 140,560 Deferred loan fees, net (1,770 ) (1,640 ) Total $ 198,277 $ 138,920 The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 22.1 % 24.1 % Texas 13.8 % 24.3 % Florida 12.1 % 3.9 % Georgia 9.9 % 3.4 % Virginia 7.6 % 10.8 % Alabama 7.4 % 7.1 % Tennessee 5.6 % — South Carolina 5.1 % 7.0 % The following tables present the classification and carrying value of unconsolidated VIEs as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 Investment securities, available for sale, at fair value, held in securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investment in unconsolidated entities Total Multi-family CMBS $ 51,751 $ 72 $ — $ — $ 51,823 Preferred equity investments in multi-family properties — — 187,508 8,675 196,183 Mezzanine loan on multi-family properties — — 10,769 — 10,769 Equity investments in entities that invest in residential properties — — — 13,451 13,451 Total assets $ 51,751 $ 72 $ 198,277 $ 22,126 $ 272,226 December 31, 2017 Investment securities, available for sale, at fair value, held in securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investment in unconsolidated entities Total Multi-family CMBS $ 47,922 $ 73 $ — $ — $ 47,995 Preferred equity investments in multi-family properties — — 132,009 8,320 140,329 Mezzanine loan on multi-family properties — — 6,911 — 6,911 Equity investments in entities that invest in multi-family and residential properties — — — 25,562 25,562 Total assets $ 47,922 $ 73 $ 138,920 $ 33,882 $ 220,797 The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Distressed Residential Mortgage Loan Securitizations Principal Amount at September 30, 2018 $ 33,218 $ 24,051 Principal Amount at December 31, 2017 $ 33,350 $ 53,089 Carrying Value at September 30, 2018 (2) $ 29,870 $ 23,727 Carrying Value at December 31, 2017 (2) $ 29,164 $ 52,373 Pass-through rate of Notes issued 5.35% 4.00% (1) The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note issued in this re-securitization transaction have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership. (2) Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities and Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2018
Variable Interest Entity [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets and liabilities of Riverchase Landing and The Clusters at the Changeover Date (dollar amounts in thousands). Cash $ 112 Operating real estate (1) 62,322 Lease intangibles (1) 5,340 Receivables and other assets 2,260 Total assets 70,034 Mortgages payable 51,570 Accrued expenses and other liabilities 1,519 Total liabilities 53,089 Non-controlling interest (2) 4,462 Net assets consolidated $ 12,483 (1) Reclassified to real estate held for sale in consolidated variable interest entities on the condensed consolidated balance sheets in 2017 ( see Note 11 ). (2) Represents third party ownership of membership interests in Riverchase Landing and The Clusters. The fair value of the non-controlling interests in Riverchase Landing and The Clusters, both private companies, was estimated using assumptions for the timing and amount of expected future cash flows from the underlying multi-family apartment communities and a discount rate.
Schedule of Assets and Liabilities of Consolidated VIE's	The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): September 30, 2018 December 31, 2017 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 57,471 $ 57,471 $ 95,191 $ 95,191 Investment securities available for sale (1) Level 2 or 3 1,287,188 1,287,188 1,413,081 1,413,081 Residential mortgage loans held in securitization trusts, net Level 3 60,459 60,228 73,820 72,131 Distressed residential mortgage loans, at carrying value, net (2) Level 3 260,837 263,935 331,464 334,765 Residential mortgage loans, at fair value (3) Level 3 181,910 181,910 87,153 87,153 Multi-family loans held in securitization trusts Level 3 10,070,834 10,070,834 9,657,421 9,657,421 Derivative assets Level 2 8,760 8,760 10,101 10,101 Mortgage loans held for sale, net (4) Level 3 3,284 3,622 5,507 5,598 Mortgage loans held for investment (4) Level 3 1,760 1,760 1,760 1,900 Preferred equity and mezzanine loan investments (5) Level 3 198,277 199,885 138,920 140,129 Investments in unconsolidated entities (6) Level 3 43,736 43,795 51,143 51,212 Financial Liabilities: Financing arrangements, portfolio investments Level 2 1,130,659 1,130,659 1,276,918 1,276,918 Financing arrangements, residential mortgage loans Level 2 177,226 177,226 149,063 149,063 Residential collateralized debt obligations Level 3 56,504 54,228 70,308 66,865 Multi-family collateralized debt obligations Level 3 9,504,313 9,504,313 9,189,459 9,189,459 Securitized debt Level 3 53,597 57,236 81,537 87,891 Subordinated debentures Level 3 45,000 44,988 45,000 45,002 Convertible notes Level 2 130,251 137,923 128,749 140,060 (1) Includes $51.8 million and $47.9 million of investment securities for sale held in securitization trusts as of September 30, 2018 and December 31, 2017 , respectively. (2) Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $96.5 million and $121.8 million at September 30, 2018 and December 31, 2017 , respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $164.3 million and $209.7 million at September 30, 2018 and December 31, 2017 , respectively. (3) Includes distressed residential mortgage loans with a carrying value amounting to $112.5 million and $36.9 million at September 30, 2018 and December 31, 2017 , respectively, and second mortgages with a carrying value amounting to $69.4 million and $50.2 million at September 30, 2018 and December 31, 2017 , respectively. (4) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. (5) Includes preferred equity and mezzanine loan investments accounted for as loans ( see Note 9 ). (6) Includes investments in unconsolidated entities accounted for under the fair value option with a carrying value of $35.1 million and $42.8 million at September 30, 2018 and December 31, 2017 , respectively ( see Note 8) .
Summary of Classification and Carrying Value of Unconsolidated VIE's	investments consist of the following as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Investment amount $ 200,047 $ 140,560 Deferred loan fees, net (1,770 ) (1,640 ) Total $ 198,277 $ 138,920 The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 New York 22.1 % 24.1 % Texas 13.8 % 24.3 % Florida 12.1 % 3.9 % Georgia 9.9 % 3.4 % Virginia 7.6 % 10.8 % Alabama 7.4 % 7.1 % Tennessee 5.6 % — South Carolina 5.1 % 7.0 % The following tables present the classification and carrying value of unconsolidated VIEs as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 Investment securities, available for sale, at fair value, held in securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investment in unconsolidated entities Total Multi-family CMBS $ 51,751 $ 72 $ — $ — $ 51,823 Preferred equity investments in multi-family properties — — 187,508 8,675 196,183 Mezzanine loan on multi-family properties — — 10,769 — 10,769 Equity investments in entities that invest in residential properties — — — 13,451 13,451 Total assets $ 51,751 $ 72 $ 198,277 $ 22,126 $ 272,226 December 31, 2017 Investment securities, available for sale, at fair value, held in securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investment in unconsolidated entities Total Multi-family CMBS $ 47,922 $ 73 $ — $ — $ 47,995 Preferred equity investments in multi-family properties — — 132,009 8,320 140,329 Mezzanine loan on multi-family properties — — 6,911 — 6,911 Equity investments in entities that invest in multi-family and residential properties — — — 25,562 25,562 Total assets $ 47,922 $ 73 $ 138,920 $ 33,882 $ 220,797 The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Distressed Residential Mortgage Loan Securitizations Principal Amount at September 30, 2018 $ 33,218 $ 24,051 Principal Amount at December 31, 2017 $ 33,350 $ 53,089 Carrying Value at September 30, 2018 (2) $ 29,870 $ 23,727 Carrying Value at December 31, 2017 (2) $ 29,164 $ 52,373 Pass-through rate of Notes issued 5.35% 4.00% (1) The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note issued in this re-securitization transaction have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership. (2) Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.
Schedule of Contractual Maturities of Financing VIE's	The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Scheduled Maturity (principal amount) September 30, 2018 December 31, 2017 Within 24 months $ 24,051 $ 53,089 Over 24 months to 36 months — — Over 36 months 33,218 33,350 Total 57,269 86,439 Discount (3,312 ) (4,232 ) Debt issuance cost (360 ) (670 ) Carrying value $ 53,597 $ 81,537 As of September 30, 2018 , maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Fiscal Year Total 2018 $ — 2019 5,098 2020 — 2021 — 2022 138,000 2023 — Thereafter 72,445 $ 215,543
Financing VIE
Variable Interest Entity [Line Items]
Schedule of Assets and Liabilities of Consolidated VIE's	Assets and Liabilities of Consolidated VIEs as of September 30, 2018 (dollar amounts in thousands): Financing VIEs Other VIEs Multi-family CMBS Re- securitization (1) Distressed Residential Mortgage Loan Securitization (2) Residential Mortgage Loan Securitization Multi- family CMBS (3) Other Total Cash and cash equivalents $ — $ — $ — $ — $ 781 $ 781 Investment securities available for sale, at fair value held in securitization trusts 51,751 — — — — 51,751 Residential mortgage loans held in securitization trusts, net — — 60,459 — — 60,459 Distressed residential mortgage loans held in securitization trusts, net — 96,493 — — — 96,493 Multi-family loans held in securitization trusts, at fair value 1,109,276 — — 8,961,558 — 10,070,834 Real estate held for sale in consolidated variable interest entities — — — — 29,558 29,558 Receivables and other assets 4,131 14,320 1,021 28,474 23,304 71,250 Total assets $ 1,165,158 $ 110,813 $ 61,480 $ 8,990,032 $ 53,643 $ 10,381,126 Residential collateralized debt obligations $ — $ — $ 56,504 $ — $ — $ 56,504 Multi-family collateralized debt obligations, at fair value 1,040,174 — — 8,464,139 — 9,504,313 Securitized debt 29,870 23,727 — — — 53,597 Mortgages and notes payable in consolidated variable interest entities — — — — 32,486 32,486 Accrued expenses and other liabilities 4,115 317 25 27,999 976 33,432 Total liabilities $ 1,074,159 $ 24,044 $ 56,529 $ 8,492,138 $ 33,462 $ 9,680,332 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 7 ). (2) The Company engaged in this transaction for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed- and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one - to four - family properties. Balances as of September 30, 2018 are related to a securitization transaction that closed in April 2016 that involved the issuance of $177.5 million of Class A Notes representing the beneficial ownership in a pool of performing and re-performing seasoned mortgage loans. The Company holds 5% of the Class A Notes issued as part of the securitization transaction, which were eliminated in consolidation. (3) Seven of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series were not held in a Financing VIE as of September 30, 2018 . Assets and Liabilities of Consolidated VIEs as of December 31, 2017 (dollar amounts in thousands): Financing VIEs Other VIEs Multi-family CMBS Re- securitization (1) Distressed Residential Mortgage Loan Securitization (2) Residential Mortgage Loan Securitization Multi- family CMBS (3) Other Total Cash and cash equivalents $ — $ — $ — $ — $ 808 $ 808 Investment securities available for sale, at fair value held in securitization trusts 47,922 — — — — 47,922 Residential mortgage loans held in securitization trusts, net — — 73,820 — — 73,820 Distressed residential mortgage loans held in securitization trusts, net — 121,791 — — — 121,791 Multi-family loans held in securitization trusts, at fair value 1,157,726 — — 8,499,695 — 9,657,421 Real estate held for sale in consolidated variable interest entities — — — — 64,202 64,202 Receivables and other assets 4,333 15,428 935 29,301 25,507 75,504 Total assets $ 1,209,981 $ 137,219 $ 74,755 $ 8,528,996 $ 90,517 $ 10,041,468 Residential collateralized debt obligations $ — $ — $ 70,308 $ — $ — $ 70,308 Multi-family collateralized debt obligations, at fair value 1,094,044 — — 8,095,415 — 9,189,459 Securitized debt 29,164 52,373 — — — 81,537 Mortgages and notes payable in consolidated variable interest entities — — — — 57,124 57,124 Accrued expenses and other liabilities 4,316 2,957 24 28,969 1,727 37,993 Total liabilities $ 1,127,524 $ 55,330 $ 70,332 $ 8,124,384 $ 58,851 $ 9,436,421 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 7 ). (2) The Company engaged in this transaction for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed- and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one - to four - family properties. Balances as of December 31, 2017 are related to a securitization transaction that closed in April 2016 that involved the issuance of $177.5 million of Class A Notes representing the beneficial ownership in a pool of performing and re-performing seasoned mortgage loans. The Company holds 5% of the Class A Notes issued as part of the securitization transaction, which have been eliminated in consolidation. (3) Six of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series were not held in a Financing VIE as of December 31, 2017 .

Real Estate Held for Sale in _2

Real Estate Held for Sale in Consolidated VIEs (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Schedule of Provisional Summary Real Estate Held for Sale	The following is a summary of the real estate held for sale in consolidated variable interest entities as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Land $ 2,650 $ 7,000 Building and improvements 25,975 53,468 Furniture, fixtures and equipment 885 2,150 Lease intangible 2,802 5,340 Real estate held for sale before accumulated depreciation and amortization 32,312 67,958 Accumulated depreciation (1) (418 ) (647 ) Accumulated amortization of lease intangible (1) (2,336 ) (3,109 ) Real estate held for sale in consolidated variable interest entities $ 29,558 $ 64,202 (1) There were no depreciation and amortization expenses for the three and nine months ended September 30, 2018 . Depreciation and amortization expenses for the three months ended September 30, 2017 totaled $0.2 million and $0.9 million , respectively. Depreciation and amortization expenses for the nine months ended September 30, 2017 totaled $0.6 million and $3.1 million , respectively.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments Not Designated	The following table presents the fair value of derivative instruments and their location in our condensed consolidated balance sheets at September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Type of Derivative Instrument Balance Sheet Location September 30, 2018 December 31, 2017 Interest rate swaps (1) Derivative assets $ 8,760 $ 10,101 (1) Variation margin payable of $8.5 million and variation margin receivable of $9.3 million is included as an adjustment to the carrying value of the derivative assets at September 30, 2018 and December 31, 2017 , respectively
Schedule Of Derivative Instruments Volume Activity	The tables below summarize the volume activity of derivative instruments for the nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): Notional Amount For the Nine Months Ended September 30, 2018 Type of Derivative Instrument December 31, 2017 Additions Settlement, Expiration or Exercise September 30, 2018 Interest rate swaps $ 345,500 $ 50,000 $ — $ 395,500 Notional Amount For the Nine Months Ended September 30, 2017 Type of Derivative Instrument December 31, 2016 Additions Settlement, Expiration or Exercise September 30, 2017 TBA securities (1) $ 149,000 $ 1,466,000 $ (1,440,000 ) $ 175,000 U.S. Treasury futures 17,100 123,900 (135,500 ) 5,500 Interest rate swap futures (151,700 ) 413,800 (349,000 ) (86,900 ) Eurodollar futures (2,575,000 ) 5,989,000 (5,054,000 ) (1,640,000 ) Options on U.S. Treasury futures — 5,000 (5,000 ) — Swaptions 154,000 — — 154,000 Interest rate swaps 15,000 — — 15,000 (1) Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our condensed consolidated financial statements on a net basis.
Schedule of Components of Realized and Unrealized Gains and Losses	The following table presents the components of realized and unrealized gains and losses related to our derivative instruments included in other income category in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (dollar amounts in thousands): Three Months Ended September 30, 2018 2017 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA securities $ — $ — $ 1,470 $ (265 ) Eurodollar futures — — 62 39 Interest rate swaps — 2,275 — 36 Swaptions — — — 171 U.S. Treasury and interest rate swap futures and options — — (583 ) 505 Total $ — $ 2,275 $ 949 $ 486 Nine Months Ended September 30, 2018 2017 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA securities $ — $ — $ 3,285 $ (1,080 ) Eurodollar futures — — 849 (886 ) Interest rate swaps — 16,379 — 110 Swaptions — — — 239 U.S. Treasury and interest rate swap futures and options — — (999 ) 699 Total $ — $ 16,379 $ 3,135 $ (918 )
Schedule of Interest Rate Swaps, Variable and Fixed Interest Rates	The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): September 30, 2018 December 31, 2017 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Notional Amount Weighted Average Fixed Interest Rate Weighted Average 2024 $ 98,000 2.18 % 2.34 % $ 98,000 2.18 % 1.36 % 2027 247,500 2.39 % 2.34 % 247,500 2.39 % 1.39 % 2028 50,000 3.13 % 2.31 % — — — Total $ 395,500 2.43 % 2.34 % $ 345,500 2.33 % 1.38 %

Financing Arrangements, Portf_2

Financing Arrangements, Portfolio Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Banking and Thrift [Abstract]
Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral	The following table presents detailed information about the Company’s borrowings under financing arrangements and associated assets pledged as collateral at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): September 30, 2018 December 31, 2017 Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency ARMs RMBS $ 49,689 $ 51,750 $ 53,699 $ 86,349 $ 90,343 $ 92,586 Agency Fixed-rate RMBS 802,636 847,316 891,660 842,474 890,359 902,744 Non-Agency RMBS — — — 38,160 51,841 50,693 CMBS (1) 278,334 405,623 282,492 309,935 421,156 322,092 Balance at end of the period $ 1,130,659 $ 1,304,689 $ 1,227,851 $ 1,276,918 $ 1,453,699 $ 1,368,115 (1) Includes first loss PO and mezzanine CMBS securities with a fair value amounting to $405.6 million and $377.5 million included in the Consolidated K-Series as of September 30, 2018 and December 31, 2017 , respectively.
Schedule of Contractual Maturities of Outstanding Financing Arrangements	The following table presents contractual maturity information about the Company’s outstanding financing arrangements, at September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Contractual Maturity September 30, 2018 December 31, 2017 Within 30 days $ 822,582 $ 1,081,911 Over 30 days to 90 days 308,077 95,007 Over 90 days — 100,000 Total $ 1,130,659 $ 1,276,918

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Subordinated Borrowing	The following table summarizes the key details of the Company’s subordinated debentures as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035
Schedule of Long-term Debt Instruments	The mortgages and notes payable in the consolidated VIEs as of September 30, 2018 are described below (dollar amounts in thousands): Assumption/Origination Date Mortgage Note Amount Maturity Date Interest Rate Net Deferred Finance Costs The Clusters 6/30/2014 $ 27,445 7/6/2024 4.49 % $ 58 KRVI 12/16/2016 $ 5,098 12/16/2019 6.75 % $ —
Schedule of Maturities of Long-term Debt	The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): Scheduled Maturity (principal amount) September 30, 2018 December 31, 2017 Within 24 months $ 24,051 $ 53,089 Over 24 months to 36 months — — Over 36 months 33,218 33,350 Total 57,269 86,439 Discount (3,312 ) (4,232 ) Debt issuance cost (360 ) (670 ) Carrying value $ 53,597 $ 81,537 As of September 30, 2018 , maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Fiscal Year Total 2018 $ — 2019 5,098 2020 — 2021 — 2022 138,000 2023 — Thereafter 72,445 $ 215,543

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 , respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale: Agency RMBS $ — $ 1,055,433 $ — $ 1,055,433 $ — $ 1,169,536 $ — $ 1,169,536 Non-Agency RMBS — 98,244 — 98,244 — 102,125 — 102,125 CMBS — 81,760 51,751 133,511 — 93,498 47,922 141,420 Multi-family loans held in securitization trusts — — 10,070,834 10,070,834 — — 9,657,421 9,657,421 Residential mortgage loans, at fair value — — 181,910 181,910 — — 87,153 87,153 Derivative assets: Interest rate swaps — 8,760 — 8,760 — 10,101 — 10,101 Investments in unconsolidated entities — — 35,061 35,061 — — 42,823 42,823 Total $ — $ 1,244,197 $ 10,339,556 $ 11,583,753 $ — $ 1,375,260 $ 9,835,319 $ 11,210,579 Liabilities carried at fair value Multi-family collateralized debt obligations $ — $ — $ 9,504,313 $ 9,504,313 $ — $ — $ 9,189,459 $ 9,189,459 Total $ — $ — $ 9,504,313 $ 9,504,313 $ — $ — $ 9,189,459 $ 9,189,459
Changes in Valuation of Level 3 Assets	The following table details changes in valuation for the Level 3 assets for the nine months ended September 30, 2018 and 2017 , respectively (amounts in thousands): Level 3 Assets: Nine Months Ended September 30, 2018 2017 Balance at beginning of period $ 9,835,319 $ 7,061,842 Total (losses)/gains (realized/unrealized) Included in earnings (1) (280,300 ) 38,978 Included in other comprehensive income 901 208 Contributions — 1,300 Paydowns/Distributions (133,101 ) (139,751 ) Sales (7,105 ) (4,100 ) Purchases (2) 923,842 1,598,018 Balance at the end of period $ 10,339,556 $ 8,556,495 (1) Amounts included in interest income from multi-family loans held in securitization trusts, interest income from residential mortgage loans, realized gain on distressed residential mortgage loans, net gain on residential mortgage loans at fair value, unrealized gain on multi-family loans and debt held in securitization trusts, and other income. (2) During the nine months ended September 30, 2018 and 2017 , the Company purchased PO securities, certain IOs and mezzanine CMBS securities issued from Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company determined that the securitization trusts are VIEs and that the Company is the primary beneficiary of the VIEs. As a result, during the nine months ended September 30, 2018 and 2017 , the Company consolidated assets of these Freddie Mac sponsored multi-family K-Series securitization trusts in the amounts of $0.8 billion and $1.5 billion , respectively ( see Notes 2 and 7 ).
Changes in Valuation of Level 3 Liabilities	The following table details changes in valuation for the Level 3 liabilities for the nine months ended September 30, 2018 and 2017 , respectively (amounts in thousands): Level 3 Liabilities: Nine Months Ended September 30, 2018 2017 Balance at beginning of period $ 9,189,459 $ 6,624,896 Total gains (realized/unrealized) Included in earnings (1) (350,674 ) (1,389 ) Purchases (2) 767,477 1,472,073 Paydowns (101,949 ) (104,961 ) Balance at the end of period $ 9,504,313 $ 7,990,619 (1) Amounts included in interest expense on Multi-Family CDOs and unrealized gain on multi-family loans and debt held in securitization trusts. (2) During the nine months ended September 30, 2018 and 2017 , the Company purchased PO securities, certain IOs and mezzanine CMBS securities issued from Freddie Mac-sponsored multi-family K-Series securitization trusts. The Company determined that the securitization trusts are VIEs and that the Company is the primary beneficiary of the VIEs. As a result, during the nine months ended September 30, 2018 and 2017 , the Company consolidated liabilities of these Freddie Mac sponsored multi-family K-Series securitization trusts in the amounts of $0.8 billion and $1.5 billion , respectively ( see Notes 2 and 7 ).
Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities	The following table details the changes in unrealized gains (losses) included in earnings for our Level 3 multi-family loans and debt held in securitization trusts for the three and nine months ended September 30, 2018 and 2017 , respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Change in unrealized (losses) gains – assets $ (33,153 ) $ (19,767 ) $ (252,899 ) $ 56,995 Change in unrealized gains (losses) – liabilities 45,456 22,120 284,766 (51,811 ) Net change in unrealized gains included in earnings for assets and liabilities $ 12,303 $ 2,353 $ 31,867 $ 5,184
Schedule of Assets Measured at Fair Value on a Non-recurring Basis	The following table presents assets measured at fair value on a non-recurring basis as of September 30, 2018 and December 31, 2017 , respectively, on the Company's condensed consolidated balance sheets (dollar amounts in thousands): Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans, net $ — $ — $ 6,336 $ 6,336 $ — $ — $ 10,317 $ 10,317 Real estate owned held in residential securitization trusts — — — — — — 111 111
Schedule of Gains (Losses) Incurred for Assets Measured at Fair Value on a Non-recurring Basis	The following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the three and nine months ended September 30, 2018 and 2017 , respectively, on the Company’s condensed consolidated statements of operations (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Residential mortgage loans held in securitization trusts – impaired loans, net $ (17 ) $ 199 $ 93 $ (6 ) Real estate owned held in residential securitization trusts — (297 ) — (303 )
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments	The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2018 and December 31, 2017 , respectively (dollar amounts in thousands): September 30, 2018 December 31, 2017 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 57,471 $ 57,471 $ 95,191 $ 95,191 Investment securities available for sale (1) Level 2 or 3 1,287,188 1,287,188 1,413,081 1,413,081 Residential mortgage loans held in securitization trusts, net Level 3 60,459 60,228 73,820 72,131 Distressed residential mortgage loans, at carrying value, net (2) Level 3 260,837 263,935 331,464 334,765 Residential mortgage loans, at fair value (3) Level 3 181,910 181,910 87,153 87,153 Multi-family loans held in securitization trusts Level 3 10,070,834 10,070,834 9,657,421 9,657,421 Derivative assets Level 2 8,760 8,760 10,101 10,101 Mortgage loans held for sale, net (4) Level 3 3,284 3,622 5,507 5,598 Mortgage loans held for investment (4) Level 3 1,760 1,760 1,760 1,900 Preferred equity and mezzanine loan investments (5) Level 3 198,277 199,885 138,920 140,129 Investments in unconsolidated entities (6) Level 3 43,736 43,795 51,143 51,212 Financial Liabilities: Financing arrangements, portfolio investments Level 2 1,130,659 1,130,659 1,276,918 1,276,918 Financing arrangements, residential mortgage loans Level 2 177,226 177,226 149,063 149,063 Residential collateralized debt obligations Level 3 56,504 54,228 70,308 66,865 Multi-family collateralized debt obligations Level 3 9,504,313 9,504,313 9,189,459 9,189,459 Securitized debt Level 3 53,597 57,236 81,537 87,891 Subordinated debentures Level 3 45,000 44,988 45,000 45,002 Convertible notes Level 2 130,251 137,923 128,749 140,060 (1) Includes $51.8 million and $47.9 million of investment securities for sale held in securitization trusts as of September 30, 2018 and December 31, 2017 , respectively. (2) Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $96.5 million and $121.8 million at September 30, 2018 and December 31, 2017 , respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $164.3 million and $209.7 million at September 30, 2018 and December 31, 2017 , respectively. (3) Includes distressed residential mortgage loans with a carrying value amounting to $112.5 million and $36.9 million at September 30, 2018 and December 31, 2017 , respectively, and second mortgages with a carrying value amounting to $69.4 million and $50.2 million at September 30, 2018 and December 31, 2017 , respectively. (4) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. (5) Includes preferred equity and mezzanine loan investments accounted for as loans ( see Note 9 ). (6) Includes investments in unconsolidated entities accounted for under the fair value option with a carrying value of $35.1 million and $42.8 million at September 30, 2018 and December 31, 2017 , respectively ( see Note 8) .

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Preferred Stock
Class of Stock [Line Items]
Schedule of Dividends Declared	The following table presents the relevant dates with respect to such quarterly cash dividends on the Series B Preferred Stock and Series C Preferred Stock commencing January 1, 2017 through September 30, 2018 and on the Series D Preferred Stock from its time of original issuance through September 30, 2018 : Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock September 17, 2018 October 1, 2018 October 15, 2018 $ 0.484375 $ 0.4921875 $ 0.50 June 18, 2018 July 1, 2018 July 15, 2018 0.484375 0.4921875 0.50 March 19, 2018 April 1, 2018 April 15, 2018 0.484375 0.4921875 0.50 December 7, 2017 January 1, 2018 January 15, 2018 0.484375 0.4921875 0.51111 (1) September 14, 2017 October 1, 2017 October 15, 2017 0.484375 0.4921875 — June 14, 2017 July 1, 2017 July 15, 2017 0.484375 0.4921875 — March 16, 2017 April 1, 2017 April 15, 2017 0.484375 0.4921875 — (1) Cash dividend for the partial quarterly period that began on October 13, 2017 and ended on January 14, 2018.
Common Stock
Class of Stock [Line Items]
Schedule of Dividends Declared	The following table presents cash dividends declared by the Company on its common stock with respect to each of the quarterly periods commencing January 1, 2017 and ended September 30, 2018 : Period Declaration Date Record Date Payment Date Cash Dividend Per Share Third Quarter 2018 September 17, 2018 September 27, 2018 October 26, 2018 $ 0.20 Second Quarter 2018 June 18, 2018 June 28, 2018 July 26, 2018 0.20 First Quarter 2018 March 19, 2018 March 29, 2018 April 26, 2018 0.20 Fourth Quarter 2017 December 7, 2017 December 18, 2017 January 25, 2018 0.20 Third Quarter 2017 September 14, 2017 September 25, 2017 October 25, 2017 0.20 Second Quarter 2017 June 14, 2017 June 26, 2017 July 25, 2017 0.20 First Quarter 2017 March 16, 2017 March 27, 2017 April 25, 2017 0.20

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Computation of Basic and Dilutive Net Income Per Share	The following table presents the computation of basic and diluted earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Basic Earnings per Common Share Net income attributable to Company $ 33,973 $ 27,845 $ 93,285 $ 61,364 Less: Preferred stock dividends (5,925 ) (3,225 ) (17,775 ) (9,675 ) Net income attributable to Company's common stockholders $ 28,048 $ 24,620 $ 75,510 $ 51,689 Basic weighted average common shares outstanding 132,413 111,886 119,955 111,824 Basic Earnings per Common Share $ 0.21 $ 0.22 $ 0.63 $ 0.46 Diluted Earnings per Common Share: Net income attributable to Company $ 33,973 $ 27,845 $ 93,285 $ 61,364 Less: Preferred stock dividends (5,925 ) (3,225 ) (17,775 ) (9,675 ) Add back: Interest expense on convertible notes for the period, net of tax 2,570 2,428 7,838 6,982 Net income attributable to Company's common stockholders $ 30,618 $ 27,048 $ 83,348 $ 58,671 Weighted average common shares outstanding 132,413 111,886 119,955 111,824 Net effect of assumed PSUs vested 620 — 395 — Net effect of assumed convertible notes conversion to common shares 19,694 19,694 19,694 18,107 Diluted weighted average common shares outstanding 152,727 131,580 140,044 129,931 Diluted Earnings per Common Share $ 0.20 $ 0.21 $ 0.60 $ 0.45 (1) There were no dilutive PSU awards during the three and nine months ended September 30, 2017 .

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Nonvested Restricted Stock Activity	A summary of the activity of the Company's non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the nine months ended September 30, 2018 and 2017 , respectively, is presented below: 2018 2017 Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 422,928 $ 6.36 319,058 $ 6.40 Granted 289,792 5.63 332,921 6.54 Vested (200,064 ) 6.55 (229,051 ) 6.67 Forfeited (5,120 ) 6.25 — — Non-vested shares as of September 30 507,536 5.91 422,928 6.36 Weighted-average of restricted stock granted during the period 289,792 $ 5.63 332,921 $ 6.54 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The income tax provision for the three and nine months ended September 30, 2018 and September 30, 2017 is comprised of the following components (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Current income tax (benefit) expense $ (94 ) $ 541 $ (87 ) $ 2,280 Deferred income tax benefit (360 ) (34 ) (460 ) (93 ) Total provision $ (454 ) $ 507 $ (547 ) $ 2,187
Schedule of Deferred Tax Assets and Liabilities	The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of September 30, 2018 and December 31, 2017 are as follows (dollar amounts in thousands): September 30, 2018 December 31, 2017 Deferred tax assets Net operating loss carryforward $ 3,019 $ 295 GAAP/Tax basis differences 3,379 2,237 Total deferred tax assets (1) 6,398 2,532 Deferred tax liabilities Deferred tax liabilities 9 144 Total deferred tax liabilities (2) 9 144 Valuation allowance (1) (5,723 ) (2,182 ) Total net deferred tax asset $ 666 $ 206 (1) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. (2) Included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Oct. 01, 2017USD ($)	Mar. 31, 2017variable_interest_entity	May 31, 2015	Sep. 30, 2018USD ($)segmentsecuritization	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)securitization	Jan. 23, 2017	Dec. 31, 2005securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential mortgage loans, delinquency period				90 days
Real estate under development						$ 22,400,000
Goodwill				$ 25,222,000			$ 25,222,000
Goodwill impairment	$ 0
Restricted cash				8,297,000	$ 34,088,000		11,000,000
Interest receivable				32,500,000			33,600,000
Deferred finance costs, gross				400,000			700,000
Employer contributions				$ 0	$ 0
Number of operating segments | segment				1
Performance Share Awards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Award vesting period			3 years
6.25% senior convertible notes due 2022 | Convertible Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Convertible note discount, percentage								4.00%
Discount and deferred issuance costs, net of amortization				$ 7,700,000			$ 9,300,000
Consolidated K-Series | K-Series
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of securitizations | securitization				8			7		4
Distressed Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred finance costs, gross				$ 200,000			$ 700,000
Riverchase Landing and The Clusters
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of variable interest entities consolidated | variable_interest_entity		2
RBDHC | VIE, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of real estatement under development				2,100,000
Net Loss Attributable to Noncontrolling Interest | RBDHC | VIE, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of real estatement under development				1,000,000
Net Loss Attributable to Parent | RBDHC | VIE, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of real estatement under development				1,100,000
Receivables and other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate under development				$ 22,200,000			$ 22,900,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finite-lived intangible asset, useful life				6 months
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finite-lived intangible asset, useful life				10 years
Building
Accounts, Notes, Loans and Financing Receivable [Line Items]
Components of real estate, useful life				30 years
Building and Improvements | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Components of real estate, useful life				10 years
Building and Improvements | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Components of real estate, useful life				30 years
Furniture, Fixtures and Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Components of real estate, useful life				5 years

Investment Securities Availab_3

Investment Securities Available for Sale - Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 1,322,511	$ 1,417,724
Unrealized Gains	19,049	21,031
Unrealized Losses	(54,372)	(25,674)
Fair Value	1,287,188	1,413,081
Agency ARMs
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	77,790	93,331
Unrealized Gains	9	22
Unrealized Losses	(3,079)	(2,281)
Fair Value	74,720	91,072
Agency ARMs | Freddie Mac
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	27,479	33,623
Unrealized Gains	0	16
Unrealized Losses	(1,238)	(852)
Fair Value	26,241	32,787
Agency ARMs | Fannie Mae
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	46,456	54,958
Unrealized Gains	9	6
Unrealized Losses	(1,705)	(1,236)
Fair Value	44,760	53,728
Agency ARMs | Ginnie Mae
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	3,855	4,750
Unrealized Gains	0	0
Unrealized Losses	(136)	(193)
Fair Value	3,719	4,557
Agency Fixed- Rate
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	1,031,891	1,059,532
Unrealized Gains	0	669
Unrealized Losses	(51,178)	(12,916)
Fair Value	980,713	1,047,285
Agency Fixed- Rate | Freddie Mac
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	89,023	20,804
Unrealized Gains	0	0
Unrealized Losses	(3,806)	(736)
Fair Value	85,217	20,068
Agency Fixed- Rate | Fannie Mae
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	942,868	1,038,363
Unrealized Gains	0	669
Unrealized Losses	(47,372)	(12,174)
Fair Value	895,496	1,026,858
Agency Fixed- Rate | Ginnie Mae
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	0	365
Unrealized Gains	0	0
Unrealized Losses	0	(6)
Fair Value	0	359
Agency IOs
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	0	41,367
Unrealized Gains	0	271
Unrealized Losses	0	(10,459)
Fair Value	0	31,179
Agency IOs | Freddie Mac
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	0	8,436
Unrealized Gains	0	19
Unrealized Losses	0	(2,756)
Fair Value	0	5,699
Agency IOs | Fannie Mae
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	0	11,310
Unrealized Gains	0	22
Unrealized Losses	0	(2,989)
Fair Value	0	8,343
Agency IOs | Ginnie Mae
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	0	21,621
Unrealized Gains	0	230
Unrealized Losses	0	(4,714)
Fair Value	0	17,137
Agency RMBS
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	1,109,681	1,194,230
Unrealized Gains	9	962
Unrealized Losses	(54,257)	(25,656)
Fair Value	1,055,433	1,169,536
Non-Agency RMBS
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	98,301	100,291
Unrealized Gains	58	1,852
Unrealized Losses	(115)	(18)
Fair Value	98,244	102,125
CMBS
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	114,529	123,203
Unrealized Gains	18,982	18,217
Unrealized Losses	0	0
Fair Value	133,511	141,420
CMBS | Available-for-sale securities
Debt Securities, Available-for-sale [Line Items]
Investment securities, available for sale held in securitization trusts	$ 51,800	$ 47,900

Investment Securities Availab_4

Investment Securities Available for Sale - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Schedule of Investments [Line Items]
Proceeds from sales of investment securities		$ 49,500,000	$ 26,900,000	$ 102,200,000
Realized net (loss) gain on sales of investment securities available for sale		(3,000,000)	$ 12,300,000	(700,000)
Contractual maturities (up to)			30 years
Weighted average life of available for sale securities portfolio			5 years 270 days		7 years 47 days
Gross unrealized losses	$ 54,372,000		$ 54,372,000		$ 15,215,000
Other-than-temporary impairment recorded in earnings	0	$ 0	0	$ 0
Agency RMBS
Schedule of Investments [Line Items]
Gross unrealized losses	$ 54,257,000		$ 54,257,000		$ 15,197,000

Investment Securities Availab_5

Investment Securities Available for Sale - Weighted Average Lives for Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
0 to 5 years	$ 365,791	$ 426,061
Over 5 to 10 years	917,955	970,336
10 years	3,442	16,684
Total	$ 1,287,188	$ 1,413,081

Investment Securities Availab_6

Investment Securities Available for Sale - Stated Reset Periods of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	$ 1,287,188	$ 1,413,081
Less than 6 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	56,770	182,128
6 to 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	29,888	24,726
More than 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	1,200,530	1,206,227
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	1,055,433	1,169,536
Agency RMBS | Less than 6 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	6,770	26,876
Agency RMBS | 6 to 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	16,043	24,726
Agency RMBS | More than 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	1,032,620	1,117,934
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	98,244	102,125
Non-Agency RMBS | Less than 6 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	50,000	84,461
Non-Agency RMBS | 6 to 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	13,845	0
Non-Agency RMBS | More than 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	34,399	17,664
CMBS
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	133,511	141,420
CMBS | Less than 6 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	0	70,791
CMBS | 6 to 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	0	0
CMBS | More than 24 months
Debt Securities, Available-for-sale [Line Items]
Investment securities available for sale	$ 133,511	$ 70,629

Investment Securities Availab_7

Investment Securities Available for Sale - Schedule of Investment Securities Available for Sale in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Carrying Value Less Than 12 Months	$ 781,574	$ 511,313
Gross Unrealized Losses Less Than 12 Months	(34,983)	(1,807)
Carrying Value Greater Than 12 Months	285,936	343,156
Gross Unrealized Losses Greater Than 12 Months	(19,389)	(13,408)
Carrying Value	1,067,510	854,469
Gross Unrealized Losses	(54,372)	(15,215)
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Carrying Value Less Than 12 Months	768,749	511,313
Gross Unrealized Losses Less Than 12 Months	(34,876)	(1,807)
Carrying Value Greater Than 12 Months	285,758	342,963
Gross Unrealized Losses Greater Than 12 Months	(19,381)	(13,390)
Carrying Value	1,054,507	854,276
Gross Unrealized Losses	(54,257)	(15,197)
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Carrying Value Less Than 12 Months	12,825	0
Gross Unrealized Losses Less Than 12 Months	(107)	0
Carrying Value Greater Than 12 Months	178	193
Gross Unrealized Losses Greater Than 12 Months	(8)	(18)
Carrying Value	13,003	193
Gross Unrealized Losses	$ (115)	$ (18)

Residential Mortgage Loans He_3

Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned - Mortgage Loans Held in Securitization Trusts, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Unpaid principal balance	$ 63,717	$ 77,519
Deferred origination costs – net	405	492
Reserve for loan losses	(3,663)	(4,191)
Total	$ 60,459	$ 73,820

Residential Mortgage Loans He_4

Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned - Allowance for Loan Losses on Residential Mortgage Loans Held in Securitization Trusts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Allowance for Loan and Lease Losses [Roll Forward]
Balance at beginning of period	$ 4,191	$ 3,782
(Recovery of) provision for loan losses	(93)	306
Transfer to real estate owned	0	(303)
Charge-offs	(435)	(60)
Balance at the end of period	$ 3,663	$ 3,725

Residential Mortgage Loans He_5

Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for loan losses	$ 3,663,000	$ 4,191,000	$ 3,725,000	$ 3,782,000
Allowance for loan losses, basis points	5.75%	5.41%
Real estate owned held in residential securitization trusts	$ 0	$ 100,000
CDOs outstanding	$ 5,000,000	$ 4,400,000
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of delinquent loans | loan	23	26
Principal amount of delinquent loans	$ 11,900,000	$ 16,500,000
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization | Payment Deferral
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal amount of delinquent loans	$ 7,000,000	$ 10,200,000
Delinquent loans under modified payment, percent	59.00%	62.00%

Residential Mortgage Loans He_6

Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned - Delinquencies in Portfolio of Residential Mortgage Loans Held in Securitization Trusts (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Real estate owned through foreclosure, Number of Delinquent Loans | loan		1
Real estate owned through foreclosure, Total Unpaid Principal | $		$ 118
Real estate owned through foreclosure, % of Loan Portfolio		0.15%
30 - 60
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans | loan	1	1
Total Unpaid Principal | $	$ 134	$ 203
% of Loan Portfolio	0.21%	0.26%
61 - 90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans | loan	2	1
Total Unpaid Principal | $	$ 335	$ 173
% of Loan Portfolio	0.53%	0.22%
90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans | loan	20	24
Total Unpaid Principal | $	$ 11,447	$ 16,147
% of Loan Portfolio	17.97%	20.80%

Residential Mortgage Loans He_7

Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned - Schedule of Geographic Concentrations of Credit Risk (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
New York
Concentration Risk [Line Items]
Geographic concentration, percent	22.10%	24.10%
Florida
Concentration Risk [Line Items]
Geographic concentration, percent	12.10%	3.90%
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization | Geographic Concentration Risk | New York
Concentration Risk [Line Items]
Geographic concentration, percent	34.30%	31.80%
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization | Geographic Concentration Risk | Massachusetts
Concentration Risk [Line Items]
Geographic concentration, percent	20.50%	20.70%
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization | Geographic Concentration Risk | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	13.80%	11.90%
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization | Geographic Concentration Risk | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	9.80%	8.80%
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization | Geographic Concentration Risk | Maryland
Concentration Risk [Line Items]
Geographic concentration, percent	5.10%	5.20%

Residential Mortgage Loans, A_3

Residential Mortgage Loans, At Fair Value - Residential Mortgage Loans at Fair Value (Details) - First And Second Mortgage - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 189,461	$ 92,105
Premium/(Discount)	(6,588)	(4,911)
Unrealized Gains/(Losses)	(963)	(41)
Carrying Value	$ 181,910	$ 87,153

Residential Mortgage Loans, A_4

Residential Mortgage Loans, At Fair Value - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commitment to purchase loans from originators	$ 0.8
Distressed Residential Loans And Second Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans pledged as collateral	$ 110.9	$ 44.2

Residential Mortgage Loans, A_5

Residential Mortgage Loans, At Fair Value - Components of Net Gain (Loss) on Residential Mortgages (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Net realized gain on payoff and sale of loans	$ 1,496	$ 493
Net unrealized (losses) gains	$ (923)	$ 224

Residential Mortgage Loans, A_6

Residential Mortgage Loans, At Fair Value - Concentration of Risk (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Florida
Concentration Risk [Line Items]
Geographic concentration, percent	12.10%	3.90%
New York
Concentration Risk [Line Items]
Geographic concentration, percent	22.10%	24.10%
Geographic Concentration Risk | Residential mortgage loans, at fair value | California
Concentration Risk [Line Items]
Geographic concentration, percent	26.70%	35.90%
Geographic Concentration Risk | Residential mortgage loans, at fair value | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	13.70%	6.60%
Geographic Concentration Risk | Residential mortgage loans, at fair value | New Jersey
Concentration Risk [Line Items]
Geographic concentration, percent	5.50%	7.70%
Geographic Concentration Risk | Residential mortgage loans, at fair value | New York
Concentration Risk [Line Items]
Geographic concentration, percent	5.10%	3.80%

Residential Mortgage Loans, A_7

Residential Mortgage Loans, At Fair Value - Differences Between Fair Value and Aggregate Unpaid Principal (Details) - 90 days past due - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	$ 4,917	$ 1,048
Unpaid Principal Balance	5,442	1,214
Difference	$ (525)	$ (166)

Distressed Residential Mortga_3

Distressed Residential Mortgage Loans - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Distressed residential mortgage loans held in securitization trusts, carrying amount	$ 96,493	$ 121,791
Distressed residential mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Distressed residential mortgage loans held in securitization trusts, carrying amount	260,800	331,500
Distressed residential mortgage loans | Residential Mortgage | Deutsche Bank AG, Cayman Islands Branch
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans pledged as collateral, carrying value	143,800	182,600
Distressed residential mortgage loans held in securitization trusts, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Distressed residential mortgage loans held in securitization trusts, carrying amount	$ 96,500	$ 121,800

Distressed Residential Mortga_4

Distressed Residential Mortgage Loans - Distressed Residential Mortgage Loans Acquired (Details) - Distressed residential mortgage loans $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	$ 76,529
Nonaccretable yield	(6,467)
Expected cash flows to be collected	70,062
Accretable yield	(58,767)
Fair value at the date of acquisition	$ 11,295

Distressed Residential Mortga_5

Distressed Residential Mortgage Loans - Activity in Accretable Yield for Distressed Residential Mortgage Loans (Details) - Distressed residential mortgage loans - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of period	$ 303,949	$ 530,511
Additions	6,007	91,356
Disposals	(64,876)	(263,475)
Accretion	(11,999)	(16,635)
Balance at end of period	$ 233,081	$ 341,757

Distressed Residential Mortga_6

Distressed Residential Mortgage Loans - Geographic Concentrations of Credit Risk (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Florida
Concentration Risk [Line Items]
Geographic concentration, percent	12.10%	3.90%
Georgia
Concentration Risk [Line Items]
Geographic concentration, percent	9.90%	3.40%
New York
Concentration Risk [Line Items]
Geographic concentration, percent	22.10%	24.10%
South Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	5.10%	7.00%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts, net | Florida
Concentration Risk [Line Items]
Geographic concentration, percent	10.70%	11.20%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts, net | North Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	8.60%	8.30%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts, net | Georgia
Concentration Risk [Line Items]
Geographic concentration, percent	6.60%	5.80%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts, net | California
Concentration Risk [Line Items]
Geographic concentration, percent	5.70%	6.90%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts, net | New York
Concentration Risk [Line Items]
Geographic concentration, percent	5.50%	5.70%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts, net | South Carolina
Concentration Risk [Line Items]
Geographic concentration, percent	5.40%	5.00%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts, net | Ohio
Concentration Risk [Line Items]
Geographic concentration, percent	5.20%	5.10%

Consolidated K-Series - Narrati

Consolidated K-Series - Narrative (Details) $ in Millions	Sep. 30, 2018USD ($)securitization	Dec. 31, 2017USD ($)securitization	Dec. 31, 2005securitization
Multi-family collateralized debt obligations, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 10,100	$ 9,400
Weighted average interest rate	4.06%	3.92%
Multi-family loans held in securitization trusts
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 10,100	$ 9,400
Consolidated K-Series
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
K-Series, carrying value	$ 566.5	$ 468
Consolidated K-Series | K-Series
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of securitizations | securitization	8	7	4

Consolidated K-Series - Condens

Consolidated K-Series - Condensed Balance Sheet of Consolidated K-Series (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Assets
Multi-family loans held in securitization trusts		$ 10,070,834	$ 9,657,421
Total Assets	[1]	12,326,911	12,056,285
Liabilities and Equity
Total Liabilities	[1]	11,218,222	11,080,284
Equity		1,108,689	976,001
Total Liabilities and Stockholders' Equity		12,326,911	12,056,285
Consolidated K-Series
Assets
Multi-family loans held in securitization trusts		10,070,834	9,657,421
Receivables		32,533	33,562
Total Assets		10,103,367	9,690,983
Liabilities and Equity
Multi-family CDOs		9,504,313	9,189,459
Accrued expenses		31,966	33,136
Total Liabilities		9,536,279	9,222,595
Equity		567,088	468,388
Total Liabilities and Stockholders' Equity		$ 10,103,367	$ 9,690,983
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2018 and December 31, 2017, assets of consolidated VIEs totaled $10,381,126 and $10,041,468, respectively, and the liabilities of consolidated VIEs totaled $9,680,332 and $9,436,421, respectively. See Note 10 for further discussion.

Consolidated K-Series - Conde_2

Consolidated K-Series - Condensed Statement of Operations of Consolidated K-Series (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Income Statements, Captions [Line Items]
Interest expense	$ 90,646	$ 78,062	$ 270,009	$ 220,801
NET INTEREST INCOME	19,603	13,320	56,854	42,947
Unrealized gain on multi-family loans and debt held in securitization trusts, net	12,303	2,353	31,867	5,184
NET INCOME ATTRIBUTABLE TO COMPANY	33,973	27,845	93,285	61,364
Consolidated K-Series
Condensed Income Statements, Captions [Line Items]
Interest income	86,458	76,186	257,179	213,242
Interest expense	75,145	67,030	224,310	187,835
NET INTEREST INCOME	11,313	9,156	32,869	25,407
Unrealized gain on multi-family loans and debt held in securitization trusts, net	12,303	2,353	31,867	5,184
NET INCOME ATTRIBUTABLE TO COMPANY	$ 23,616	$ 11,509	$ 64,736	$ 30,591

Consolidated K-Series - Geograp

Consolidated K-Series - Geographic Concentrations of Credit Risk (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Texas
Concentration Risk [Line Items]
Geographic concentration, percent	13.80%	24.30%
New York
Concentration Risk [Line Items]
Geographic concentration, percent	22.10%	24.10%
Geographic Concentration Risk | Multi-family loans held in securitization trusts | California
Concentration Risk [Line Items]
Geographic concentration, percent	13.80%	14.70%
Geographic Concentration Risk | Multi-family loans held in securitization trusts | Texas
Concentration Risk [Line Items]
Geographic concentration, percent	11.80%	12.70%
Geographic Concentration Risk | Multi-family loans held in securitization trusts | New York
Concentration Risk [Line Items]
Geographic concentration, percent	6.10%	6.50%
Geographic Concentration Risk | Multi-family loans held in securitization trusts | Maryland
Concentration Risk [Line Items]
Geographic concentration, percent	5.10%	5.50%

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) - Equity Method Investments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 8,675		$ 8,675		$ 8,320
Carrying Amount, fair value option	$ 35,061		$ 35,061		$ 42,823
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)
Schedule of Equity Method Investments [Line Items]
Ownership Interest	45.00%		45.00%		45.00%
Carrying Amount	$ 8,675		$ 8,675		$ 8,320
Income from investments in unconsolidated entities	$ 265	$ 252	$ 777	$ 741
Morrocroft Neighborhood Stabilization Fund II, LP
Schedule of Equity Method Investments [Line Items]
Ownership Interest	11.00%		11.00%		11.00%
Carrying Amount, fair value option	$ 13,451		$ 13,451		$ 12,623
Income from investments in unconsolidated entities	$ 149	394	$ 829	1,374
Evergreens JV Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85.00%		85.00%		85.00%
Carrying Amount, fair value option	$ 7,970		$ 7,970		$ 4,220
Income from investments in unconsolidated entities	$ 3,643	161	$ 4,008	464
The Preserve at Port Royal Venture, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	77.00%		77.00%		77.00%
Carrying Amount, fair value option	$ 13,640		$ 13,640		$ 13,040
Income from investments in unconsolidated entities	$ 449	440	$ 1,351	1,266
WR Savannah Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.00%		0.00%		90.00%
Carrying Amount, fair value option	$ 0		$ 0		$ 12,940
Income from investments in unconsolidated entities	113	405	1,743	1,030
Autumnwood Investments LLC
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities	0	64	0	137
200 RHC Hoover, LLC
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities	0	0	0	275
Bent Tree JV Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities	0	1,210	0	1,795
Summerchase LR Partners LLC
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities	0	194	0	556
Lake Mary Realty Partners, LLC
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities	$ 0	$ 2,312	$ 0	$ 2,745

Preferred Equity and Mezzanin_3

Preferred Equity and Mezzanine Loan Investments (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Variable Interest Entity [Line Items]
Total	$ 198,277	$ 138,920
New York
Variable Interest Entity [Line Items]
Geographic concentration, percent	22.10%	24.10%
Texas
Variable Interest Entity [Line Items]
Geographic concentration, percent	13.80%	24.30%
Florida
Variable Interest Entity [Line Items]
Geographic concentration, percent	12.10%	3.90%
Georgia
Variable Interest Entity [Line Items]
Geographic concentration, percent	9.90%	3.40%
Virginia
Variable Interest Entity [Line Items]
Geographic concentration, percent	7.60%	10.80%
Alabama
Variable Interest Entity [Line Items]
Geographic concentration, percent	7.40%	7.10%
Tennessee
Variable Interest Entity [Line Items]
Geographic concentration, percent	5.60%	0.00%
South Carolina
Variable Interest Entity [Line Items]
Geographic concentration, percent	5.10%	7.00%
Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Investment amount	$ 200,047	$ 140,560
Deferred loan fees, net	(1,770)	(1,640)
Total	$ 198,277	$ 138,920
Number of delinquent loans | loan	0	0
Commitment to fund amount of preferred equity	$ 1,700

Use of Special Purpose Entiti_3

Use of Special Purpose Entities and Variable Interest Entities - Narrative (Details) $ in Millions	Mar. 31, 2017USD ($)variable_interest_entity	Sep. 30, 2018USD ($)securitization	Jun. 30, 2018USD ($)	Dec. 31, 2017securitization
Variable Interest Entity [Line Items]
Real estate under development			$ 22.4
Riverchase Landing and The Clusters
Variable Interest Entity [Line Items]
Consideration transferred	$ 12.5
Riverchase Landing and The Clusters
Variable Interest Entity [Line Items]
Number of variable interest entities consolidated | variable_interest_entity	2
VIE, Primary Beneficiary | RBDHC
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership by parent, percentage		50.00%
Impairment of real estatement under development		$ 2.1
VIE, Primary Beneficiary | K-Series
Variable Interest Entity [Line Items]
Number of consolidated securitizations | securitization		8		7
VIE, Primary Beneficiary | Other Income | RBDHC
Variable Interest Entity [Line Items]
Impairment of real estatement under development		$ 2.1
VIE, Primary Beneficiary | Net Income Attributable to Noncontrolling Interest | RBDHC
Variable Interest Entity [Line Items]
Impairment of real estatement under development		1
VIE, Primary Beneficiary | Net Loss Attributable to Parent | RBDHC
Variable Interest Entity [Line Items]
Impairment of real estatement under development		$ 1.1
Non-Financings, Multi-Family CMBS | K-Series
Variable Interest Entity [Line Items]
Number of securitizations, non-financing VIE's | securitization		7		6

Use of Special Purpose Entiti_4

Use of Special Purpose Entities and Variable Interest Entities - Fair Value of Assets and Liabilities Transferred (Details) - Riverchase Landing and The Clusters $ in Thousands	Sep. 30, 2017USD ($)
Business Acquisition [Line Items]
Cash	$ 112
Operating real estate	62,322
Lease intangibles	5,340
Receivables and other assets	2,260
Total assets	70,034
Mortgages payable	51,570
Accrued expenses and other liabilities	1,519
Total liabilities assumed	53,089
Non-controlling interest	4,462
Net assets consolidated	$ 12,483

Use of Special Purpose Entiti_5

Use of Special Purpose Entities and Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2018USD ($)securitization	Dec. 31, 2017USD ($)securitization	Sep. 30, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 57,471	$ 95,191	$ 101,904
Multi-family loans held in securitization trusts, at fair value		10,070,834	9,657,421
Real estate held for sale in consolidated variable interest entities		29,558	64,202
Receivables and other assets		102,659	108,567
Total Assets	[1]	12,326,911	12,056,285
Securitized debt		53,597	81,537
Mortgages and notes payable in consolidated variable interest entities		32,486	57,124
Accrued expenses and other liabilities		88,186	82,126
Total Liabilities	[1]	11,218,222	11,080,284
Collateralized Mortgage Obligations | Class A Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Proceeds from issuance of secured debt		$ 177,500	$ 177,500
Available-for-sale securities, debt securities, ownership percentage		5.00%	5.00%
Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		$ 56,504	$ 70,308
Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		9,504,313	9,189,459
Multi-family CMBS Re-securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale		51,751	47,922
Receivables and other assets		4,131	4,333
Total Assets		1,165,158	1,209,981
Securitized debt		29,870	29,164
Accrued expenses and other liabilities		4,115	4,316
Total Liabilities		1,074,159	1,127,524
Multi-family CMBS Re-securitization | Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		1,040,174	1,094,044
Multi-family CMBS Re-securitization | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts, net			0
Multi-family CMBS Re-securitization | Multi-family loans held in securitization trusts, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family loans held in securitization trusts, at fair value		1,109,276	1,157,726
Distressed Residential Mortgage Loan Securitizations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables and other assets		14,320	15,428
Total Assets		110,813	137,219
Securitized debt		23,727	52,373
Accrued expenses and other liabilities		317	2,957
Total Liabilities		24,044	55,330
Distressed Residential Mortgage Loan Securitizations | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts, net			0
Distressed Residential Mortgage Loan Securitizations | Distressed residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts, net		96,493	121,791
Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables and other assets		1,021	935
Total Assets		61,480	74,755
Accrued expenses and other liabilities		25	24
Total Liabilities		56,529	70,332
Residential Mortgage Loan Securitization | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		56,504	70,308
Residential Mortgage Loan Securitization | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts, net		60,459	73,820
Multi-family CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables and other assets		28,474	29,301
Total Assets		8,990,032	8,528,996
Accrued expenses and other liabilities		27,999	28,969
Total Liabilities		8,492,138	8,124,384
Multi-family CMBS | Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		8,464,139	8,095,415
Multi-family CMBS | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts, net			0
Multi-family CMBS | Multi-family loans held in securitization trusts, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family loans held in securitization trusts, at fair value		8,961,558	8,499,695
Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		781	808
Real estate held for sale in consolidated variable interest entities		29,558	64,202
Receivables and other assets		23,304	25,507
Total Assets		53,643	90,517
Mortgages and notes payable in consolidated variable interest entities		32,486	57,124
Accrued expenses and other liabilities		976	1,727
Total Liabilities		33,462	58,851
Financing And Other VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		781	808
Investment securities available for sale		51,751	47,922
Real estate held for sale in consolidated variable interest entities		29,558	64,202
Receivables and other assets		71,250	75,504
Total Assets		10,381,126	10,041,468
Securitized debt		53,597	81,537
Mortgages and notes payable in consolidated variable interest entities		32,486	57,124
Accrued expenses and other liabilities		33,432	37,993
Total Liabilities		9,680,332	9,436,421
Financing And Other VIEs | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		56,504	70,308
Financing And Other VIEs | Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		9,504,313	9,189,459
Financing And Other VIEs | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts, net		60,459	73,820
Financing And Other VIEs | Distressed residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts, net		96,493	121,791
Financing And Other VIEs | Multi-family loans held in securitization trusts, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family loans held in securitization trusts, at fair value		$ 10,070,834	$ 9,657,421
Multi-family collateralized mortgage backed securities | K-Series
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of securitizations | securitization		2	2
Number of consolidated securitizations | securitization		1	1
Non-Financings, Multi-Family CMBS | K-Series
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of securitizations, non-financing VIE's | securitization		7	6
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2018 and December 31, 2017, assets of consolidated VIEs totaled $10,381,126 and $10,041,468, respectively, and the liabilities of consolidated VIEs totaled $9,680,332 and $9,436,421, respectively. See Note 10 for further discussion.

Use of Special Purpose Entiti_6

Use of Special Purpose Entities and Variable Interest Entities - Securitized Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Carrying value	$ 53,597	$ 81,537
Multi-family CMBS Re-securitization
Variable Interest Entity [Line Items]
Principal amount	33,218	33,350
Carrying value	$ 29,870	29,164
Multi-family CMBS Re-securitization | LIBOR
Variable Interest Entity [Line Items]
Pass-through rate of Notes issued	5.35%
Distressed Residential Mortgage Loan Securitizations
Variable Interest Entity [Line Items]
Principal amount	$ 24,051	53,089
Carrying value	$ 23,727	$ 52,373
Distressed Residential Mortgage Loan Securitizations | LIBOR
Variable Interest Entity [Line Items]
Pass-through rate of Notes issued	4.00%

Use of Special Purpose Entiti_7

Use of Special Purpose Entities and Variable Interest Entities - Financing VIEs Securitized Debt by Contractual Maturity (Details) $ in Thousands	Sep. 30, 2018USD ($)securitization	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Total	$ 215,543
Carrying value	53,597	$ 81,537
Financing VIE
Variable Interest Entity [Line Items]
Within 24 months	24,051	53,089
Over 24 months to 36 months	0	0
Over 36 months	33,218	33,350
Total	57,269	86,439
Discount	(3,312)	(4,232)
Debt issuance cost	(360)	(670)
Carrying value	$ 53,597	$ 81,537
Residential mortgage loans held In securitization trusts net
Variable Interest Entity [Line Items]
Number of securitizations completed to date | securitization	4
Number of securitizations, consolidated, accounted for as permanent financing | securitization	3

Use of Special Purpose Entiti_8

Use of Special Purpose Entities and Variable Interest Entities - Classification and Carrying Value of Unconsolidated VIEs (Details) $ in Thousands	Sep. 30, 2018USD ($)securitization	Dec. 31, 2017USD ($)securitization
Variable Interest Entity [Line Items]
Unconsolidated VIE, maximum loss exposure	$ 272,200	$ 220,800
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	272,226	220,797
Variable Interest Entity, Not Primary Beneficiary | Investment securities, available for sale, at fair value, held in securitization trusts
Variable Interest Entity [Line Items]
Total assets	51,751	47,922
Variable Interest Entity, Not Primary Beneficiary | Receivables and other assets
Variable Interest Entity [Line Items]
Total assets	72	73
Variable Interest Entity, Not Primary Beneficiary | Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Total assets	198,277	138,920
Variable Interest Entity, Not Primary Beneficiary | Investment in unconsolidated entities
Variable Interest Entity [Line Items]
Total assets	22,126	33,882
Variable Interest Entity, Not Primary Beneficiary | Multi-family CMBS
Variable Interest Entity [Line Items]
Total assets	51,823	47,995
Variable Interest Entity, Not Primary Beneficiary | Multi-family CMBS | Investment securities, available for sale, at fair value, held in securitization trusts
Variable Interest Entity [Line Items]
Total assets	51,751	47,922
Variable Interest Entity, Not Primary Beneficiary | Multi-family CMBS | Receivables and other assets
Variable Interest Entity [Line Items]
Total assets	72	73
Variable Interest Entity, Not Primary Beneficiary | Multi-family CMBS | Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Multi-family CMBS | Investment in unconsolidated entities
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Total assets	196,183	140,329
Variable Interest Entity, Not Primary Beneficiary | Preferred equity investments in multi-family properties | Investment securities, available for sale, at fair value, held in securitization trusts
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Preferred equity investments in multi-family properties | Receivables and other assets
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Preferred equity investments in multi-family properties | Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Total assets	187,508	132,009
Variable Interest Entity, Not Primary Beneficiary | Preferred equity investments in multi-family properties | Investment in unconsolidated entities
Variable Interest Entity [Line Items]
Total assets	8,675	8,320
Variable Interest Entity, Not Primary Beneficiary | Mezzanine loan on multi-family properties
Variable Interest Entity [Line Items]
Total assets	10,769	6,911
Variable Interest Entity, Not Primary Beneficiary | Mezzanine loan on multi-family properties | Investment securities, available for sale, at fair value, held in securitization trusts
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Mezzanine loan on multi-family properties | Receivables and other assets
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Mezzanine loan on multi-family properties | Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Total assets	10,769	6,911
Variable Interest Entity, Not Primary Beneficiary | Mezzanine loan on multi-family properties | Investment in unconsolidated entities
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Equity investments in entities that invest in residential properties
Variable Interest Entity [Line Items]
Total assets	13,451	25,562
Variable Interest Entity, Not Primary Beneficiary | Equity investments in entities that invest in residential properties | Investment securities, available for sale, at fair value, held in securitization trusts
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Equity investments in entities that invest in residential properties | Receivables and other assets
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Equity investments in entities that invest in residential properties | Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Total assets	0	0
Variable Interest Entity, Not Primary Beneficiary | Equity investments in entities that invest in residential properties | Investment in unconsolidated entities
Variable Interest Entity [Line Items]
Total assets	$ 13,451	$ 25,562
K-Series | Multi-family collateralized mortgage backed securities
Variable Interest Entity [Line Items]
Number of securitizations | securitization	2	2

Real Estate Held for Sale in _3

Real Estate Held for Sale in Consolidated VIEs (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Investment [Line Items]
Real estate held for sale before accumulated depreciation and amortization		$ 29,558,000		$ 29,558,000		$ 64,202,000
Riverchase Landing | VIE, Primary Beneficiary
Investment [Line Items]
Gain on sale	$ 2,300,000
Land		2,650,000		2,650,000		7,000,000
Building and improvements		25,975,000		25,975,000		53,468,000
Furniture, fixtures and equipment		885,000		885,000		2,150,000
Lease intangible		2,802,000		2,802,000		5,340,000
Real estate held for sale before accumulated depreciation and amortization		32,312,000		32,312,000		67,958,000
Accumulated depreciation		(418,000)		(418,000)		(647,000)
Accumulated amortization of lease intangible		(2,336,000)		(2,336,000)		(3,109,000)
Real estate held for sale in consolidated variable interest entities		29,558,000		29,558,000		$ 64,202,000
Depreciation		0	$ 200,000	0	$ 600,000
Amortization		$ 0	$ 900,000	$ 0	$ 3,100,000

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments (Details) - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Variation margin payable	$ 8,500
Variation margin receivable		$ 9,300
Trading
Derivative [Line Items]
Derivative assets	$ 8,760	$ 10,101

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Activity of Derivative Instruments Not Designated as Hedges (Details) - Trading - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
TBA securities
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance		$ 149,000
Additions		1,466,000
Settlement, Expiration or Exercise		(1,440,000)
Ending balance		175,000
U.S. Treasury futures
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance		17,100
Additions		123,900
Settlement, Expiration or Exercise		(135,500)
Ending balance		5,500
Interest rate swap futures
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance		(151,700)
Additions		413,800
Settlement, Expiration or Exercise		(349,000)
Ending balance		(86,900)
Eurodollar futures
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance		(2,575,000)
Additions		5,989,000
Settlement, Expiration or Exercise		(5,054,000)
Ending balance		(1,640,000)
Options on U.S. Treasury futures
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance		0
Additions		5,000
Settlement, Expiration or Exercise		(5,000)
Ending balance		0
Swaptions
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance		154,000
Additions		0
Settlement, Expiration or Exercise		0
Ending balance		154,000
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning balance	$ 345,500	15,000
Additions	50,000	0
Settlement, Expiration or Exercise	0	0
Ending balance	$ 395,500	$ 15,000

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Components of Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gains (Losses)	$ 2,275	$ 1,192	$ 26,574	$ 1,687
Trading
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0	949	0	3,135
Unrealized Gains (Losses)	2,275	486	16,379	(918)
Trading | TBA securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0	1,470	0	3,285
Unrealized Gains (Losses)	0	(265)	0	(1,080)
Trading | Eurodollar futures
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0	62	0	849
Unrealized Gains (Losses)	0	39	0	(886)
Trading | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0	0	0	0
Unrealized Gains (Losses)	2,275	36	16,379	110
Trading | Swaptions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0	0	0	0
Unrealized Gains (Losses)	0	171	0	239
Trading | U.S. Treasury and interest rate swap futures and options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized Gains (Losses)	0	(583)	0	(999)
Unrealized Gains (Losses)	$ 0	$ 505	$ 0	$ 699

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest rate swaps - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 395,500,000	$ 345,500,000
Weighted Average Fixed Interest Rate	2.43%	2.33%
Weighted Average Variable Interest Rate	2.34%	1.38%
2,024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 98,000,000	$ 98,000,000
Weighted Average Fixed Interest Rate	2.18%	2.18%
Weighted Average Variable Interest Rate	2.34%	1.36%
2,027
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 247,500,000	$ 247,500,000
Weighted Average Fixed Interest Rate	2.39%	2.39%
Weighted Average Variable Interest Rate	2.34%	1.39%
2,028
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 50,000,000	$ 0
Weighted Average Fixed Interest Rate	3.13%	0.00%
Weighted Average Variable Interest Rate	2.31%	0.00%

Financing Arrangements, Portf_3

Financing Arrangements, Portfolio Investments - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)counterparty	Dec. 31, 2017USD ($)counterparty	Sep. 30, 2017USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Average days to maturity	29 days	44 days
Interest payable	$ 5,200	$ 2,500
Advance rate	90.30%
Average haircut	9.70%
Repurchase agreements, number of counterparties | counterparty	10	10
Cash and cash equivalents	$ 57,471	$ 95,191	$ 101,904
Unencumbered investment securities	$ 429,400
Liquidation proceeds, percentage	43.10%
Lender Concentration Risk | Stockholders' Equity
Financial Instruments Owned and Pledged as Collateral [Line Items]
Concentration risk, percentage		5.00%
Deutsche Bank AG, London Branch | Lender Concentration Risk | Stockholders' Equity
Financial Instruments Owned and Pledged as Collateral [Line Items]
Concentration risk, percentage	7.40%
CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Average haircut	25.00%
Unencumbered investment securities	$ 173,600
Agency RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Average haircut	5.00%	5.00%
Non-Agency RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Unencumbered investment securities	$ 99,300
Residential Mortgage Backed Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Unencumbered investment securities	156,500
Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreement, amount outstanding	$ 1,100,000	$ 1,300,000
Weighted average interest rate	2.90%	2.18%

Financing Arrangements, Portf_4

Financing Arrangements, Portfolio Investments - Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	$ 1,130,659	$ 1,276,918
Fair Value of Collateral Pledged	1,304,689	1,453,699
Amortized Cost of Collateral Pledged	1,227,851	1,368,115
Consolidated K-Series
Financial Instruments Owned and Pledged as Collateral [Line Items]
K-Series, carrying value	566,500	468,000
Agency ARMs
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	49,689	86,349
Fair Value of Collateral Pledged	51,750	90,343
Amortized Cost of Collateral Pledged	53,699	92,586
Agency Fixed- Rate
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	802,636	842,474
Fair Value of Collateral Pledged	847,316	890,359
Amortized Cost of Collateral Pledged	891,660	902,744
Non-Agency RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	0	38,160
Fair Value of Collateral Pledged	0	51,841
Amortized Cost of Collateral Pledged	0	50,693
CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	278,334	309,935
Fair Value of Collateral Pledged	405,623	421,156
Amortized Cost of Collateral Pledged	282,492	322,092
CMBS | Consolidated K-Series
Financial Instruments Owned and Pledged as Collateral [Line Items]
K-Series, carrying value	$ 405,600	$ 377,500

Financing Arrangements, Portf_5

Financing Arrangements, Portfolio Investments - Outstanding Repurchase Agreement Borrowings by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding financing agreements	$ 1,130,659	$ 1,276,918
Within 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding financing agreements	822,582	1,081,911
Over 30 days to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding financing agreements	308,077	95,007
Over 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding financing agreements	$ 0	$ 100,000

Financing Arrangements, Resid_2

Financing Arrangements, Residential Mortgage Loans (Details) - Deutsche Bank AG, Cayman Islands Branch - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Pool of Distressed Residential Mortgage Loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Maximum repurchase amount	$ 100,000,000
Principal amount	150,000,000
Repurchase agreement, amount outstanding	$ 141,500,000	$ 123,600,000
Repurchase agreement, effective interest rate	4.62%	4.05%
Pool of Distressed Residential Mortgage Loans | LIBOR
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Interest rate, basis spread	2.40%	2.50%
Residential Mortgage
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Maximum repurchase amount	$ 25,000,000
Principal amount	25,000,000	$ 26,100,000
Repurchase agreement, amount outstanding	$ 35,900,000
Repurchase agreement, effective interest rate	5.72%	5.05%
Residential Mortgage | LIBOR
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Interest rate, basis spread	3.50%

Residential Collateralized De_2

Residential Collateralized Debt Obligations (Details) $ in Millions	Sep. 30, 2018USD ($)securitization	Dec. 31, 2017USD ($)securitization
Debt Instrument [Line Items]
Number of residential CDO securitizations | securitization	3	3
CDOs outstanding	$ 5	$ 4.4
Arm Loans
Debt Instrument [Line Items]
Loans pledged as collateral	63.7	77.5
Residential collateralized debt obligations
Debt Instrument [Line Items]
Secured debt, carrying value	$ 56.5	$ 70.3
Weighted average interest rate	2.83%	2.16%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jan. 23, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes		$ 0	$ 126,995,000
Convertible Notes | 6.25% senior convertible notes due 2022
Debt Instrument [Line Items]
Face amount	$ 138,000,000
Stated interest rate	6.25%
Proceeds from issuance of convertible notes	$ 127,000,000
Debt issuance cost, percentage	8.24%
Effective interest rate	96.00%
Conversion ratio	0.1427144
Conversion price (in dollars per share)	$ 7.01
Convertible Notes | 6.25% senior notes due 2022, over-allotment option
Debt Instrument [Line Items]
Face amount	$ 18,000,000
Mortgages | KRVI | VIE, Primary Beneficiary
Debt Instrument [Line Items]
Stated interest rate		6.75%
Long-term debt, gross		$ 5,098,000
Unused borrowing capacity		$ 3,300,000

Debt - Preferred Securities (De

Debt - Preferred Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
NYM Preferred Trust I
Debt Instrument [Line Items]
Principal value of trust preferred securities	$ 25,000,000	$ 25,000,000
Interest rate	Three month LIBOR plus 3.75%, resetting quarterly	Three month LIBOR plus 3.75%, resetting quarterly
Scheduled maturity	March 30, 2035	March 30, 2035
NYM Preferred Trust I | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread	3.75%	3.75%
NYM Preferred Trust II
Debt Instrument [Line Items]
Principal value of trust preferred securities	$ 20,000,000	$ 20,000,000
Interest rate	Three month LIBOR plus 3.95%, resetting quarterly	Three month LIBOR plus 3.95%, resetting quarterly
Scheduled maturity	October 30, 2035	October 30, 2035
NYM Preferred Trust II | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread	3.95%	3.95%

Debt - Schedule of VIE Debt (De

Debt - Schedule of VIE Debt (Details) - VIE, Primary Beneficiary - Mortgages $ in Thousands	Sep. 30, 2018USD ($)
The Clusters
Debt Instrument [Line Items]
Mortgage Note Amount	$ 27,445
Interest Rate	4.486%
Net Deferred Finance Costs	$ 58
KRVI
Debt Instrument [Line Items]
Mortgage Note Amount	$ 5,098
Interest Rate	6.75%
Net Deferred Finance Costs	$ 0

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Sep. 30, 2018USD ($)
Fiscal Year
2,018	$ 0
2,019	5,098
2,020	0
2,021	0
2,022	138,000
2,023	0
Thereafter	72,445
Total	$ 215,543

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - Discount Rate - CMBS	Sep. 30, 2018
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value measurement input	0.045
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value measurement input	0.095

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets carried at fair value
Investment securities available for sale	$ 1,287,188	$ 1,413,081
Level 3
Assets carried at fair value
Investments in unconsolidated entities	43,795	51,212
Fair Value, Measurements, Recurring
Assets carried at fair value
Residential mortgage loans, at fair value	181,910	87,153
Investments in unconsolidated entities	35,061	42,823
Total	11,583,753	11,210,579
Liabilities carried at fair value
Total	9,504,313	9,189,459
Fair Value, Measurements, Recurring | Interest rate swaps
Assets carried at fair value
Derivative assets	8,760	10,101
Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities available for sale	1,055,433	1,169,536
Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale	98,244	102,125
Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities available for sale	133,511	141,420
Fair Value, Measurements, Recurring | Multi-family loans held in securitization trusts
Assets carried at fair value
Multi-family loans held in securitization trusts	10,070,834	9,657,421
Fair Value, Measurements, Recurring | Multi-family collateralized debt obligations
Liabilities carried at fair value
Multi-family collateralized debt obligations	9,504,313	9,189,459
Fair Value, Measurements, Recurring | Level 1
Assets carried at fair value
Residential mortgage loans, at fair value	0	0
Investments in unconsolidated entities	0	0
Total	0	0
Liabilities carried at fair value
Total	0	0
Fair Value, Measurements, Recurring | Level 1 | Interest rate swaps
Assets carried at fair value
Derivative assets	0	0
Fair Value, Measurements, Recurring | Level 1 | Agency RMBS
Assets carried at fair value
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Level 1 | CMBS
Assets carried at fair value
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Multi-family loans held in securitization trusts
Assets carried at fair value
Multi-family loans held in securitization trusts	0	0
Fair Value, Measurements, Recurring | Level 1 | Multi-family collateralized debt obligations
Liabilities carried at fair value
Multi-family collateralized debt obligations	0	0
Fair Value, Measurements, Recurring | Level 2
Assets carried at fair value
Residential mortgage loans, at fair value	0	0
Investments in unconsolidated entities	0	0
Total	1,244,197	1,375,260
Liabilities carried at fair value
Total	0	0
Fair Value, Measurements, Recurring | Level 2 | Interest rate swaps
Assets carried at fair value
Derivative assets	8,760	10,101
Fair Value, Measurements, Recurring | Level 2 | Agency RMBS
Assets carried at fair value
Investment securities available for sale	1,055,433	1,169,536
Fair Value, Measurements, Recurring | Level 2 | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale	98,244	102,125
Fair Value, Measurements, Recurring | Level 2 | CMBS
Assets carried at fair value
Investment securities available for sale	81,760	93,498
Fair Value, Measurements, Recurring | Level 2 | Multi-family loans held in securitization trusts
Assets carried at fair value
Multi-family loans held in securitization trusts	0	0
Fair Value, Measurements, Recurring | Level 2 | Multi-family collateralized debt obligations
Liabilities carried at fair value
Multi-family collateralized debt obligations	0	0
Fair Value, Measurements, Recurring | Level 3
Assets carried at fair value
Residential mortgage loans, at fair value	181,910	87,153
Investments in unconsolidated entities	35,061	42,823
Total	10,339,556	9,835,319
Liabilities carried at fair value
Total	9,504,313	9,189,459
Fair Value, Measurements, Recurring | Level 3 | Interest rate swaps
Assets carried at fair value
Derivative assets	0	0
Fair Value, Measurements, Recurring | Level 3 | Agency RMBS
Assets carried at fair value
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Level 3 | Non-Agency RMBS
Assets carried at fair value
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Level 3 | CMBS
Assets carried at fair value
Investment securities available for sale	51,751	47,922
Fair Value, Measurements, Recurring | Level 3 | Multi-family loans held in securitization trusts
Assets carried at fair value
Multi-family loans held in securitization trusts	10,070,834	9,657,421
Fair Value, Measurements, Recurring | Level 3 | Multi-family collateralized debt obligations
Liabilities carried at fair value
Multi-family collateralized debt obligations	$ 9,504,313	$ 9,189,459

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 9,835,319	$ 7,061,842
Total (losses)/gains (realized/unrealized)
Included in earnings	(280,300)	38,978
Included in other comprehensive income	901	208
Contributions	0	1,300
Paydowns/Distributions	(133,101)	(139,751)
Sales	(7,105)	(4,100)
Purchases	923,842	1,598,018
Balance at the end of period	10,339,556	8,556,495
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated VIEs	10,381,126		$ 10,041,468
Consolidated K-Series
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated VIEs	$ 800,000	$ 1,500,000

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 9,189,459	$ 6,624,896
Total gains (realized/unrealized)
Included in earnings	(350,674)	(1,389)
Purchases	767,477	1,472,073
Paydowns	(101,949)	(104,961)
Balance at the end of period	9,504,313	7,990,619
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities of consolidated VIEs	9,680,332		$ 9,436,421
Consolidated K-Series
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities of consolidated VIEs	$ 800,000	$ 1,500,000

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net change in unrealized gains included in earnings for assets and liabilities	$ 12,303	$ 2,353	$ 31,867	$ 5,184
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in unrealized (losses) gains – assets	(33,153)	(19,767)	(252,899)	56,995
Change in unrealized gains (losses) – liabilities	45,456	22,120	284,766	(51,811)
Net change in unrealized gains included in earnings for assets and liabilities	$ 12,303	$ 2,353	$ 31,867	$ 5,184

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Residential mortgage loans held in securitization trusts – impaired loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans, net	$ 6,336	$ 10,317
Real estate owned held in residential securitization trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	0	111
Level 1 | Residential mortgage loans held in securitization trusts – impaired loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans, net	0	0
Level 1 | Real estate owned held in residential securitization trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	0	0
Level 2 | Residential mortgage loans held in securitization trusts – impaired loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans, net	0	0
Level 2 | Real estate owned held in residential securitization trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	0	0
Level 3 | Residential mortgage loans held in securitization trusts – impaired loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans, net	6,336	10,317
Level 3 | Real estate owned held in residential securitization trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	$ 0	$ 111

Fair Value of Financial Instr_9

Fair Value of Financial Instruments - Gains (losses) Incurred for Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Residential mortgage loans held in securitization trusts – impaired loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gains (losses) for assets measured at fair value on a non-recurring basis	$ (17)	$ 199	$ 93	$ (6)
Real estate owned held in residential securitization trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gains (losses) for assets measured at fair value on a non-recurring basis	$ 0	$ (297)	$ 0	$ (303)

Fair Value of Financial Inst_10

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Financial Assets:
Cash and cash equivalents	$ 57,471	$ 95,191	$ 101,904
Investment securities available for sale	1,287,188	1,413,081
Derivative assets	8,760	10,101
Preferred equity and mezzanine loan investments, carrying value	102,659	108,567
Financial Liabilities
Financing arrangements	1,130,659	1,276,918
Subordinated debentures, carrying value	45,000	45,000
Convertible notes, carrying value	130,251	128,749
Distressed residential mortgage loans held in securitization trusts, carrying amount	96,493	121,791
Distressed residential mortgage loans
Financial Liabilities
Distressed residential mortgage loans held in securitization trusts, carrying amount	96,500	121,800
Distressed residential mortgage loans
Financial Assets:
Residential mortgage loans held in securitization trusts, net	164,300	209,700
Financial Liabilities
Distressed residential mortgage loans held in securitization trusts, carrying amount	260,800	331,500
Equity Method Investments
Financial Assets:
Investment in unconsolidated entities, carrying value	8,675	8,320
Investments in unconsolidated entities, estimated fair value	35,061	42,823
Portfolio Investments
Financial Liabilities
Financing arrangements	1,130,659	1,276,918
Residential collateralized debt obligations
Financial Liabilities
Secured debt, carrying value	56,504	70,308
Multi-family collateralized debt obligations
Financial Liabilities
Secured debt, carrying value	9,504,313	9,189,459
Residential mortgage loans, at fair value | Distressed residential mortgage loans
Financial Assets:
Residential mortgage loans held in securitization trusts, net	112,500	36,900
Residential mortgage loans, at fair value | Second Mortgage
Financial Assets:
Residential mortgage loans held in securitization trusts, net	69,400	50,200
Available-for-sale securities
Financial Liabilities
Investment securities, available for sale held in securitization trusts	51,751	47,922
Level 1
Financial Assets:
Cash and cash equivalents	57,471	95,191
Cash and cash equivalents, estimated fair value	57,471	95,191
Level 3
Financial Assets:
Mortgage loans held for sale, net, carrying value	3,284	5,507
Mortgage loans held for sale, net, estimated fair value	3,622	5,598
Mortgage loans held for investment, carrying value	1,760	1,760
Mortgage loans held for investment, estimated fair value	1,760	1,900
Preferred equity and mezzanine loan investments, carrying value	198,277	138,920
Preferred equity and mezzanine loan investments, estimated fair value	199,885	140,129
Investment in unconsolidated entities, carrying value	43,736	51,143
Investments in unconsolidated entities, estimated fair value	43,795	51,212
Financial Liabilities
Secured debt, carrying value	53,597	81,537
Secured debt, estimated fair value	57,236	87,891
Subordinated debentures, carrying value	45,000	45,000
Subordinated debentures, estimated fair value	44,988	45,002
Level 3 | Residential collateralized debt obligations
Financial Liabilities
Secured debt, carrying value	56,504	70,308
Secured debt, estimated fair value	54,228	66,865
Level 3 | Multi-family collateralized debt obligations
Financial Liabilities
Secured debt, carrying value	9,504,313	9,189,459
Secured debt, estimated fair value	9,504,313	9,189,459
Level 3 | Residential mortgage loans held in securitization trusts
Financial Assets:
Residential mortgage loans held in securitization trusts, net	60,459	73,820
Residential mortgage loans held in securitization trusts, net, estimated fair value	60,228	72,131
Level 3 | Distressed residential mortgage loans
Financial Assets:
Residential mortgage loans held in securitization trusts, net	260,837	331,464
Residential mortgage loans held in securitization trusts, net, estimated fair value	263,935	334,765
Level 3 | Residential mortgage loans, at fair value
Financial Assets:
Residential mortgage loans held in securitization trusts, net	181,910	87,153
Residential mortgage loans held in securitization trusts, net, estimated fair value	181,910	87,153
Level 3 | Multi-family loans held in securitization trusts
Financial Assets:
Residential mortgage loans held in securitization trusts, net	10,070,834	9,657,421
Residential mortgage loans held in securitization trusts, net, estimated fair value	10,070,834	9,657,421
Level 2
Financial Assets:
Derivative assets	8,760	10,101
Financial Liabilities
Convertible notes, carrying value	130,251	128,749
Convertible notes, estimated fair value	137,923	140,060
Level 2 | Portfolio Investments
Financial Liabilities
Financing arrangements	1,130,659	1,276,918
Level 2 | Distressed residential mortgage loans
Financial Liabilities
Financing arrangements	$ 177,226	$ 149,063

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	Aug. 14, 2018USD ($)shares	Oct. 15, 2017	Oct. 13, 2017USD ($)$ / sharesshares	Apr. 22, 2015USD ($)$ / sharesshares	Jun. 04, 2013USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)directorquarter$ / sharesshares	Sep. 10, 2018USD ($)	Aug. 10, 2017USD ($)$ / shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares						200,000,000	200,000,000	200,000,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares) | shares						12,000,000	12,000,000	12,000,000
Preferred stock, shares outstanding (in shares) | shares								12,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01	$ 0.01
Underwritten Public Offering
Class of Stock [Line Items]
Shares issued (in shares) | shares	14,375,000						14,375,000
Share price (in dollars per share) | $ / shares						$ 6.16	$ 6.16
Proceeds from issuance of common stock | $	$ 86						$ 86
Equity Distribution Agreements
Class of Stock [Line Items]
Shares issued (in shares) | shares						2,443,487	14,588,631
Common stock, par value (in dollars per share) | $ / shares										$ 0.01
Common stock that may be sold (up to) | $									$ 177.1	$ 100
Proceeds from issuance of common stock | $						$ 15.2		$ 89
Common stock reserved for issuance | $						$ 86.4	$ 86.4
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares						6,000,000	6,000,000	6,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares) | shares						3,000,000	3,000,000	3,000,000
Preferred stock, shares outstanding (in shares) | shares						3,000,000	3,000,000	3,000,000
Shares issued (in shares) | shares					3,000,000
Preferred stock, cumulative redeemable dividend rate					7.75%		7.75%	7.75%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares					$ 25	$ 25	$ 25	$ 25
Preferred stock issuance, net | $					$ 72.4
Redemption term							120 days
Redemption price (in dollars per share) | $ / shares						$ 25	$ 25
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares						4,140,000	4,140,000	4,140,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares) | shares				3,600,000		3,600,000	3,600,000	3,600,000
Preferred stock, shares outstanding (in shares) | shares						3,600,000	3,600,000	3,600,000
Preferred stock, cumulative redeemable dividend rate				7.875%			7.875%	7.875%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares				$ 25		$ 25	$ 25	$ 25
Preferred stock issuance, net | $				$ 86.9
Redemption term							120 days
Redemption price (in dollars per share) | $ / shares						$ 25	$ 25
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares						5,750,000	5,750,000	5,750,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01			$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares) | shares			5,400,000			5,400,000	5,400,000	5,400,000
Preferred stock, shares outstanding (in shares) | shares						5,400,000	5,400,000	5,400,000
Preferred stock, cumulative redeemable dividend rate		5.695%	8.00%				8.00%	8.00%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares			$ 25			$ 25	$ 25	$ 25
Preferred stock issuance, net | $			$ 130.5
Redemption term							120 days
Redemption price (in dollars per share) | $ / shares						$ 25	$ 25
Series B, Series C and Series D Preferred Stock
Class of Stock [Line Items]
Number of quarters with no dividends that results in voting rights | quarter								6
Number of elected directors pending preferred stock voting rights | director								2
Stockholders required for term changes, percentage						66.67%	66.67%
Minimum | Equity Distribution Agreements
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares						$ 6.31	$ 6.31
Maximum | Equity Distribution Agreements
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares						$ 6.19	$ 6.19

Stockholders' Equity - Cash Div

Stockholders' Equity - Cash Dividends Declared - Preferred Stock (Details) - $ / shares	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Series B Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375
Series C Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)	0.4921875	0.4921875	0.4921875	0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875
Series D Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)	$ 0.5	$ 0.5	$ 0.50	$ 0.51111

Stockholders' Equity - Cash D_2

Stockholders' Equity - Cash Dividends Declared - Common Stock (Details) - $ / shares	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Cash dividend per share (in dollars per share)	$ 0.2	$ 0.2	$ 0.2	$ 0.2	$ 0.2	$ 0.2	$ 0.20

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic Earnings per Common Share
Net income attributable to Company	$ 33,973	$ 27,845	$ 93,285	$ 61,364
Less: Preferred stock dividends	(5,925)	(3,225)	(17,775)	(9,675)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 28,048	$ 24,620	$ 75,510	$ 51,689
Weighted average common shares outstanding-basic (in shares)	132,413	111,886	119,955	111,824
Basic Earnings per Common Share (in dollars per share)	$ 0.21	$ 0.22	$ 0.63	$ 0.46
Diluted Earnings per Common Share:
Net income attributable to Company	$ 33,973	$ 27,845	$ 93,285	$ 61,364
Less: Preferred stock dividends	(5,925)	(3,225)	(17,775)	(9,675)
Add back: Interest expense on convertible notes for the period, net of tax	2,570	2,428	7,838	6,982
Net income attributable to Company's common stockholders	$ 30,618	$ 27,048	$ 83,348	$ 58,671
Weighted average common shares outstanding-basic (in shares)	132,413	111,886	119,955	111,824
Net effect of assumed PSUs vested (in shares)	620	0	395	0
Net effect of assumed convertible notes conversion to common shares (in shares)	19,694	19,694	19,694	18,107
Diluted weighted average common shares outstanding (in shares)	152,727	131,580	140,044	129,931
Diluted Earnings per Common Share (in dollars per share)	$ 0.20	$ 0.21	$ 0.60	$ 0.45

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Apr. 30, 2018	May 31, 2017	May 31, 2015	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				507,536	422,928	507,536	422,928	422,928	319,058
Shares granted (in shares)						289,792	332,921
2010 Stock Incentive Plan | Performance Share Awards | Board of Directors Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	0		89,629
Fair value of shares granted			$ 0.4
Fair value, expected term			3 years
Fair value, expected term for volatility rate			3 years
Fair value, expected term for risk free interest rate			3 years
Fair value, expected term for dividend rate			3 years
Award vesting period		3 years	3 years
2010 Stock Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				217,163		217,163
Share-based compensation expense				$ 0.3	$ 0.8	$ 1	$ 1.5
Unrecognized compensation cost				$ 2.3	$ 1.9	$ 2.3	1.9
Unrecognized compensation cost, period for recognition						2 years 20 days
Fair value of vested shares						$ 1.1	$ 1.5
Requisite service period						3 years
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued (in shares)				5,570,000		5,570,000
Shares available for grant (in shares)				3,865,174		3,865,174
2017 Incentive Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)						131,975
2017 Incentive Plan | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)						292,459
2017 Incentive Plan | Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued (in shares)		842,792
Shares available for grant (in shares)				1,280,392		1,280,392
Share-based compensation expense				$ 0.3		$ 0.6
Unrecognized compensation cost				$ 3		$ 3
Fair value of shares granted		$ 3.5
Award vesting period		3 years
2017 Incentive Plan | Performance Share Awards | Relative TSR performance Is Less Than The Thirtieth Percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		0.00%
2017 Incentive Plan | Performance Share Awards | Relative TSR Performance Is Equal To The Fiftieth Percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100.00%
2017 Incentive Plan | Performance Share Awards | Board of Directors Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value, expected term		3 years
Fair value, expected term for volatility rate		3 years
2017 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				290,373		290,373

Stock Based Compensation - Non-

Stock Based Compensation - Non-vested Restricted Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Number of Non-vested Restricted Shares
Forfeited (in shares)		0
Restricted Stock
Number of Non-vested Restricted Shares
Non-vested shares at beginning of period (in shares)	422,928	319,058
Granted (in shares)	289,792	332,921
Vested (in shares)	(200,064)	(229,051)
Forfeited (in shares)	(5,120)
Non-vested shares at end of period (in shares)	507,536	422,928
Weighted Average Per Share Grant Date Fair Value
Non-vested shares at beginning of period (in dollars per share)	$ 6.36	$ 6.40
Granted (in dollars per share)	5.63	6.54
Vested (in dollars per share)	6.55	6.67
Forfeited (in dollars per share)	6.25	0
Non-vested shares at end of period (in dollars per share)	$ 5.91	$ 6.36

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Current income tax (benefit) expense	$ (94)	$ 541	$ (87)	$ 2,280
Deferred income tax benefit	(360)	(34)	(460)	(93)
Total provision	$ (454)	$ 507	$ (547)	$ 2,187

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred tax assets
Net operating loss carryforward	$ 3,019	$ 295
GAAP/Tax basis differences	3,379	2,237
Total deferred tax assets	6,398	2,532
Deferred tax liabilities
Deferred tax liabilities	9	144
Valuation allowance	(5,723)	(2,182)
Total net deferred tax asset	$ 666	$ 206

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Sep. 30, 2018USD ($)
Taxable REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 8.9

Uncategorized Items - nymt-2018

Label	Element	Value
Preferred Stock [Member]
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 3,225,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	5,925,000
Common Stock [Member]
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	22,371,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 28,243,000