New York Mortgage Trust (NYMT) 10-K 28 Feb 20 2019 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 27, 2020	Jun. 28, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-32216
Entity Registrant Name	NEW YORK MORTGAGE TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-0934168
Entity Address, Address Line One	90 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	212
Local Phone Number	792-0107
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,298,259,627
Entity Common Stock, Shares Outstanding		377,468,145
Documents Incorporated by Reference	Document Where Incorporated Part III, Items 10-14 1. Portions of the Registrant's Definitive Proxy Statement relating to its 2020 Annual Meeting of Stockholders scheduled for June 2020 to be filed with the Securities and Exchange Commission by no later than April 30, 2020.
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001273685
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NYMT
Security Exchange Name	NASDAQ
7.75% Series B Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.75% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTP
Security Exchange Name	NASDAQ
7.875% Series C Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.875% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTO
Security Exchange Name	NASDAQ
8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTN
Security Exchange Name	NASDAQ
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable, Preferred Stock, Par Value $0.01 per share, $25.00 Liquidation Preference
Document Information [Line Items]
Title of 12(b) Security	7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference
Trading Symbol	NYMTM
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Investment securities, available for sale, at fair value		$ 2,006,140	$ 1,512,252
Investments in unconsolidated entities		189,965	73,466
Preferred equity and mezzanine loan investments		180,045	165,555
Derivative assets		15,878	10,263
Cash and cash equivalents		118,763	103,724
Real estate held for sale in consolidated variable interest entities		0	29,704
Goodwill		25,222	25,222
Receivables and other assets		169,214	114,821
Total Assets	[1]	23,483,369	14,737,638
Liabilities:
Financing arrangements		2,352,102	1,543,577
Convertible notes		132,955	130,762
Subordinated debentures		45,000	45,000
Mortgages and notes payable in consolidated variable interest entities		0	31,227
Securitized debt		0	42,335
Accrued expenses and other liabilities		177,260	101,228
Total liabilities	[1]	21,278,340	13,557,345
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, issued		504,765	289,755
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 291,371,039 and 155,589,528 shares issued and outstanding, respectively		2,914	1,556
Additional paid-in capital		1,821,785	1,013,391
Accumulated other comprehensive income (loss)		25,132	(22,135)
Accumulated deficit		(148,863)	(103,178)
Company's stockholders' equity		2,205,733	1,179,389
Non-controlling interest in consolidated variable interest entities		(704)	904
Total equity		2,205,029	1,180,293
Total Liabilities and Stockholders' Equity		23,483,369	14,737,638
Repurchase agreements
Liabilities:
Financing arrangements		3,105,416	2,131,505
Multi-family collateralized debt obligations, at fair value
Liabilities:
Collateralized debt obligations		16,724,451	11,022,248
Residential collateralized debt obligations, at fair value
Liabilities:
Collateralized debt obligations		1,052,829	0
Residential collateralized debt obligations
Liabilities:
Collateralized debt obligations		40,429	53,040
Distressed and other residential mortgage loans, at fair value
ASSETS
Distressed and other residential mortgage loans, net		1,429,754	737,523
Distressed and other residential mortgage loans
ASSETS
Distressed and other residential mortgage loans, net		202,756	285,261
Multi-family loans held in securitization trusts, at fair value
ASSETS
Loans held in securitization trusts, at fair value		17,816,746	11,679,847
Residential mortgage loans held in securitization trust, at fair value
ASSETS
Loans held in securitization trusts, at fair value		$ 1,328,886	$ 0
[1]	Our 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 December 31, 2019 and December 31, 2018 , assets of consolidated VIEs totaled $19,270,384 and $11,984,374 , respectively, and the liabilities of consolidated VIEs totaled $17,878,314 and $11,191,736 , respectively. See Note 9 for further discussion.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets of VIEs	$ 19,270,384,000	$ 11,984,374,000
Liabilities of VIEs	$ 17,878,314,000	$ 11,191,736,000
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)	20,872,888	12,000,000
Preferred stock, shares outstanding (in shares)	20,872,888	12,000,000
Preferred Stock, liquidation preference, value	$ 521,822,000	$ 300,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	291,371,039	155,589,528
Common stock, shares outstanding (in shares)	291,371,039	155,589,528
Preferred Stock
Preferred stock, shares authorized (in shares)	30,900,000	30,900,000
Preferred stock, shares issued (in shares)	20,872,888	12,000,000
Preferred stock, shares outstanding (in shares)	20,872,888	12,000,000
Preferred Stock, liquidation preference, value	$ 521,822,200	$ 300,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INTEREST INCOME:
Investment securities and other interest earning assets	$ 67,472	$ 47,482	$ 29,968
Total interest income	694,614	455,799	366,087
INTEREST EXPENSE:
Repurchase agreements and other interest bearing liabilities	90,821	44,050	25,344
Interest Expense	566,750	377,071	308,101
NET INTEREST INCOME	127,864	78,728	57,986
NON-INTEREST INCOME:
Recovery of (provision for) loan losses	2,780		1,739
Recovery of (provision for) loan losses		(1,257)
Realized gains (losses), net	32,642	(7,775)	31,656
Unrealized gains (losses), net	35,837	52,781	20,786
Loss on extinguishment of debt	(2,857)	0	0
Income from operating real estate and real estate held for sale in consolidated variable interest entities	215	6,163	7,280
Other income	25,831	16,568	13,552
Total non-interest income	94,448	66,480	75,013
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	35,131	22,868	18,357
Base management and incentive fees	1,235	5,366	4,517
Expenses, other operating	482	4,328	9,457
Total general, administrative and operating expenses	49,835	41,470	41,077
INCOME FROM OPERATIONS BEFORE INCOME TAXES	172,477	103,738	91,922
Income tax expense (benefit)	(419)	(1,057)	3,355
NET INCOME	172,896	104,795	88,567
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities	840	(1,909)	3,413
NET INCOME ATTRIBUTABLE TO COMPANY	173,736	102,886	91,980
Preferred stock dividends	28,901	23,700	15,660
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 144,835	$ 79,186	$ 76,320
Basic earnings per common share (in dollars per share)	$ 0.65	$ 0.62	$ 0.68
Diluted earnings per common share (in dollars per share)	$ 0.64	$ 0.61	$ 0.66
Weighted average shares outstanding-basic (in shares)	221,380	127,243	111,836
Weighted average shares outstanding-diluted (in shares)	242,596	147,450	130,343
Convertible notes
INTEREST EXPENSE:
Interest expense	$ 10,813	$ 10,643	$ 9,852
Subordinated debentures
INTEREST EXPENSE:
Subordinated debentures	2,865	2,743	2,296
Securitized debt
INTEREST EXPENSE:
Interest expense	742	4,754	7,481
Distressed and other residential mortgage loans
INTEREST INCOME:
Interest income	71,017	28,569	25,054
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
Expenses, other operating	12,987	8,908	8,746
Preferred equity and mezzanine loan investments
INTEREST INCOME:
Interest income	20,899	21,036	13,941
Multi-family loans held in securitization trusts
INTEREST INCOME:
Interest income	535,226	358,712	297,124
Residential collateralized debt obligations
INTEREST EXPENSE:
Interest expense	4,379	1,779	1,463
Multi-family collateralized debt obligations
INTEREST EXPENSE:
Interest expense	$ 457,130	$ 313,102	$ 261,665

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 144,835	$ 79,186	$ 76,320
OTHER COMPREHENSIVE INCOME (LOSS)
Increase (decrease) in fair value of available for sale securities	65,376	(27,688)	8,314
Reclassification adjustment for net gain included in net income	(18,109)	0	(4,298)
Decrease in fair value of derivative instruments utilized for cash flow hedges	0	0	(102)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	47,267	(27,688)	3,914
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 192,102	$ 51,498	$ 80,234

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Total Company Stockholders' Equity	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest in Consolidated VIE	Common Stock	Common StockTotal Company Stockholders' Equity	Common StockCommon Stock	Common StockAdditional Paid-In Capital	Preferred Stock	Preferred StockTotal Company Stockholders' Equity	Preferred StockPreferred Stock
Beginning balance at Dec. 31, 2016	$ 851,162	$ 848,075	$ 1,115	$ 159,259	$ 748,599	$ (62,537)	$ 1,639	$ 3,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	88,567	91,980				91,980		(3,413)
Stock issuance									$ 2,560	$ 2,560	$ 4	$ 2,556	$ 130,496	$ 130,496	$ 130,496
Dividends declared on common stock	(89,500)	(89,500)				(89,500)
Dividends declared on preferred stock	(15,660)	(15,660)				(15,660)
Reclassification adjustment for net gain included in net income	(4,298)	(4,298)					(4,298)
Increase (decrease) in fair value of available for sale securities	8,314	8,314					8,314
Increase (decrease) in fair value of derivative instruments utilized for cash flow hedges	(102)	(102)					(102)
Increase in non-controlling interest related to initial consolidation of variable interest entities	4,462							4,462
Ending balance at Dec. 31, 2017	976,001	971,865	1,119	289,755	751,155	(75,717)	5,553	4,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	104,795	102,886				102,886		1,909
Stock issuance									262,673	262,673	$ 437	$ 262,236
Dividends declared on common stock	(106,647)	(106,647)				(106,647)
Dividends declared on preferred stock	(23,700)	(23,700)				(23,700)
Reclassification adjustment for net gain included in net income	0
Increase (decrease) in fair value of available for sale securities	(27,688)	(27,688)					(27,688)
Increase (decrease) in fair value of derivative instruments utilized for cash flow hedges	0
Decrease in non-controlling interest related to distributions from and de-consolidation of variable interest entities	(5,141)							(5,141)
Ending balance at Dec. 31, 2018	1,180,293	1,179,389	1,556	289,755	1,013,391	(103,178)	(22,135)	904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	172,896	173,736				173,736		(840)
Stock issuance			1,358		808,394				$ 809,752	$ 809,752			$ 215,010	$ 215,010	$ 215,010
Dividends declared on common stock	(190,520)	(190,520)				(190,520)
Dividends declared on preferred stock	(28,901)	(28,901)				(28,901)
Reclassification adjustment for net gain included in net income	(18,109)	(18,109)					(18,109)
Increase (decrease) in fair value of available for sale securities	65,376	65,376					65,376
Increase (decrease) in fair value of derivative instruments utilized for cash flow hedges	0
Decrease in non-controlling interest related to distributions from and de-consolidation of variable interest entities	(768)							(768)
Ending balance at Dec. 31, 2019	$ 2,205,029	$ 2,205,733	$ 2,914	$ 504,765	$ 1,821,785	$ (148,863)	$ 25,132	$ (704)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities:
Net income (loss)	$ 172,896	$ 104,795	$ 88,567
Adjustments to reconcile net income to net cash provided by operating activities:
Net (accretion) amortization	(55,629)	(29,338)	197
Realized (gains) losses, net	(32,642)	7,775	(31,656)
Unrealized (gains) losses, net	(35,837)	(52,781)	(20,786)
Gain on sale of real estate held for sale in consolidated variable interest entities	(1,580)	(2,328)	0
Impairment of real estate under development in consolidated variable interest entities	1,872	2,764	0
Loss on extinguishment of debt	2,857	0	0
(Recovery of) provision for loan losses	(2,780)		(1,739)
(Recovery of) provision for loan losses		1,257
Income from unconsolidated entity, preferred equity and mezzanine loan investments	(47,840)	(37,922)	(27,164)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments	24,848	29,358	20,870
Amortization of stock based compensation, net	5,367	2,582	1,632
Changes in operating assets and liabilities:
Receivables and other assets	(41,525)	(12,471)	(18,425)
Accrued expenses and other liabilities	45,094	10,486	17,836
Net cash provided by operating activities	35,101	24,177	29,332
Cash Flows from Investing Activities:
Cash received from initial consolidation of variable interest entities	0	0	112
Net proceeds from sale of real estate held for sale in consolidated variable interest entities	3,587	33,192	0
Proceeds from sales of investment securities	97,951	26,899	107,062
Purchases of investment securities	(753,734)	(393,663)	(940,597)
Purchases of other assets	(991)	(183)	(41)
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities	(128)	(457)	(296)
Funding of preferred equity, equity and mezzanine loan investments	(163,883)	(112,452)	(61,814)
Principal repayments received on preferred equity and mezzanine loan investments	42,249	56,718	19,031
Return of capital from unconsolidated entity investments	13,617	14,973	25,940
Proceeds from mortgage loans held for investment	1,580		0
(Net payments made on) received from derivative instruments settled during the period	(36,337)	747	(4,683)
Principal paydowns on investment securities - available for sale	227,397	234,438	228,968
Proceeds from sale of real estate owned	4,873	5,120	7,026
Purchases of residential mortgage loans and distressed residential mortgage loans	(277,339)	0	0
Net cash used in investing activities	(769,065)	(642,474)	(439,943)
Cash Flows from Financing Activities:
Net proceeds from repurchase agreements	972,207	704,763	459,733
Proceeds from issuance of convertible notes	0	0	126,995
Common stock issuance, net	804,398	260,091	930
Preferred stock issuance, net	215,073	0	130,496
Dividends paid on common stock	(163,364)	(97,911)	(93,872)
Dividends paid on preferred stock	(24,651)	(23,760)	(12,900)
Payments made on mortgages and notes payable in consolidated variable interest entities	(4,022)	(27,067)	(1,485)
Proceeds from mortgages and notes payable in consolidated variable interest entities	0	1,154	5,414
Payments made on residential collateralized debt obligations	(15,578)	(17,338)	(21,442)
Payments made on multi-family collateralized debt obligations	(992,075)	(137,803)	(137,160)
Extinguishment of and payments made on securitized debt	(45,557)	(40,882)	(79,433)
Net cash provided by financing activities	746,431	621,247	377,276
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	12,467	2,950	(33,335)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	109,145	106,195	139,530
Cash, Cash Equivalents and Restricted Cash - End of Period	121,612	109,145	106,195
Supplemental Disclosure:
Cash paid for interest	622,720	430,121	344,390
Cash paid for income taxes	21	1,711	3,952
Non-Cash Investment Activities:
Transfer from residential loans to real estate owned	6,105	7,998	7,228
Non-Cash Financing Activities:
Mortgages and notes payable assumed by purchaser of real estate held for sale in consolidated variable interest entities	27,260	0	0
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Total cash, cash equivalents, and restricted cash	121,612	106,195	139,530
Multi-family collateralized debt obligations
Non-Cash Investment Activities:
Consolidation of multi-family collateralized debt obligations	6,253,739	2,182,330	2,784,377
Multi-family loans held in securitization trusts
Non-Cash Investment Activities:
Consolidation of multi-family loans held in securitization trusts	6,599,974	2,294,544	2,886,525
Consolidation of residential mortgage loans held in securitization trust
Non-Cash Investment Activities:
Consolidation of multi-family loans held in securitization trusts	1,333,060	0	0
Consolidation of residential collateralized debt obligations
Non-Cash Investment Activities:
Consolidation of multi-family collateralized debt obligations	1,055,720	0	0
Distressed residential mortgage loans held in securitization trusts (net)
Cash Flows from Investing Activities:
Principal repayments received on loans	254,935	155,338	245,582
Multi-family collateralized debt obligations
Cash Flows from Investing Activities:
Principal repayments received on loans	992,912	137,820	137,164
Residential Mortgage Loans And Distressed Residential Mortgage Loans [Member]
Cash Flows from Investing Activities:
Purchases of residential mortgage loans and distressed residential mortgage loans	(829,519)	(688,750)	(101,250)
Multi-family loans held in securitization trusts
Cash Flows from Investing Activities:
Purchases of residential mortgage loans and distressed residential mortgage loans	$ (346,235)	$ (112,214)	$ (102,147)

Organization

Organization	12 Months Ended
	Dec. 31, 2019
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 capital gains from a diversified investment portfolio. Our investment portfolio includes (i) multi-family credit assets, such as multi-family CMBS (excluding Agency CMBS) and preferred equity in, and mezzanine loans to, owners of multi-family properties, (ii) single-family credit assets, such as residential mortgage loans, including distressed residential mortgage loans, non-QM loans, second mortgages, residential bridge loans and other residential mortgage loans, and non-Agency RMBS, (iii) Agency securities such as Agency RMBS and Agency CMBS and (iv) certain other mortgage-, residential housing- and credit-related assets. The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including special purpose subsidiaries established for 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 U.S. 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	12 Months Ended
	Dec. 31, 2019
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 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 that are not guaranteed by any agency of the U.S. Government or GSE; “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; “ARMs” refers to adjustable-rate residential mortgage loans; “ARM loans” and “residential securitized loans” each refer to prime credit quality residential ARMs held in our securitization trusts formed in 2005; “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; “ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities, as well as PO, IO or mezzanine securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “Agency CMBS” refers to CMBS representing interests or obligations backed by pools of mortgage loans guaranteed by a GSE, such as Fannie Mae or Freddie Mac; “multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties; “CDO” refers to collateralized debt obligation; “non-QM loans” refers to residential mortgage loans that are not deemed “qualified mortgage,” or “QM,” loans under the rules of the Consumer Financial Protection Bureau (“CFPB”); “qualified mortgage” refers to a mortgage loan eligible for delivery to a GSE under the rules of the CFPB, which have certain requirements such as debt-to-income ratio, being fully-amortizing, and limits on loan fees; “second mortgages” refers to liens on residential properties that are subordinate to more senior mortgages or loans; and “residential bridge loans” refers to short-term business purpose loans collateralized by residential properties made to investors who intend to rehabilitate and sell the residential property for a profit. Basis of Presentation – The accompanying 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 fair valuation of its distressed and other residential mortgage loans, multi-family loans held in securitization trusts, residential mortgage loans held in securitization trust, multi-family CDOs, certain residential CDOs and CMBS held in re-securitization trusts, 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 those conditions 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 on the accompanying consolidated financial statements to conform to current period presentation. Principles of Consolidation and Variable Interest Entities – The accompanying 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 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. 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 owned a multi-family apartment community and in each of which the Company held a preferred equity investment. Accordingly, on this date, the Company consolidated both Riverchase Landing and The Clusters into its 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 9 ). In March 2018 and February 2019, Riverchase Landing and The Clusters, respectively, completed the sale of their multi-family apartment communities and redeemed each of the Company’s preferred equity investments. The Company de-consolidated Riverchase Landing and The Clusters as of the date of each property’s sale. 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. In May 2016, the Company acquired the outstanding membership interests in RiverBanc LLC (“RiverBanc”), RB Multifamily Investors LLC and RB Development Holding Company, LLC (“RBDHC”) that were not previously owned by the Company. These transactions were accounted for by applying the acquisition method for business acquisitions under ASC 805. Goodwill of $25.2 million as of December 31, 2019 and 2018 , respectively, relates to these transactions and the inclusion of these entities in the Company’s multifamily 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 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. The Company’s annual evaluation of goodwill as of October 1, 2019 indicated no impairment. 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, Agency CMBS, non-Agency RMBS and CMBS. Beginning in the fourth quarter of 2019, the Company’s newly purchased investment securities are presented at fair value as a result of a fair value election made at the time of acquisition pursuant to ASC 825, Financial Instruments (“ASC 825”). The fair value option was elected for these investment securities to provide stockholders and others who rely on our financial statements with a more complete and accurate understanding of our economic performance. The Company has also elected the fair value option at the time of acquisition for its Agency IOs, certain Agency fixed-rate RMBS and Agency ARMs within the Agency IO portfolio. 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 were not designated as hedging instruments for accounting purposes. As of December 31, 2018, the Company had fully exited its Agency IO strategy and liquidated its Agency IO portfolio. Changes in fair value of investment securities subject to the fair value election are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. 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 gains (losses), net on the accompanying 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 associated with our Agency RMBS and Agency CMBS assessed as high credit quality at the time of purchase are amortized or accreted to interest income over the estimated life of these investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity on our Agency RMBS. Interest income on certain of our credit sensitive securities that were purchased at a premium or discount to par value, such as certain of our non-Agency RMBS, CMBS and ABS of less than high credit quality, 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 incorporates 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. The Company accounts for investment 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 investment securities that are not of high credit quality (i.e., those whose risk of loss is more 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 investment 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. 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. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary”. 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 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 as 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 collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates. Distressed and Other Residential Mortgage Loans, at fair value – Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans, non-QM loans, second mortgage loans and residential bridge loans, are presented at fair value on the accompanying consolidated balance sheets as a result of a fair value election made at the time of acquisition pursuant to ASC 825. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. Premiums and discounts associated with the purchase of distressed and other 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, distressed and other residential mortgage loans on the accompanying consolidated statements of operations. Distressed and other 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. Distressed Residential Mortgage Loans, net – Certain of the distressed 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, are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) and are included in distressed and other residential mortgage loans, net on the accompanying consolidated balance sheets. 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. Loans considered credit impaired are recorded at fair value at the date of acquisition, with no allowance for loan losses. Subsequent to acquisition, the recorded amount for these loans reflects the original investment, plus accretion income, less principal and interest cash flows received. These distressed residential mortgage loans are presented on the accompanying consolidated balance sheets at carrying value, which reflects the recorded amount reduced by any allowance for loan losses established subsequent to acquisition. Under ASC 310-30, the acquired credit impaired 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. For each pool established, or on an individual loan basis for loans not aggregated into pools, the Company estimates at the time of acquisition and periodically, the principal and interest expected to be collected. The difference between the cash flows expected to be collected and the carrying amount of the loans is referred to as the “accretable yield.” This amount is accreted as interest income over the life of the loans using a level yield methodology. Interest income recorded each period 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 expectations 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. Disposal of a distressed residential mortgage loan accounted for under ASC 310-30, 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. Distressed residential mortgage loans accounted for under ASC 310-30 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 underlying collateral less costs to sell exceeds the carrying value. Certain of the Company’s distressed residential mortgage loans accounted for under ASC 310-30 were held in securitization trusts and had been transferred to Consolidated VIEs that had been securitized into beneficial interests as of December 31, 2018 . The Company accounted for these securitization trusts as financings which were consolidated into the Company’s financial statements. Residential Mortgage Loans Held in Securitization Trusts, net – Residential mortgage loans held in securitization trusts, net are comprised of certain ARM loans transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests and are included in distressed and other residential mortgage loans, net on the accompanying consolidated balance sheets. 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, net 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, net. 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 consult with a broker in the property’s area. Residential Mortgage Loans Held in Securitization Trust, at fair value – Residential mortgage loans held in securitization trust at fair value are comprised of seasoned re-performing and non-performing residential mortgage loans held in a Freddie Mac-sponsored residential mortgage loan securitization, of which we own the first loss subordinated securities and certain IOs and senior securities issued by this securitization, and that we consolidate in our financial statements in accordance with GAAP (“Consolidated SLST”). Based on a number of factors, management determined that the Company was the primary beneficiary of Consolidated SLST and met the criteria for consolidation and, accordingly, has consolidated the securitization, including its 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 Consolidated SLST, which requires that changes in valuations be reflected on the 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 related securitization trust is considered a qualifying CFE, the Company determines the fair value of the residential mortgage loans held in Consolidated SLST based on the fair value of its residential collateralized debt obligations and its retained interests from the securitization (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 seasoned re-performing and non-performing residential mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on the seasoned re-performing and non-performing residential mortgage loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business. Investments 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 or residential real estate assets or loans 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 on the accompanying consolidated statements of operations (see Note 7 ). Preferred Equity and Mezzanine Loan Investments – The Company invests in preferred equity in, 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. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investments utilizing the guidance provided by the Acquisition, Development and Construction Arrangements Subsection of ASC 310, Receivables . 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 and 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. Management evaluates the collectability 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

Investment Securities Available

Investment Securities Available For Sale	12 Months Ended
	Dec. 31, 2019
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 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Agency RMBS: Agency ARMs (1) $ 55,740 $ 13 $ (1,347 ) $ 54,406 $ 73,949 $ 8 $ (2,563 ) $ 71,394 Agency Fixed-Rate 867,236 7,397 (6,162 ) 868,471 1,002,057 — (35,721 ) 966,336 Total Agency RMBS (2) 922,976 7,410 (7,509 ) 922,877 1,076,006 8 (38,284 ) 1,037,730 Agency CMBS (2) 51,334 19 (395 ) 50,958 — — — — Total Agency 974,310 7,429 (7,904 ) 973,835 1,076,006 8 (38,284 ) 1,037,730 Non-Agency RMBS (2) 701,583 14,992 (1,261 ) 715,314 215,337 166 (1,466 ) 214,037 CMBS (2)(3) 254,620 13,300 (143 ) 267,777 243,046 17,815 (376 ) 260,485 ABS (2) 49,902 — (688 ) 49,214 — — — — Total investment securities available for sale $ 1,980,415 $ 35,721 $ (9,996 ) $ 2,006,140 $ 1,534,389 $ 17,989 $ (40,126 ) $ 1,512,252 (1) For the Company’s Agency ARMs with stated reset periods, the weighted average reset period is 26 months and 31 months as of December 31, 2019 and 2018 , respectively. (2) As of December 31, 2019 , certain of the Company’s investment securities available for sale are presented at fair value with unrealized gains and losses recognized in unrealized gains (losses), net on the Company’s consolidated statements of operations as a result of a fair value election pursuant to ASC 825. This includes Agency RMBS with a fair value of $21.0 million and net unrealized losses of $0.1 million , Agency CMBS with a fair value of $30.7 million and net unrealized losses of $0.4 million , non-Agency RMBS with a fair value of $123.8 million and net unrealized gains of $1.2 million , CMBS with a fair value of $20.6 million and net unrealized gains of $0.5 million , and ABS with a fair value of $49.2 million and net unrealized losses of $0.7 million . (3) Included in CMBS is $52.7 million of first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018 . Realized Gain or Loss Activity During the year ended December 31, 2019 , the Company received total proceeds of approximately $98.0 million from the sale of investment securities available for sale, realizing a net gain of approximately $21.8 million . During the year ended December 31, 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 year ended December 31, 2017 , the Company received total proceeds of approximately $107.1 million from the sale of investment securities available for sale, realizing a net loss of approximately $0.1 million . Weighted Average Life Actual maturities of our available for sale securities are generally shorter than stated contractual maturities (with maturities up to 40 years ), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of December 31, 2019 and 2018 , based on management’s estimates, the weighted average life of the Company’s available for sale securities portfolio was approximately 5.0 years and 5.7 years , respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Weighted Average Life December 31, 2019 December 31, 2018 0 to 5 years $ 1,359,894 $ 456,947 Over 5 to 10 years 521,517 1,043,369 10+ years 124,729 11,936 Total $ 2,006,140 $ 1,512,252 Unrealized Losses in Other Comprehensive Income 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 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 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 $ — $ — $ 222,286 $ (7,454 ) $ 222,286 $ (7,454 ) Non-Agency RMBS — — 104 (13 ) 104 (13 ) CMBS 25,507 (124 ) — — 25,507 (124 ) Total $ 25,507 $ (124 ) $ 222,390 $ (7,467 ) $ 247,897 $ (7,591 ) December 31, 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 $ 310,783 $ (8,037 ) $ 726,028 $ (30,247 ) $ 1,036,811 $ (38,284 ) Non-Agency RMBS 187,395 (1,451 ) 158 (15 ) 187,553 (1,466 ) CMBS 75,292 (376 ) — — 75,292 (376 ) Total $ 573,470 $ (9,864 ) $ 726,186 $ (30,262 ) $ 1,299,656 $ (40,126 ) At December 31, 2019 and 2018 , the Company did 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 in other comprehensive income on the Company’s Agency RMBS were $7.5 million and $38.3 million as of December 31, 2019 and 2018 , respectively. 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 December 31, 2019 and 2018 , any unrealized losses on its Agency RMBS were temporary. Gross unrealized losses in other comprehensive income on the Company’s non-Agency RMBS were $13.0 thousand and $1.5 million at December 31, 2019 and 2018 , respectively. Gross unrealized losses in other comprehensive income on the Company’s CMBS were $0.1 million and $0.4 million at December 31, 2019 and 2018 , respectively. Credit risk associated with non-Agency RMBS and CMBS is regularly assessed as new information regarding the underlying collateral becomes available and based on updated estimates of cash flows generated by the underlying collateral. Based upon the most recent evaluation, the Company does not consider these unrealized losses to be indicative of other-than-temporary impairment and does not believe that these unrealized losses are credit-related, but are rather a reflection of current market yields and/or marketplace bid-ask spreads. Other than Temporary Impairment For the years ended December 31, 2019 , 2018 and 2017 , the Company did not recognize other-than-temporary impairment through earnings.

Distressed and Other Residentia

Distressed and Other Residential Mortgage Loans, At Fair Value	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Distressed and Other Residential Mortgage Loans, At Fair Value	Distressed and Other Residential Mortgage Loans, At Fair Value Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans, non-QM loans, second mortgages and residential bridge loans, are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of acquisition. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. The Company’s distressed and other residential mortgage loans at fair value consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Principal Premium/(Discount) Unrealized Gains/(Losses) Carrying Value December 31, 2019 $ 1,464,984 $ (81,372 ) $ 46,142 $ 1,429,754 December 31, 2018 788,372 (54,905 ) 4,056 737,523 The following table presents the components of realized gains (losses), net and unrealized gains (losses), net attributable to distressed and other residential mortgage loans at fair value for the years ended December 31, 2019 , 2018 and 2017 respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Net realized gains on payoff and sale of loans $ 9,187 $ 4,606 $ 1,719 Net unrealized gains (losses) 42,087 4,096 (41 ) The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 California 23.9 % 27.9 % Florida 9.4 % 9.0 % New York 8.0 % 5.1 % Texas 5.4 % 4.2 % New Jersey 5.1 % 3.8 % The following table presents the fair value and aggregate unpaid principal balance of the Company’s distressed and other residential mortgage loans at fair value greater than 90 days past due and in non-accrual status as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Fair Value Unpaid Principal Balance December 31, 2019 $ 106,199 $ 122,918 December 31, 2018 60,117 75,167 Additionally, the fair value and aggregate unpaid principal balance of distressed and other residential mortgage loans at fair value held in non-accrual status but less than 90 days past due was approximately $9.3 million and $10.7 million , respectively, as of December 31, 2019 . Distressed and other residential mortgage loans with a fair value of approximately $881.2 million and $626.2 million at December 31, 2019 and 2018 , respectively, are pledged as collateral for master repurchase agreements ( see Note 12 ). Distressed and Other Residential Mortgage Loans, Net Distressed Residential Mortgage Loans, Net As of December 31, 2019 and 2018 , the carrying value of the Company’s distressed residential mortgage loans accounted for under ASC 310-30 amounts to approximately $158.7 million and $228.5 million , respectively. The Company has elected the fair value option for all distressed residential mortgage loans purchased after June 30, 2017 ( see Note 4 ). The following table details activity in accretable yield for the distressed residential mortgage loans, net for the years ended December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Balance at beginning of period $ 195,560 $ 303,949 Additions 1,784 7,972 Disposals (53,624 ) (99,603 ) Accretion (7,015 ) (16,758 ) Balance at end of period (1) $ 136,705 $ 195,560 (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 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 years ended December 31, 2019 and 2018 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, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 North Carolina 10.5 % 9.0 % Florida 10.1 % 10.4 % Georgia 7.0 % 7.2 % South Carolina 5.8 % 5.6 % Texas 5.6 % 4.9 % New York 5.5 % 5.4 % Ohio 5.2 % 5.0 % Virginia 5.2 % 5.3 % The Company had no distressed residential mortgage loans held in securitization trusts pledged as collateral for securitized debt as of December 31, 2019 . The Company’s distressed residential mortgage loans held in securitization trusts with a carrying value of approximately $88.1 million at December 31, 2018 were pledged as collateral for certain of the Securitized Debt issued by the Company ( see Note 9 ). In addition, distressed residential mortgage loans with a carrying value of approximately $80.6 million and $128.1 million at December 31, 2019 and 2018 , respectively, are pledged as collateral for a master repurchase agreement ( see Note 12 ). Residential Mortgage Loans Held in Securitization Trusts, Net Residential mortgage loans held in securitization trusts, net are comprised of certain ARMs transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests. Residential mortgage loans held in securitization trusts, net consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Unpaid principal balance $ 47,237 $ 60,171 Deferred origination costs – net 301 383 Allowance for loan losses (3,508 ) (3,759 ) Total $ 44,030 $ 56,795 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, net for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 3,759 $ 4,191 $ 3,782 Provisions for loan losses 25 166 475 Transfer to real estate owned (167 ) — (6 ) Charge-offs (109 ) (598 ) (60 ) Balance at the end of period $ 3,508 $ 3,759 $ 4,191 On an ongoing basis, the Company evaluates the adequacy of its allowance for loan losses. The Company’s allowance for loan losses at December 31, 2019 was $3.5 million , representing 743 basis points of the outstanding principal balance of residential mortgage loans held in securitization trusts, as compared to 625 basis points as of December 31, 2018 . 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. The Company’s residential mortgage loans held in securitization trusts, net and real estate owned are pledged as collateral for the Residential CDOs issued by the Company. The Company’s net investment in these 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 $4.9 million and $4.8 million as of December 31, 2019 and 2018 , respectively. Delinquency Status of Our Residential Mortgage Loans Held in Securitization Trusts, Net As of December 31, 2019 , we had 18 delinquent loans with an aggregate principal amount outstanding of approximately $10.2 million categorized as residential mortgage loans held in securitization trusts, net, of which $6.7 million , or 66% , 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, net, including real estate owned (REO) through foreclosure, as of December 31, 2019 (dollar amounts in thousands): December 31, 2019 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 2 $ 211 0.44 % 90+ 16 $ 10,010 21.05 % Real estate owned through foreclosure 1 $ 360 0.76 % As of December 31, 2018 , we had 19 delinquent loans with an aggregate principal amount outstanding of approximately $10.9 million categorized as residential mortgage loans held in securitization trusts, net, of which $6.6 million , or 61% , were under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, net as of December 31, 2018 (dollar amounts in thousands): December 31, 2018 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 90+ 19 $ 10,926 18.16 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 New York 36.1 % 33.9 % Massachusetts 17.2 % 20.0 % New Jersey 12.8 % 14.5 % Florida 12.1 % 9.9 % Maryland 5.5 % 5.3 % Schedule IV - Mortgage Loans on Real Estate (dollar amounts in thousands) December 31, 2019 Asset Type Number of Loans Interest Rate Maturity Date Carrying Value Principal Amount of Loans Subject to Delinquent Principal or Interest Distressed and other residential mortgage loans, net First mortgage loans Original loan amount $0 - $99,999 1,355 1.99% - 14.99% 08/25/2007 - 01/10/2060 $ 62,833 $ 12,942 Original loan amount $100,000 - $199,999 577 2.00% - 12.48% 11/19/2011 - 12/01/2059 62,926 13,302 Original loan amount $200,000 - $299,999 139 0.00% - 11.44% 06/01/2029 - 11/01/2059 27,775 7,914 Original loan amount over $299,999 112 2.00% - 9.75% 11/01/2021 - 05/01/2057 49,222 16,477 Residential mortgage loans, at fair value First mortgage loans Original loan amount $0 - $99,999 1,482 1.38% - 13.50% 10/10/2018 - 12/01/2059 84,154 6,901 Original loan amount $100,000 - $199,999 2,769 1.50% - 13.38% 07/01/2018 - 12/01/2059 328,284 29,491 Original loan amount $200,000 - $299,999 1,484 0.25% - 12.00% 01/07/2020 - 11/01/2059 301,835 29,612 Original loan amount over $299,999 1,701 2.00% - 12.00% 01/08/2020 - 02/01/2060 668,673 56,318 Second mortgage loans Original loan amount $0 - $99,999 701 5.75% - 9.00% 12/01/2030 - 11/01/2049 32,827 595 Original loan amount $100,000 - $199,999 74 6.25% - 9.13% 05/01/2032 - 10/01/2049 9,549 — Original loan amount $200,000 - $299,999 18 6.25% - 8.63% 03/01/2046 - 11/01/2049 4,137 — Original loan amount over $299,999 1 6.88% - 6.88% 11/01/2047 - 11/01/2047 295 — Other mortgage loans Residential loans and loans held for sale 14 2.36% - 5.63% 07/01/2027 - 08/01/2046 2,406 413 Residential loans held in securitization trust, at fair value First mortgage loans 8,103 1.38% - 10.50% 02/01/2022 - 12/01/2058 1,328,886 50,741 Multi-family loans held in securitization trusts, at fair value First mortgage loans 828 3.04% - 5.76% 1/1/2020 - 1/1/2034 17,816,746 — $ 20,780,548 $ 224,706 Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate For the year ended December 31, (in thousands) 2019 2018 2017 Beginning balance $ 12,707,625 $ 10,157,126 $ 7,565,459 Additions during period: Purchases 8,762,553 2,983,295 2,987,775 Accretion of purchase discount 11,234 19,940 19,686 Change in realized and unrealized gains (losses) 638,557 4,096 10,214 Deductions during period: Repayments of principal (1,052,812 ) (182,163 ) (175,664 ) Collection of interest (11,429 ) (21,754 ) (26,081 ) Transfer to REO (6,105 ) (7,998 ) (7,228 ) Cost of mortgages sold (213,871 ) (109,000 ) (176,470 ) Provision for loan loss 2,780 (1,235 ) 1,739 Change in realized and unrealized gains (losses) — (85,115 ) (270 ) Amortization of premium (57,984 ) (49,567 ) (42,034 ) Balance at end of period $ 20,780,548 $ 12,707,625 $ 10,157,126

Distressed and Other Resident_2

Distressed and Other Residential Mortgage Loans, Net	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Distressed and Other Residential Mortgage Loans, Net	Distressed and Other Residential Mortgage Loans, At Fair Value Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans, non-QM loans, second mortgages and residential bridge loans, are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of acquisition. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. The Company’s distressed and other residential mortgage loans at fair value consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Principal Premium/(Discount) Unrealized Gains/(Losses) Carrying Value December 31, 2019 $ 1,464,984 $ (81,372 ) $ 46,142 $ 1,429,754 December 31, 2018 788,372 (54,905 ) 4,056 737,523 The following table presents the components of realized gains (losses), net and unrealized gains (losses), net attributable to distressed and other residential mortgage loans at fair value for the years ended December 31, 2019 , 2018 and 2017 respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Net realized gains on payoff and sale of loans $ 9,187 $ 4,606 $ 1,719 Net unrealized gains (losses) 42,087 4,096 (41 ) The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 California 23.9 % 27.9 % Florida 9.4 % 9.0 % New York 8.0 % 5.1 % Texas 5.4 % 4.2 % New Jersey 5.1 % 3.8 % The following table presents the fair value and aggregate unpaid principal balance of the Company’s distressed and other residential mortgage loans at fair value greater than 90 days past due and in non-accrual status as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Fair Value Unpaid Principal Balance December 31, 2019 $ 106,199 $ 122,918 December 31, 2018 60,117 75,167 Additionally, the fair value and aggregate unpaid principal balance of distressed and other residential mortgage loans at fair value held in non-accrual status but less than 90 days past due was approximately $9.3 million and $10.7 million , respectively, as of December 31, 2019 . Distressed and other residential mortgage loans with a fair value of approximately $881.2 million and $626.2 million at December 31, 2019 and 2018 , respectively, are pledged as collateral for master repurchase agreements ( see Note 12 ). Distressed and Other Residential Mortgage Loans, Net Distressed Residential Mortgage Loans, Net As of December 31, 2019 and 2018 , the carrying value of the Company’s distressed residential mortgage loans accounted for under ASC 310-30 amounts to approximately $158.7 million and $228.5 million , respectively. The Company has elected the fair value option for all distressed residential mortgage loans purchased after June 30, 2017 ( see Note 4 ). The following table details activity in accretable yield for the distressed residential mortgage loans, net for the years ended December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Balance at beginning of period $ 195,560 $ 303,949 Additions 1,784 7,972 Disposals (53,624 ) (99,603 ) Accretion (7,015 ) (16,758 ) Balance at end of period (1) $ 136,705 $ 195,560 (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 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 years ended December 31, 2019 and 2018 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, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 North Carolina 10.5 % 9.0 % Florida 10.1 % 10.4 % Georgia 7.0 % 7.2 % South Carolina 5.8 % 5.6 % Texas 5.6 % 4.9 % New York 5.5 % 5.4 % Ohio 5.2 % 5.0 % Virginia 5.2 % 5.3 % The Company had no distressed residential mortgage loans held in securitization trusts pledged as collateral for securitized debt as of December 31, 2019 . The Company’s distressed residential mortgage loans held in securitization trusts with a carrying value of approximately $88.1 million at December 31, 2018 were pledged as collateral for certain of the Securitized Debt issued by the Company ( see Note 9 ). In addition, distressed residential mortgage loans with a carrying value of approximately $80.6 million and $128.1 million at December 31, 2019 and 2018 , respectively, are pledged as collateral for a master repurchase agreement ( see Note 12 ). Residential Mortgage Loans Held in Securitization Trusts, Net Residential mortgage loans held in securitization trusts, net are comprised of certain ARMs transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests. Residential mortgage loans held in securitization trusts, net consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Unpaid principal balance $ 47,237 $ 60,171 Deferred origination costs – net 301 383 Allowance for loan losses (3,508 ) (3,759 ) Total $ 44,030 $ 56,795 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, net for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 3,759 $ 4,191 $ 3,782 Provisions for loan losses 25 166 475 Transfer to real estate owned (167 ) — (6 ) Charge-offs (109 ) (598 ) (60 ) Balance at the end of period $ 3,508 $ 3,759 $ 4,191 On an ongoing basis, the Company evaluates the adequacy of its allowance for loan losses. The Company’s allowance for loan losses at December 31, 2019 was $3.5 million , representing 743 basis points of the outstanding principal balance of residential mortgage loans held in securitization trusts, as compared to 625 basis points as of December 31, 2018 . 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. The Company’s residential mortgage loans held in securitization trusts, net and real estate owned are pledged as collateral for the Residential CDOs issued by the Company. The Company’s net investment in these 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 $4.9 million and $4.8 million as of December 31, 2019 and 2018 , respectively. Delinquency Status of Our Residential Mortgage Loans Held in Securitization Trusts, Net As of December 31, 2019 , we had 18 delinquent loans with an aggregate principal amount outstanding of approximately $10.2 million categorized as residential mortgage loans held in securitization trusts, net, of which $6.7 million , or 66% , 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, net, including real estate owned (REO) through foreclosure, as of December 31, 2019 (dollar amounts in thousands): December 31, 2019 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 2 $ 211 0.44 % 90+ 16 $ 10,010 21.05 % Real estate owned through foreclosure 1 $ 360 0.76 % As of December 31, 2018 , we had 19 delinquent loans with an aggregate principal amount outstanding of approximately $10.9 million categorized as residential mortgage loans held in securitization trusts, net, of which $6.6 million , or 61% , were under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, net as of December 31, 2018 (dollar amounts in thousands): December 31, 2018 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 90+ 19 $ 10,926 18.16 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 New York 36.1 % 33.9 % Massachusetts 17.2 % 20.0 % New Jersey 12.8 % 14.5 % Florida 12.1 % 9.9 % Maryland 5.5 % 5.3 % Schedule IV - Mortgage Loans on Real Estate (dollar amounts in thousands) December 31, 2019 Asset Type Number of Loans Interest Rate Maturity Date Carrying Value Principal Amount of Loans Subject to Delinquent Principal or Interest Distressed and other residential mortgage loans, net First mortgage loans Original loan amount $0 - $99,999 1,355 1.99% - 14.99% 08/25/2007 - 01/10/2060 $ 62,833 $ 12,942 Original loan amount $100,000 - $199,999 577 2.00% - 12.48% 11/19/2011 - 12/01/2059 62,926 13,302 Original loan amount $200,000 - $299,999 139 0.00% - 11.44% 06/01/2029 - 11/01/2059 27,775 7,914 Original loan amount over $299,999 112 2.00% - 9.75% 11/01/2021 - 05/01/2057 49,222 16,477 Residential mortgage loans, at fair value First mortgage loans Original loan amount $0 - $99,999 1,482 1.38% - 13.50% 10/10/2018 - 12/01/2059 84,154 6,901 Original loan amount $100,000 - $199,999 2,769 1.50% - 13.38% 07/01/2018 - 12/01/2059 328,284 29,491 Original loan amount $200,000 - $299,999 1,484 0.25% - 12.00% 01/07/2020 - 11/01/2059 301,835 29,612 Original loan amount over $299,999 1,701 2.00% - 12.00% 01/08/2020 - 02/01/2060 668,673 56,318 Second mortgage loans Original loan amount $0 - $99,999 701 5.75% - 9.00% 12/01/2030 - 11/01/2049 32,827 595 Original loan amount $100,000 - $199,999 74 6.25% - 9.13% 05/01/2032 - 10/01/2049 9,549 — Original loan amount $200,000 - $299,999 18 6.25% - 8.63% 03/01/2046 - 11/01/2049 4,137 — Original loan amount over $299,999 1 6.88% - 6.88% 11/01/2047 - 11/01/2047 295 — Other mortgage loans Residential loans and loans held for sale 14 2.36% - 5.63% 07/01/2027 - 08/01/2046 2,406 413 Residential loans held in securitization trust, at fair value First mortgage loans 8,103 1.38% - 10.50% 02/01/2022 - 12/01/2058 1,328,886 50,741 Multi-family loans held in securitization trusts, at fair value First mortgage loans 828 3.04% - 5.76% 1/1/2020 - 1/1/2034 17,816,746 — $ 20,780,548 $ 224,706 Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate For the year ended December 31, (in thousands) 2019 2018 2017 Beginning balance $ 12,707,625 $ 10,157,126 $ 7,565,459 Additions during period: Purchases 8,762,553 2,983,295 2,987,775 Accretion of purchase discount 11,234 19,940 19,686 Change in realized and unrealized gains (losses) 638,557 4,096 10,214 Deductions during period: Repayments of principal (1,052,812 ) (182,163 ) (175,664 ) Collection of interest (11,429 ) (21,754 ) (26,081 ) Transfer to REO (6,105 ) (7,998 ) (7,228 ) Cost of mortgages sold (213,871 ) (109,000 ) (176,470 ) Provision for loan loss 2,780 (1,235 ) 1,739 Change in realized and unrealized gains (losses) — (85,115 ) (270 ) Amortization of premium (57,984 ) (49,567 ) (42,034 ) Balance at end of period $ 20,780,548 $ 12,707,625 $ 10,157,126

Consolidated K-Series and Conso

Consolidated K-Series and Consolidated SLST	12 Months Ended
	Dec. 31, 2019
Disclosure Text Block Supplement [Abstract]
Consolidated K-Series and Consolidated SLST	Consolidated K-Series and Consolidated SLST Consolidated K-Series The Company owns first loss POs, certain IOs and certain senior and mezzanine securities issued by certain Freddie Mac-sponsored multi-family loan K-series securitizations that comprise the Consolidated K-Series. The Consolidated K-Series is comprised of fourteen and nine Freddie Mac-sponsored multi-family loan K-Series securitizations as of December 31, 2019 and 2018 , respectively, that we consolidate in our financial statements in accordance with GAAP. 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 consolidated statements of operations. Our investment in the Consolidated K-Series is limited to the multi-family CMBS that we own with an aggregate net carrying value of $1.1 billion and $657.6 million at December 31, 2019 and 2018 , respectively ( see Note 9 ). The condensed consolidated balance sheets of the Consolidated K-Series at December 31, 2019 and 2018 , respectively, are as follows (dollar amounts in thousands): Balance Sheets December 31, 2019 December 31, 2018 Assets Multi-family loans held in securitization trusts, at fair value $ 17,816,746 $ 11,679,847 Receivables (1) 59,417 41,850 Total Assets $ 17,876,163 $ 11,721,697 Liabilities and Equity Multi-family CDOs, at fair value $ 16,724,451 $ 11,022,248 Accrued expenses 57,873 41,102 Total Liabilities 16,782,324 11,063,350 Equity 1,093,839 658,347 Total Liabilities and Equity $ 17,876,163 $ 11,721,697 (1) Included in receivables and other assets on the accompanying consolidated balance sheets. The multi-family loans held in securitization trusts had unpaid aggregate principal balances of approximately $16.8 billion and $11.5 billion at December 31, 2019 and 2018 , respectively. The Multi-Family CDOs had aggregate unpaid principal balances of approximately $16.8 billion and $11.5 billion at December 31, 2019 and 2018 , respectively. As of December 31, 2019 and 2018 , the current weighted average interest rate on these Multi-Family CDOs was 3.85% and 3.96% , 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 the first loss POs, IOs and certain senior and mezzanine securities owned by the Company). 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 15 ). The condensed consolidated statements of operations of the Consolidated K-Series for the years ended December 31, 2019 , 2018 , and 2017 , respectively, are as follows (dollar amounts in thousands): Years Ended December 31, Statements of Operations 2019 2018 2017 Interest income $ 535,226 $ 358,712 $ 297,124 Interest expense 457,130 313,102 261,665 Net interest income 78,096 45,610 35,459 Unrealized gains, net 23,962 37,581 18,872 Net income $ 102,058 $ 83,191 $ 54,331 The geographic concentrations of credit risk exceeding 5% of the total loan balances related to multi-family loans held in securitization trusts as of December 31, 2019 and multi-family loans held in securitization trusts and first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018 are as follows: December 31, 2019 December 31, 2018 California 15.9 % 14.8 % Texas 12.4 % 13.0 % Florida 6.2 % 4.5 % Maryland 5.8 % 5.0 % Consolidated SLST In the fourth quarter of 2019, the Company invested in first loss subordinated securities and certain IOs and senior securities issued by a Freddie Mac-sponsored residential mortgage loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential mortgage loans held in the securitization and the SLST CDOs issued to permanently finance these residential mortgage loans, which we refer to as Consolidated SLST. The Company has elected the fair value option on the assets and liabilities held within Consolidated SLST, which requires that changes in valuations in the assets and liabilities of Consolidated SLST be reflected in the Company’s consolidated statements of operations. Our investment in Consolidated SLST is limited to the securities that we own with an aggregate net carrying value of $276.8 million at December 31, 2019 ( see Note 9 ). The condensed consolidated balance sheet of Consolidated SLST at December 31, 2019 is as follows (dollar amounts in thousands): Balance Sheet December 31, 2019 Assets Residential mortgage loans held in securitization trust, at fair value $ 1,328,886 Receivables (1) 5,244 Total Assets $ 1,334,130 Liabilities and Equity Residential collateralized debt obligations, at fair value $ 1,052,829 Accrued expenses 2,643 Total Liabilities 1,055,472 Equity 278,658 Total Liabilities and Equity $ 1,334,130 (1) Included in receivables and other assets on the accompanying consolidated balance sheets. The residential mortgage loans held in securitization trust at fair value had aggregate unpaid principal balances of approximately $1.3 billion at December 31, 2019 . The SLST CDOs had aggregate unpaid principal balances of approximately $1.3 billion at December 31, 2019 . As of December 31, 2019 , the current weighted average interest rate on the SLST CDOs was 3.53% . The Company does not have any claims to the assets or obligations for the liabilities of Consolidated SLST (other than those securities represented by the first loss subordinated securities, IOs and senior securities owned by the Company). We have elected the fair value option for Consolidated SLST. The net fair value of our investment in Consolidated SLST, which represents the difference between the carrying values of residential mortgage loans held in securitization trust less the carrying value of SLST CDOs, approximates the fair value of our underlying securities ( see Note 15 ). The condensed consolidated statement of operations of Consolidated SLST for the year ended December 31, 2019 , is as follows (dollar amounts in thousands): Statement of Operations December 31, 2019 Interest income (1) $ 4,764 Interest expense (2) 2,945 Net interest income 1,819 Unrealized losses, net (83 ) Net income $ 1,736 (1) Included in the Company’s accompanying consolidated statements of operations in interest income, distressed and other residential mortgage loans. (2) Included in the Company’s accompanying consolidated statements of operations in interest expense, residential collateralized debt obligations. The geographic concentrations of credit risk exceeding 5% of the total loan balances related to residential mortgage loans held in securitization trust at fair value as of December 31, 2019 are as follows: December 31, 2019 California 11.0 % Florida 10.6 % New York 9.1 % New Jersey 6.9 % Illinois 6.6 %

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	estments in Unconsolidated Entities The Company’s investments in unconsolidated entities accounted for under the equity method are comprised of preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment and consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 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% $ 10,108 45% $ 8,948 Somerset Deerfield Investor, LLC 45% 17,417 45% 16,266 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 4,878 43% 4,714 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 10,998 57% 10,544 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 6,847 — — Walnut Creek Properties Holdings, L.L.C. 36% 8,288 — — Towers Property Holdings, LLC 37% 11,278 — — Mansions Property Holdings, LLC 34% 10,867 — — Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,062 — — Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 9,396 — — Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 53% 11,944 — — Total - Equity Method $ 106,083 $ 40,472 The Company’s investments in unconsolidated entities accounted for under the equity method using the fair value option consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Investment Name Ownership Interest Carrying Amount Ownership Interest Carrying Amount Joint venture equity investments in multi-family properties The Preserve at Port Royal Venture, LLC 77% $ 18,310 77% $ 13,840 Evergreens JV Holdings, LLC (1) — — 85% 8,200 Equity investments in entities that invest in residential properties and loans Morrocroft Neighborhood Stabilization Fund II, LP 11% 11,796 11% 10,954 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) 49% 53,776 — — Total - Fair Value Option $ 83,882 $ 32,994 (1) The Company’s equity investment was redeemed during the year ended December 31, 2019 . The following table presents income from investments in unconsolidated entities accounted for under the equity method for the years ended December 31, 2019 , 2018 , and 2017 , respectively (dollar amounts in thousands): For the Years Ended December 31, Investment Name 2019 2018 2017 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) $ 1,167 $ 1,050 $ 996 Somerset Deerfield Investor, LLC 1,992 251 — RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 539 76 — Audubon Mezzanine Holdings, L.L.C. (Series A) 1,224 59 — EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 741 — — Walnut Creek Properties Holdings, L.L.C. 803 — — Towers Property Holdings, LLC 638 — — Mansions Property Holdings, LLC 615 — — Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 188 — — Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 367 — — Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 267 — — Autumnwood Investments LLC (1) — — 265 200 RHC Hoover, LLC (2) — — 275 (1) Includes income recognized from redemption of the Company’s investment during the year ended December 31, 2017 . (2) On March 31, 2017, the Company reconsidered its evaluation of its variable interest in Riverchase Landing and determined that it became the primary beneficiary of Riverchase Landing. Accordingly, on this date, the Company consolidated Riverchase Landing into its consolidated financial statements ( see Note 9 ). The following table presents income from investments in unconsolidated entities accounted for under the equity method using the fair value option for the years ended December 31, 2019 , 2018 , and 2017 , respectively (dollar amounts in thousands): For the Years Ended December 31, Investment Name 2019 2018 2017 Joint venture equity investments in multi-family properties Evergreens JV Holdings, LLC (1) $ 5,107 $ 4,312 $ 571 The Preserve at Port Royal Venture, LLC 5,374 1,778 1,729 WR Savannah Holdings, LLC (1) — 1,854 1,386 Bent Tree JV Holdings, LLC (1) — — 1,795 Summerchase LR Partners LLC (1) — — 569 Lake Mary Realty Partners, LLC (1) — — 2,745 Equity investments in entities that invest in residential properties and loans Morrocroft Neighborhood Stabilization Fund II, LP 843 1,131 1,591 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) 3,776 — — (1) Includes income recognized from redemption of the Company’s investment. Summary combined financial information for the Company’s investments in unconsolidated entities as of December 31, 2019 and 2018 , respectively, and for the years ended December 31, 2019 , 2018 , and 2017 , respectively, is shown below (dollar amounts in thousands): December 31, 2019 December 31, 2018 Balance Sheets: Real estate, net $ 829,935 $ 479,862 Distressed and other residential mortgage loans, at fair value 266,739 — Other assets 126,491 37,679 Total assets $ 1,223,165 $ 517,541 Notes payable, net $ 610,636 $ 381,196 Securitized debt 233,765 — Other liabilities 23,387 10,546 Total liabilities 867,788 391,742 Members' equity 355,377 125,799 Total liabilities and members' equity $ 1,223,165 $ 517,541 For the Years Ended December 31, 2019 2018 2017 Operating Statements: (1) Rental revenues $ 63,265 $ 37,921 $ 37,196 Real estate sales 42,350 49,750 92,900 Cost of real estate sales (25,534 ) (37,452 ) (55,544 ) Interest income 9,214 — — Realized and unrealized gains, net 10,452 — — Other income 4,697 1,719 2,906 Operating expenses (42,383 ) (20,599 ) (21,375 ) Income before debt service, acquisition costs, and depreciation and amortization 62,061 31,339 56,083 Interest expense (28,340 ) (16,456 ) (16,704 ) Acquisition costs — (183 ) (432 ) Depreciation and amortization (45,548 ) (15,176 ) (13,659 ) Net (loss) income $ (11,827 ) $ (476 ) $ 25,288 (1) The Company records income (loss) from investments in unconsolidated entities under either the equity method of accounting or the fair value option. Accordingly, the combined net (loss) income shown above is not indicative of the income recognized by the Company from investments in unconsolidated entities.

Preferred Equity and Mezzanine

Preferred Equity and Mezzanine Loan Investments	12 Months Ended
	Dec. 31, 2019
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 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Investment amount $ 181,409 $ 166,789 Deferred loan fees, net (1,364 ) (1,234 ) Total $ 180,045 $ 165,555 There were no delinquent preferred equity or mezzanine loan investments as of December 31, 2019 and 2018 . The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 Tennessee 12.3 % 6.8 % Florida 12.0 % 11.3 % Georgia 11.8 % 15.3 % Texas 10.6 % 16.6 % Alabama 10.0 % 8.6 % Virginia 8.4 % 9.1 % South Carolina 6.3 % 9.5 % New Jersey 5.0 % 2.6 %

Use of Special Purpose Entities

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)	Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) 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 re-securitization or 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. As of December 31, 2019 , the Company evaluated its residential mortgage loan securitizations and concluded that the entities created to facilitate each of the financing transactions are VIEs and that the Company is the primary beneficiary of these VIEs. Accordingly, the Company continues to consolidate the Residential CDOs issued by its residential mortgage loan securitizations as of December 31, 2019 . As of December 31, 2018, the Company evaluated the following re-securitization and financing transactions: 1) its residential mortgage loan securitizations; 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 were VIEs and that the Company was the primary beneficiary of these VIEs. Accordingly, the Company consolidated the Financing VIEs as of December 31, 2018 . On March 14, 2019, the Company exercised its right to an optional redemption of its multi-family CMBS re-securitization with an outstanding principal balance of $33.2 million resulting in a loss on extinguishment of debt of $2.9 million . Additionally, on March 25, 2019, the Company repaid outstanding notes from its April 2016 distressed residential mortgage loan securitization with an outstanding principal balance of $6.5 million . Due to the redemptions, the multi-family CMBS held by the re-securitization trust and the related residential mortgage loans held in securitization trust were returned to the Company. The Company invests in multi-family CMBS consisting of POs that represent the first loss position of the Freddie Mac-sponsored multi-family K-series securitizations from which they were issued, and certain IOs and certain senior and mezzanine CMBS securities issued from those securitizations. 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 fourteen and nine Freddie Mac-sponsored multi-family K-Series securitization trusts are VIEs as of December 31, 2019 and 2018 , respectively, which we refer to as the Consolidated K-Series. 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 consolidated financial statements ( see Notes 2 and 6 ). Of the multi-family CMBS investments owned by the Company that are included in the Consolidated K-Series, fourteen and eight of these investments are not included as collateral to any Financing VIE as of December 31, 2019 and 2018 , respectively. In the fourth quarter of 2019, the Company invested in subordinated securities that represent the first loss position of the Freddie Mac-sponsored residential mortgage loan securitization from which they were issued, and certain IOs and senior securities issued from the securitization. The Company has evaluated its investments in this securitization trust to determine whether it is a VIE and if so, whether the Company is the primary beneficiary requiring consolidation. The Company has determined that the Freddie Mac-sponsored residential mortgage loan securitization trust is a VIE as of December 31, 2019 , which we refer to as Consolidated SLST. The Company also determined that it is the primary beneficiary of the VIE within Consolidated SLST and, accordingly, has consolidated its assets, liabilities, income and expenses, in the accompanying consolidated financial statements ( see Notes 2 and 6 ). The Company’s investments that are included in Consolidated SLST were not included as collateral to any Financing VIE as of December 31, 2019 . In analyzing whether the Company is the primary beneficiary of the Consolidated K-Series, Consolidated SLST, 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. The Company owns 100% of RBDHC. RBDHC owns 50% of KRVI, a limited liability company that owns developed land and residential homes under development in Kiawah Island, SC, for which 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 its wholly-owned subsidiaries, 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 consolidated financial statements with a non-controlling interest for the third-party ownership of KRVI membership interests. In March 2017, the Company reconsidered its evaluation of its variable interests in Riverchase Landing and The Clusters, two VIEs that each owned a multi-family apartment community and in each of 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 and consolidated them in its consolidated financial statements. In March 2018, Riverchase Landing completed the sale of its multi-family apartment community and redeemed the Company’s preferred equity investment. Also, in February 2019, The Clusters completed the sale of its multi-family apartment community and redeemed the Company’s preferred equity investment. The Company de-consolidated Riverchase Landing and The Clusters as of the date of each property’s sale. Prior to the sale of the respective properties, the Company did not have any claims to the assets or obligations for the liabilities of Riverchase Landing and The Clusters (other than the preferred equity investments held by the Company). The following table presents a summary of the assets and liabilities of the Company’s residential mortgage loan securitizations, the Consolidated K-Series, Consolidated SLST, and KRVI of as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIE Other VIEs Residential Mortgage Loan Securitizations Consolidated K-Series Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 107 $ 107 Residential mortgage loans held in securitization trusts, net 44,030 — — — 44,030 Residential mortgage loans held in securitization trust, at fair value — — 1,328,886 — 1,328,886 Multi-family loans held in securitization trusts, at fair value — 17,816,746 — — 17,816,746 Receivables and other assets 1,328 59,417 5,244 14,626 80,615 Total assets $ 45,358 $ 17,876,163 $ 1,334,130 $ 14,733 $ 19,270,384 Residential collateralized debt obligations $ 40,429 $ — $ — $ — $ 40,429 Residential collateralized debt obligations, at fair value — — 1,052,829 — 1,052,829 Multi-family collateralized debt obligations, at fair value — 16,724,451 — — 16,724,451 Accrued expenses and other liabilities 14 57,873 2,643 75 60,605 Total liabilities $ 40,443 $ 16,782,324 $ 1,055,472 $ 75 $ 17,878,314 The following table presents a summary of the assets and liabilities of the Financing VIEs, the Consolidated K-Series, KRVI, and The Clusters as of December 31, 2018 (dollar amounts in thousands): Financing VIEs Other VIEs Multi-family CMBS re-securitization (1) Distressed Residential Mortgage Loan Securitization (2) Residential Mortgage Loan Securitizations Consolidated K-Series (3) Other Total Cash and cash equivalents $ — $ — $ — $ — $ 708 $ 708 Investment securities available for sale, at fair value held in securitization trusts 52,700 — — — — 52,700 Residential mortgage loans held in securitization trusts, net — — 56,795 — — 56,795 Distressed residential mortgage loans held in securitization trusts, net — 88,096 — — — 88,096 Multi-family loans held in securitization trusts, at fair value 1,107,071 — — 10,572,776 — 11,679,847 Real estate held for sale in consolidated variable interest entities — — — — 29,704 29,704 Receivables and other assets 4,243 10,287 1,061 37,679 23,254 76,524 Total assets $ 1,164,014 $ 98,383 $ 57,856 $ 10,610,455 $ 53,666 $ 11,984,374 Residential collateralized debt obligations $ — $ — $ 53,040 $ — $ — $ 53,040 Multi-family collateralized debt obligations, at fair value 1,036,604 — — 9,985,644 — 11,022,248 Securitized debt 30,121 12,214 — — — 42,335 Mortgages and notes payable in consolidated variable interest entities — — — — 31,227 31,227 Accrued expenses and other liabilities 4,228 444 26 37,022 1,166 42,886 Total liabilities $ 1,070,953 $ 12,658 $ 53,066 $ 10,022,666 $ 32,393 $ 11,191,736 (1) The Company classified the multi-family CMBS issued by two securitizations and held by this Financing VIE as available for sale securities. The Financing VIE consolidated one securitization trust included in the Consolidated K-Series 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 6 ). (2) The Company engaged in this transaction for the purpose of financing certain distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of re-performing and, to a lesser extent, non-performing and other delinquent mortgage loans secured by first liens on one- to four- family properties. Balances as of December 31, 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 re-performing seasoned mortgage loans. The Company held 5% of the Class A Notes issued as part of the securitization transaction, which were eliminated in consolidation. (3) Eight of the securitizations included in the Consolidated K-Series were not held in a Financing VIE as of December 31, 2018 . As of December 31, 2019 , the Company had no Securitized Debt outstanding. The following table summarizes the Company’s Securitized Debt collateralized by multi-family CMBS or distressed residential mortgage loans as of December 31, 2018 (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Distressed Residential Mortgage Loan Securitizations Principal Amount at December 31, 2018 $ 33,177 $ 12,381 Carrying Value at December 31, 2018 (2) $ 30,121 $ 12,214 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 remained economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. (2) Presented net of unamortized deferred costs of $0.2 million related to the issuance of the securitized debt, which included underwriting, rating agency, legal, accounting and other fees. The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of December 31, 2018 (dollar amounts in thousands): Scheduled Maturity (principal amount) December 31, 2018 Within 24 months $ 12,381 Over 24 months to 36 months — Over 36 months 33,177 Total 45,558 Discount (2,983 ) Debt issuance cost (240 ) Carrying value $ 42,335 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 consolidated financial statements. The fourth was accounted for as a sale and, accordingly, is not included in the Company’s accompanying consolidated financial statements. Unconsolidated VIEs As of December 31, 2019 , the Company evaluated its investment securities available for sale, preferred equity, mezzanine loan and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of December 31, 2019 , it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. As of December 31, 2018 , the Company evaluated its multi-family CMBS investments in two Freddie Mac-sponsored multi-family loan K-Series securitizations and its investment securities available for sale, preferred equity, mezzanine loan and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of December 31, 2018 , except for The Clusters, 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 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 Investment securities available for sale, at fair value Preferred equity and mezzanine loan investments Investments in unconsolidated entities Total ABS $ 49,214 $ — $ — $ 49,214 Preferred equity investments in multi-family properties — 173,825 106,083 279,908 Mezzanine loans on multi-family properties — 6,220 — 6,220 Equity investments in entities that invest in residential properties and loans — — 65,572 65,572 Total assets $ 49,214 $ 180,045 $ 171,655 $ 400,914 December 31, 2018 Investment securities available for sale, at fair value, held in re-securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investments in unconsolidated entities Total Multi-family CMBS $ 52,700 $ 72 $ — $ — $ 52,772 Preferred equity investments in multi-family properties — — 154,629 40,472 195,101 Mezzanine loans on multi-family properties — — 10,926 — 10,926 Equity investments in entities that invest in residential properties — — — 10,954 10,954 Total assets $ 52,700 $ 72 $ 165,555 $ 51,426 $ 269,753 Our maximum loss exposure on the investment securities available for sale, preferred equity and mezzanine loan investments, and investments in unconsolidated entities is approximately $400.9 million at December 31, 2019 . Our maximum loss exposure on the investment securities available for sale, held in re-securitization trusts, preferred equity and mezzanine loan investments, and investments in unconsolidated entities was approximately $269.8 million at December 31, 2018 . 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	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate Held for Sale in Consolidated VIEs	Real Estate Held for Sale in Consolidated VIEs In March 2017, the Company determined that it became the primary beneficiary of Riverchase Landing and The Clusters, two VIEs that each owned a multi-family apartment community and in each of which the Company held a preferred equity investment. Accordingly, the Company consolidated both Riverchase Landing and The Clusters into its consolidated financial statements ( see Note 9). During the second quarter of 2017, Riverchase Landing determined to actively market its multi-family apartment community for sale and completed the sale in March 2018, recognizing 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 consolidated statements of operations. In connection with the sale, the Company’s preferred equity investment was redeemed, resulting in de-consolidation of 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 and completed the sale in February 2019, recognizing a net gain on sale of approximately $1.6 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 consolidated statements of operations. In connection with the sale, the Company’s preferred equity investment was redeemed, resulting in de-consolidation of The Clusters as of the date of the sale. As of December 31, 2019 , there is no real estate held for sale in consolidated variable interest entities. The following is a summary of the real estate held for sale in consolidated variable interest entities as of December 31, 2018 (dollar amounts in thousands): December 31, 2018 Land $ 2,650 Building and improvements 26,032 Furniture, fixtures and equipment 974 Lease intangible 2,802 Real estate held for sale before accumulated depreciation and amortization 32,458 Accumulated depreciation (1) (418 ) Accumulated amortization of lease intangible (1) (2,336 ) Real estate held for sale in consolidated variable interest entities $ 29,704 (1) There were no depreciation and amortization expenses for the years ended December 31, 2019 and 2018 . Depreciation and amortization expenses for the year ended December 31, 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 during the year ended

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2019
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 “To-Be-Announced,” or 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. Derivatives Not Designated as Hedging Instruments The following table presents the fair value of derivative instruments and their location in our consolidated balance sheets at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Type of Derivative Instrument Balance Sheet Location December 31, 2019 December 31, 2018 Interest rate swaps (1) Derivative assets $ 15,878 $ 10,263 (1) 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 reduction to or increase of the carrying value of the interest rate swap asset or liability on the Company’s consolidated balance sheets. Includes $29.0 million of derivative liabilities netted against a variation margin of $44.8 million at December 31, 2019 . Includes $1.8 million of derivative assets and variation margin of $8.5 million at December 31, 2018 . The tables below summarize the activity of derivative instruments not designated as hedges for the years ended December 31, 2019 and 2018 , respectively (dollar amounts in thousands). Notional Amount For the Year Ended December 31, 2019 Type of Derivative Instrument December 31, 2018 Additions Settlement, Expiration or Exercise December 31, 2019 Interest rate swaps $ 495,500 $ — $ — $ 495,500 Notional Amount For the Year Ended December 31, 2018 Type of Derivative Instrument December 31, 2017 Additions Settlement, Expiration or Exercise December 31, 2018 Interest rate swaps $ 345,500 $ 150,000 $ — $ 495,500 The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments included in the non-interest income category in our consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA $ — $ — $ — $ — $ 2,511 $ (141 ) Eurodollar futures — — — — 1,379 (1,175 ) Interest rate swaps — (30,722 ) — 909 (218 ) 1,231 Swaptions — — — — — 274 U.S. Treasury and interest rate swap futures and options — — — — 267 (337 ) Total $ — $ (30,722 ) $ — $ 909 $ 3,939 $ (148 ) Derivatives Designated as Hedging Instruments As of December 31, 2019 and 2018 , there were no derivative instruments designated as hedging instruments. Certain of the Company’s interest rate swaps outstanding during the year ended December 31, 2017 to hedge the variable cash flows associated with borrowings made under our variable rate borrowings were designated as cash flow hedges. There were no costs incurred at the inception of these interest rate swaps, under which the Company agreed to pay a fixed rate of interest and receive a variable interest rate based on one month LIBOR, on the notional amount of the interest rate swaps. As of October 31, 2017, there were no outstanding derivatives designated as cash flow hedges. The Company documented its risk-management policies, including objectives and strategies, as they related to its hedging activities, and upon entering into hedging transactions, documented the relationship between the hedging instrument and the hedged liability contemporaneously. The Company assessed, both at inception of a hedge and on an on-going basis, whether or not the hedge was “highly effective” when using the matched term basis. The Company discontinued hedge accounting on a prospective basis and recognized changes in the fair value through earnings when: (i) it was determined that the derivative was no longer effective in offsetting cash flows of a hedged item (including forecasted transactions); (ii) it was no longer probable that the forecasted transaction would occur; or (iii) it was determined that designating the derivative as a hedge was no longer appropriate. The Company’s derivative instruments were carried on the Company’s balance sheets at fair value, as assets, if their fair value was positive, or as liabilities, if their fair value was negative. For the Company’s derivative instruments that were designated as “cash flow hedges,” changes in their fair value were recorded in accumulated other comprehensive income (loss), provided that the hedges were effective. A change in fair value for any ineffective amount of the Company’s derivative instruments would have been recognized in earnings. The Company did not recognize any change in the value of its existing derivative instruments designated as cash flow hedges through earnings as a result of ineffectiveness of any of its hedges. The following table presents the impact of the Company’s interest rate swaps designated as hedging instruments on the Company’s accumulated other comprehensive income (loss) for the year ended December 31, 2017 (dollar amounts in thousands): Year Ended December 31, 2017 Accumulated other comprehensive income (loss) for derivative instruments: Balance at beginning of the period $ 102 Unrealized loss on interest rate swaps (102 ) Balance at end of the period $ — The following table details the impact of the Company’s interest rate swaps designated as hedging instruments included in interest income or expense for the year ended December 31, 2017 (dollar amounts in thousands): Year Ended December 31, 2017 Interest Rate Swaps: Interest income-investment securities $ 267 Interest expense-investment securities — Outstanding Derivatives The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 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 % 1.98 % $ 98,000 2.18 % 2.45 % 2027 247,500 2.39 % 1.94 % 247,500 2.39 % 2.53 % 2028 150,000 3.23 % 1.92 % 150,000 3.23 % 2.53 % Total $ 495,500 2.60 % 1.95 % $ 495,500 2.60 % 2.52 %

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Repurchase Agreements	Repurchase Agreements Investment Securities The Company has entered into repurchase agreements with third party financial institutions to finance its investment securities portfolio. These repurchase agreements are short-term borrowings that bear interest rates typically based on a spread to LIBOR and are secured by the investment securities which they finance. The following table presents detailed information about the Company’s borrowings under repurchase agreements secured by investment securities and associated assets pledged as collateral at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 2018 Outstanding Borrowings Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Outstanding Borrowings Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Agency RMBS (1) $ 812,742 $ 865,765 $ 864,428 $ 925,230 $ 978,357 $ 1,014,284 Agency CMBS (2) 133,184 139,317 140,118 — — — Non-Agency RMBS (3) 594,286 797,784 785,952 88,730 117,958 118,414 CMBS (4) 811,890 1,036,513 853,043 529,617 687,876 539,788 Balance at end of the period $ 2,352,102 $ 2,839,379 $ 2,643,541 $ 1,543,577 $ 1,784,191 $ 1,672,486 (1) Includes senior RMBS securities with a fair value amounting to $26.2 million included in Consolidated SLST as of December 31, 2019 . (2) Includes senior CMBS securities with a fair value amounting to $88.4 million included in the Consolidated K-Series as of December 31, 2019 . (3) Includes first loss subordinated RMBS securities with a fair value amounting to $214.8 million included in Consolidated SLST as of December 31, 2019 . (4) Includes first loss PO, IO and mezzanine CMBS securities with a fair value amounting to $848.2 million and $543.0 million included in the Consolidated K-Series as of December 31, 2019 and 2018 , respectively. As of December 31, 2019 and 2018 , the average days to maturity and the weighted average interest rate for repurchase agreements secured by investment securities were 73 days and 62 days , respectively and 2.72% and 3.41% , respectively. The Company’s accrued interest payable on outstanding financing arrangements secured by investment securities at December 31, 2019 and 2018 amounts to $8.8 million and $3.9 million , respectively, and is included in accrued expenses and other liabilities on the Company’s consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Contractual Maturity December 31, 2019 December 31, 2018 Within 30 days $ 449,474 $ 732,051 Over 30 days to 90 days 1,647,683 677,906 Over 90 days 254,945 133,620 Total $ 2,352,102 $ 1,543,577 As of December 31, 2019 , the outstanding balance under our repurchase agreements secured by investment securities was funded at a weighted average advance rate of 85.1% that implies an average haircut of 14.9% . As of December 31, 2019 , the weighted average “haircut” related to our repurchase agreement financing for our Agency RMBS, Agency CMBS, non-Agency RMBS, and CMBS was approximately 5% , 5% , 25% , and 19% , respectively. In the event we are unable to obtain sufficient short-term financing through existing repurchase agreements, 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 December 31, 2019 and 2018 , the Company had financing arrangements with fourteen and eleven counterparties, respectively. As of December 31, 2019 , the Company had no exposure where the amount at risk was in excess of 5% of the Company’s stockholders’ equity. As of December 31, 2018 the Company’s only exposure where the amount at risk was in excess of 5% was to Jefferies & Company, Inc. at 5.04% . As of December 31, 2019 , the Company had assets available to be posted as margin which included liquid assets, such as unrestricted cash and cash equivalents, and unencumbered securities that could be monetized to pay down or collateralize a liability immediately. The Company had $118.8 million in cash and cash equivalents and $535.8 million in unencumbered investment securities to meet additional haircuts or market valuation requirements, which collectively represent 27.8% of our outstanding repurchase agreements secured by investment securities. The following table presents information about the Company’s unencumbered investment securities at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Unencumbered Securities December 31, 2019 December 31, 2018 Agency RMBS $ 83,351 $ 59,372 CMBS 235,199 107,040 Non-Agency RMBS 168,063 96,081 ABS 49,214 — Total $ 535,827 $ 262,493 Distressed and Other Residential Mortgage Loans The Company has master repurchase agreements with third party financial institutions to fund the purchase of distressed and other residential mortgage loans, including both first and second mortgages. The following table presents detailed information about the Company’s borrowings under these repurchase agreements and associated distressed and other residential mortgage loans pledged as collateral at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements Carrying Value of Loans Pledged (1) Weighted Average Rate Weighted Average Months to Maturity December 31, 2019 $ 1,200,000 $ 754,132 $ 961,749 3.67 % 11.20 December 31, 2018 $ 950,000 $ 589,148 $ 754,352 4.67 % 9.24 (1) Includes distressed and other residential mortgage loans at fair value of $881.2 million and $626.2 million and distressed and other residential mortgage loans, net of $80.6 million and $128.1 million at December 31, 2019 and 2018 , respectively. During the terms of the master repurchase agreements, proceeds from the distressed and other 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 distressed and other 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 liquidity, market capitalization, and total stockholders’ equity. The Company is in compliance with such covenants as of February 28, 2020 . The Company expects to roll outstanding borrowings under these master repurchase agreements into new repurchase agreements or other financings prior to or at maturity. Costs related to the establishment of the repurchase agreements which include commitment, 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 consolidated balance sheets in the amount of $0.8 million as of December 31, 2019 and $1.2 million as of December 31, 2018 . 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.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Residential Collateralized Debt Obligations The Company’s Residential CDOs, which are recorded as liabilities on the Company’s consolidated balance sheets, are secured by ARM loans pledged as collateral, which are recorded as assets of the Company. Pledged assets of $44.0 million and $56.8 million are included in distressed and other residential mortgage loans, net in the Company’s consolidated balance sheets as of December 31, 2019 and 2018 , respectively. As of December 31, 2019 and 2018 , the Company had Residential CDOs outstanding of $40.4 million and $53.0 million , respectively. As of December 31, 2019 and 2018 , the current weighted average interest rate on these Residential CDOs was 2.41% and 3.12% , respectively. The Residential CDOs are collateralized by ARM loans with a principal balance of $47.2 million and $60.2 million at December 31, 2019 and 2018 , respectively. The Company retained the owner trust certificates, or residual interest, for three securitizations, and, as of December 31, 2019 and 2018 , had a net investment in the residential securitization trusts of $4.9 million and $4.8 million , respectively. The Residential CDOs are non-recourse debt for which the Company has no obligation. Convertible Notes On January 23, 2017 , the Company issued $138.0 million aggregate principal amount of its Convertible Notes 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% . Costs related to the issuance of the Convertible Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The underwriter’s discount and deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company’s accompanying consolidated balance sheets in the amount of $5.0 million and $7.2 million as of December 31, 2019 and 2018 , respectively. The underwriter’s discount and deferred charges are amortized as an adjustment to interest expense using the effective interest method. 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 year ended December 31, 2019 , none of the Convertible Notes were converted. As of February 28, 2020 , 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 December 31, 2019 and 2018 (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 February 28, 2020 , 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 In March 2017, the Company consolidated both Riverchase Landing and The Clusters into its consolidated financial statements ( see Note 9) . 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. In February 2019, The Clusters completed the sale of its multi-family apartment community and redeemed the Company’s preferred equity investment. The Company de-consolidated The Clusters as of the date of the sale. The Clusters’ real estate investment was subject to a mortgage payable as of December 31, 2018 , and the Company had no obligation for this liability as of December 31, 2018 . The Company also consolidates KRVI into its consolidated financial statements ( see Note 9 ). KRVI’s real estate under development was subject to a note payable as of December 31, 2018 that was paid off on November 20, 2019. As of December 31, 2019 , maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2020 $ — 2021 — 2022 138,000 2023 — 2024 — Thereafter 85,621 Total $ 223,621

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
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 its loan sale agreements. The Company did not repurchase any loans during the three years ended December 31, 2019 . Outstanding Litigation – The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of December 31, 2019 , 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. Leases – As of December 31, 2019 , the Company has entered into multi-year lease agreements for office space accounted for as non-cancelable operating leases. Total property lease expense on these leases for the years ended December 31, 2019 , 2018 , and 2017 amounted to $1.2 million , $0.4 million , and $0.3 million , respectively. The leases are secured by cash deposits in the amount of $0.7 million . As of December 31, 2019 , obligations under non-cancelable operating leases are as follows (dollar amounts in thousands): Year Ending December 31, 2020 $ 1,595 2021 1,710 2022 1,721 2023 1,732 2024 1,548 Thereafter 6,699 Total $ 15,005

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2019
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 – The Company determines the fair value of the investment securities in our portfolio, except the CMBS held in re-securitization trusts, using a third-party pricing service or 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. The Company’s investment securities, except the CMBS held in re-securitization trusts, are valued based upon readily observable market parameters and are classified as Level 2 fair values. The Company’s CMBS held in re-securitization trusts at December 31, 2018 were comprised of first loss POs and certain IOs for which there were not substantially similar securities that traded frequently. The Company classified these securities as Level 3 fair values. Fair value of the Company’s CMBS investments held in re-securitization trusts was based on an internal valuation model that considered expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments were projected losses of certain identified loans within the pool of loans and a discount rate. The discount rate used in determining fair value incorporated default rate, loss severity and current market interest rates. The discount rate ranged from 4.5% to 9.5% as of December 31, 2018 . Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Multi - Family Loans and Residential Mortgage Loans Held in Securitization Trusts, at fair value – Multi-family and residential mortgage loans held in securitization trusts are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of multi-family and residential mortgage loans held in securitization trusts based on the fair value of its Multi-Family CDOs and SLST 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. Residential Mortgage Loans – Certain of the Company’s acquired distressed and other residential mortgage loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for distressed and other residential mortgage loans is determined using valuations obtained from a third party that specializes in providing valuations of residential mortgage loans. The valuation approach depends on whether the residential mortgage loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. The discount rate used in determining fair value for distressed and other residential mortgage loans ranges from 3.8% to 16.1% . d. Derivative Instruments – The Company’s derivative instruments are classified as Level 2 fair values and are measured using valuations reported by the clearing house, CME Clearing, through which these instruments were cleared. The derivatives are presented net of variation margin payments pledged or received. e. Investments in Unconsolidated Entities – Fair value for investments in unconsolidated entities is determined either by a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets and a discount rate or the valuation process for residential mortgage loans as described in c . above. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 in the fair value hierarchy. f. Multi-Family and Residential Collateral Debt Obligations, at fair value – Multi-Family CDOs and SLST CDOs are classified as Level 3 fair values. The fair value of Multi-Family CDOs and SLST 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. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions and comparisons to interest pricing models as well as offerings of like securities by dealers. 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 December 31, 2019 and 2018 , respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale, at fair value: Agency RMBS $ — $ 922,877 $ — $ 922,877 $ — $ 1,037,730 $ — $ 1,037,730 Agency CMBS — 50,958 — 50,958 — — — — Non-Agency RMBS — 715,314 — 715,314 — 214,037 — 214,037 CMBS — 267,777 — 267,777 — 207,785 52,700 260,485 ABS — 49,214 — 49,214 — — — — Multi-family loans held in securitization trusts, at fair value — — 17,816,746 17,816,746 — — 11,679,847 11,679,847 Residential mortgage loans held in securitization trust, at fair value — — 1,328,886 1,328,886 — — — — Distressed and other residential mortgage loans, at fair value — — 1,429,754 1,429,754 — — 737,523 737,523 Derivative Assets: Interest rate swaps (1) — 15,878 — 15,878 — 10,263 — 10,263 Investments in unconsolidated entities — — 83,882 83,882 — — 32,994 32,994 $ — $ 2,022,018 $ 20,659,268 $ 22,681,286 $ — $ 1,469,815 $ 12,503,064 $ 13,972,879 Liabilities carried at fair value Multi-family collateralized debt obligations, at fair value $ — $ — $ 16,724,451 $ 16,724,451 $ — $ — $ 11,022,248 $ 11,022,248 Residential collateralized debt obligations, at fair value — — 1,052,829 1,052,829 — — — — Total $ — $ — $ 17,777,280 $ 17,777,280 $ — $ — $ 11,022,248 $ 11,022,248 (1) 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. Includes derivative liabilities of $29.0 million netted against a variation margin of $44.8 million at December 31, 2019 . Includes derivative assets of $1.8 million and variation margin of $8.5 million at December 31, 2018 . The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2019 , 2018 , and 2017 , respectively (dollar amounts in thousands): Level 3 Assets: Year Ended December 31, 2019 Multi-family loans held in securitization trusts Distressed and other residential mortgage loans Investments in unconsolidated entities CMBS held in re-securitization trusts Residential mortgage loans held in securitization trust Total Balance at beginning of period $ 11,679,847 $ 737,523 $ 32,994 $ 52,700 $ — $ 12,503,064 Total gains/(losses) (realized/unrealized) Included in earnings 533,094 55,459 15,100 17,734 (445 ) 620,942 Included in other comprehensive income (loss) — — — (13,665 ) — (13,665 ) Transfers out (1) — (913 ) — — — (913 ) Contributions — — 50,000 — — 50,000 Paydowns/Distributions (992,912 ) (171,909 ) (14,212 ) — (3,729 ) (1,182,762 ) Charge-off (3,257 ) — — — — (3,257 ) Sales — (19,814 ) — (56,769 ) — (76,583 ) Purchases (2) 6,599,974 829,408 — — 1,333,060 8,762,442 Balance at the end of period $ 17,816,746 $ 1,429,754 $ 83,882 $ — $ 1,328,886 $ 20,659,268 (1) Transfers out of Level 3 assets include the transfer of residential mortgage loans to real estate owned during the year ended December 31, 2019 . (2) During the year ended December 31, 2019 , the Company purchased first loss PO securities, and certain IOs and senior or mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. Also during the year ended December 31, 2019 , the Company purchased first loss subordinated securities, IOs and senior RMBS securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the respective securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2018 Multi-family loans held in securitization trusts Distressed and other residential mortgage loans Investments in unconsolidated entities CMBS held in re-securitization trusts Total Balance at beginning of period $ 9,657,421 $ 87,153 $ 42,823 $ 47,922 $ 9,835,319 Total (losses)/gains (realized/unrealized) Included in earnings (134,298 ) 3,913 9,075 3,980 (117,330 ) Included in other comprehensive income (loss) — — — 798 798 Transfers out (1) — (56 ) — — (56 ) Paydowns/Distributions (137,820 ) (24,064 ) (18,904 ) — (180,788 ) Sales — (18,173 ) — — (18,173 ) Purchases (2) 2,294,544 688,750 — — 2,983,294 Balance at the end of period $ 11,679,847 $ 737,523 $ 32,994 $ 52,700 $ 12,503,064 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned during the year ended December 31, 2018 . (2) During the year ended December 31, 2018 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and included in the Consolidated K-Series. As a result, the Company consolidated assets of these securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2017 Multi-family loans held in securitization trusts Distressed and other residential mortgage loans Investments in unconsolidated entities CMBS held in re-securitization trusts Total Balance at beginning of period $ 6,939,844 $ 17,769 $ 60,332 $ 43,897 $ 7,061,842 Total (losses)/gains (realized/unrealized) Included in earnings (31,784 ) 135 10,385 3,423 (17,841 ) Included in other comprehensive income (loss) — — — 602 602 Contributions — — 2,500 — 2,500 Paydowns/Distributions (137,164 ) (8,479 ) (30,394 ) — (176,037 ) Sales — (7,224 ) — — (7,224 ) Purchases (1) 2,886,525 84,952 — — 2,971,477 Balance at the end of period $ 9,657,421 $ 87,153 $ 42,823 $ 47,922 $ 9,835,319 (1) During the year ended December 31, 2017 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and included in the Consolidated K-Series. As a result, the Company consolidated assets of these securitizations ( see Notes 2 and 6 ). The following tables detail changes in valuation for the Level 3 liabilities for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Level 3 Liabilities: Year Ended December 31, 2019 Multi-Family CDOs SLST CDOs Total Balance at beginning of period $ 11,022,248 $ — $ 11,022,248 Total losses (realized/unrealized) Included in earnings 443,796 27 443,823 Purchases (1) 6,253,739 1,055,720 7,309,459 Paydowns (992,075 ) (2,918 ) (994,993 ) Charge-off (3,257 ) — (3,257 ) Balance at the end of period $ 16,724,451 $ 1,052,829 $ 17,777,280 (1) During the year ended December 31, 2019 , the Company purchased first loss PO securities and certain IOs and senior or mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. Also during the year ended December 31, 2019 , the Company purchased first loss subordinated securities, IOs and senior RMBS securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated liabilities of the respective securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2018 Multi-Family CDOs Balance at beginning of period $ 9,189,459 Total losses (realized/unrealized) Included in earnings (211,738 ) Purchases (1) 2,182,330 Paydowns (137,803 ) Balance at the end of period $ 11,022,248 (1) During the year ended December 31, 2018 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2017 Multi-Family CDOs Balance at beginning of period $ 6,624,896 Total losses (realized/unrealized) Included in earnings (82,650 ) Purchases (1) 2,784,377 Paydowns (137,164 ) Balance at the end of period $ 9,189,459 (1) During the year ended December 31, 2017 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations ( see Notes 2 and 6 ). The following table details the changes in unrealized gains (losses) included in earnings for the years ended December 31, 2019 , 2018 and 2017 , respectively, for our Level 3 assets and liabilities held as of December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Assets Multi-family loans held in securitization trusts, at fair value (1) $ 586,993 $ (85,115 ) $ 10,021 Residential mortgage loans held in securitization trust, at fair value (1) 300 — — Distressed and other residential mortgage loans, at fair value (1) 44,470 4,333 — Investments in unconsolidated entities (2) 5,374 6,091 3,686 Liabilities Multi-family collateralized debt obligations, at fair value (1) $ (563,031 ) $ 122,696 $ 8,851 Residential collateralized debt obligations, at fair value (1) (383 ) — — (1) Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. (2) Presented in other income on the Company’s consolidated statements of operations. The following table presents assets measured at fair value on a non-recurring basis as of December 31, 2019 and 2018 , respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans, net $ — $ — $ 5,256 $ 5,256 $ — $ — $ 5,921 $ 5,921 The following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the years ended December 31, 2019 , 2018 and 2017 , respectively, on the Company’s consolidated statements of operations (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Residential mortgage loans held in securitization trusts – impaired loans, net $ (24 ) $ (165 ) $ (472 ) Real estate owned held in residential securitization trusts — — (6 ) 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 were recorded at net realizable value. Any subsequent adjustment resulted in the reduction in carrying value with the corresponding amount charged to earnings. Net realizable value was 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 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 118,763 $ 118,763 $ 103,724 $ 103,724 Investment securities, available for sale Level 2 or 3 2,006,140 2,006,140 1,512,252 1,512,252 Distressed and other residential mortgage loans, at fair value Level 3 1,429,754 1,429,754 737,523 737,523 Distressed and other residential mortgage loans, net Level 3 202,756 208,471 285,261 289,376 Investments in unconsolidated entities Level 3 189,965 191,359 73,466 73,833 Preferred equity and mezzanine loan investments Level 3 180,045 182,465 165,555 167,739 Multi-family loans held in securitization trusts, at fair value Level 3 17,816,746 17,816,746 11,679,847 11,679,847 Residential mortgage loans held in securitization trust, at fair value Level 3 1,328,886 1,328,886 — — Derivative assets Level 2 15,878 15,878 10,263 10,263 Mortgage loans held for sale, net (1) Level 3 2,406 2,482 3,414 3,584 Mortgage loans held for investment (1) Level 3 — — 1,580 1,580 Financial Liabilities: Repurchase agreements Level 2 3,105,416 3,105,416 2,131,505 2,131,505 Residential collateralized debt obligations Level 3 40,429 38,888 53,040 50,031 Multi-family collateralized debt obligations, at fair value Level 3 16,724,451 16,724,451 11,022,248 11,022,248 Residential collateralized debt obligations, at fair value Level 3 1,052,829 1,052,829 — — Securitized debt Level 3 — — 42,335 45,030 Subordinated debentures Level 3 45,000 41,592 45,000 44,897 Convertible notes Level 2 132,955 140,865 130,762 135,689 (1) Included in receivables and other assets in the accompanying consolidated balance sheets. 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. Distressed and other residential mortgage loans, net and Mortgage loans held for sale, net – The fair value is determined using valuations obtained from a third party that specializes in providing valuations of residential mortgage loans. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. c. 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. d. Repurchase agreements – The fair value of these repurchase agreements approximates cost as they are short term in nature. e. Residential collateralized debt obligations – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations. f. Securitized debt – The fair value of securitized debt was based on discounted cash flows using management’s estimate for market yields at December 31, 2018 . There was no securitized debt outstanding at December 31, 2019 . g. Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields. h. Convertible notes – The fair value is based on quoted prices provided by dealers who make markets in similar financial instruments.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	Stockholders’ Equity (a) Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share, with 20,872,888 shares and 12,000,000 shares issued and outstanding as of December 31, 2019 and 2018 , respectively. As of December 31, 2019 , the Company has issued four series of cumulative redeemable preferred stock (the “Preferred Stock”): 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), 7.875% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”). Each series of the Preferred Stock is senior to the Company’s common stock with respect to dividends and distributions upon liquidation, dissolution or winding up. In October 2019, the Company issued 6,900,000 shares of Series E 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 $166.7 million , after deducting underwriting discounts and offering expenses. On November 27, 2019, the Company classified and designated an additional 3,000,000 shares of the Company’s authorized but unissued preferred stock as Series E Preferred Stock. On March 28, 2019, the Company classified and designated an additional 2,460,000 shares and 2,650,000 shares of the Company’s authorized but unissued preferred stock as Series C Preferred Stock and Series D Preferred Stock, respectively. In October 2017, the Company issued 5,400,000 shares of 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. The following tables summarize the Company’s Preferred Stock issued and outstanding as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,156,087 $ 76,180 $ 78,902 7.750 % June 4, 2018 N/A N/A Series C 6,600,000 4,181,807 101,102 104,545 7.875 % April 22, 2020 N/A N/A Fixed-to-Floating Rate Series D 8,400,000 6,123,495 148,134 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Total 30,900,000 20,872,888 $ 504,765 $ 521,822 December 31, 2018 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,000,000 $ 72,397 $ 75,000 7.750 % June 4, 2018 N/A N/A Series C 4,140,000 3,600,000 86,862 90,000 7.875 % April 22, 2020 N/A N/A Fixed-to-Floating Rate Series D 5,750,000 5,400,000 130,496 135,000 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Total 15,890,000 12,000,000 $ 289,755 $ 300,000 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively). (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in (4) below. (4) On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference. For each series of Preferred Stock, on or after the respective redemption date disclosed, the Company may, at its option, redeem the respective series of Preferred Stock 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 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. The 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 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 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 any series of the Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of Preferred Stock whose terms are being changed. The 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 Preferred Stock will have the right (unless the Company has exercised its right to redeem the Preferred Stock) to convert some or all of the Preferred Stock held by such holder into a number of shares of our common stock per share of the applicable series of 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. (b) Dividends on Preferred Stock From the time of original issuance of the Preferred Stock through December 31, 2019 , the Company has declared and paid all required quarterly dividends on such series of stock. The following table presents the relevant information with respect to quarterly cash dividends declared on the Series B Preferred Stock and Series C Preferred Stock commencing January 1, 2017 through December 31, 2019 and on each of the Series D Preferred Stock and Series E Preferred Stock from its respective time of original issuance through December 31, 2019 : Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock December 10, 2019 January 1, 2020 January 15, 2020 $ 0.484375 $ 0.4921875 $ 0.50 $ 0.47578 (2) September 9, 2019 October 1, 2019 October 15, 2019 0.484375 0.4921875 0.50 — June 14, 2019 July 1, 2019 July 15, 2019 0.484375 0.4921875 0.50 — March 19, 2019 April 1, 2019 April 15, 2019 0.484375 0.4921875 0.50 — December 4, 2018 January 1, 2019 January 15, 2019 0.484375 0.4921875 0.50 — 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 0.51 (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. (2) Cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020. (c) 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 December 31, 2019 : Period Declaration Date Record Date Payment Date Cash Dividend Per Share Fourth Quarter 2019 December 10, 2019 December 20, 2019 January 27, 2020 $ 0.20 Third Quarter 2019 September 9, 2019 September 19, 2019 October 25, 2019 0.20 Second Quarter 2019 June 14, 2019 June 24, 2019 July 25, 2019 0.20 First Quarter 2019 March 19, 2019 March 29, 2019 April 25, 2019 0.20 Fourth Quarter 2018 December 4, 2018 December 14, 2018 January 25, 2019 0.20 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 During 2019 , dividends for our common stock were $0.80 per share. For tax reporting purposes, the 2019 dividends were classified as ordinary income, capital gain distribution and return of capital in the amounts of $0.42 , $0.13 and $0.25 , respectively, per share. During 2018 , dividends for our common stock were $0.80 per share. For tax reporting purposes, the 2018 dividends were classified as ordinary income, capital gain distribution and return of capital in the amounts of $0.37 , $0.12 and $0.31 , respectively, per share. During 2017 , dividends for our common stock were $0.80 per share. For tax reporting purposes, the 2017 dividends were classified as ordinary income, capital gain distribution and return of capital in the amounts of $0.46 , $0.17 and $0.17 , respectively, per share. (d) Public Offering of Common Stock The following table details the Company's public offerings of common stock during the three years ended December 31, 2019 (dollar amounts in thousands): Share Issue Month Shares Issued Net Proceeds (1) November 2019 28,750,000 $ 172,150 September 2019 28,750,000 173,093 July 2019 23,000,000 137,500 May 2019 20,700,000 123,102 March 2019 17,250,000 101,160 January 2019 14,490,000 83,772 November 2018 14,375,000 85,261 August 2018 14,375,000 85,980 (1) Proceeds are net of underwriting discounts and commissions and offering expenses (e) Equity Distribution Agreements On August 10, 2017, the Company entered into an equity distribution agreement (the “Common 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 Common 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 Common Equity Distribution Agreement and may at any time suspend solicitations and offers under the Common Equity Distribution Agreement. During the year ended December 31, 2019 , the Company issued 2,260,200 shares of its common stock under the Common Equity Distribution Agreement, at an average price of $6.12 per share, resulting in total net proceeds to the Company of $13.6 million . During the year ended December 31, 2018 , the Company issued 14,588,631 shares of its common stock under the Common 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 . As of December 31, 2019 , approximately $72.5 million of common stock remains available for issuance under the Common Equity Distribution Agreement. On March 29, 2019, the Company entered into an equity distribution agreement (the “Preferred Equity Distribution Agreement”) with JonesTrading Institutional Services LLC, as sales agent, pursuant to which the Company may offer and sell shares of the Company's Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, having a maximum aggregate gross sales price of up to $50.0 million , from time to time through the sales agent. On November 27, 2019, the Company entered into an amendment to the Preferred Equity Distribution Agreement that increased the maximum aggregate sales price to $131.5 million . The amendment also provided for the inclusion of sales of the Company’s Series E Preferred Stock. The Company has no obligation to sell any of the shares of Preferred Stock issuable under the Preferred Equity Distribution Agreement and may at any time suspend solicitations and offers under the Preferred Equity Distribution Agreement. During the year ended December 31, 2019 , the Company issued 1,972,888 shares of Preferred Stock under the Preferred Equity Distribution Agreement, at an average price of $24.88 per share, resulting in total net proceeds to the Company of $48.4 million . As of December 31, 2019 , approximately $82.4 million

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
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 stock units, and the number of incremental shares that are to be added to the weighted-average number of shares outstanding. During the years ended December 31, 2019 , 2018 and 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 years ended December 31, 2019 and 2018 , PSUs awarded under the 2017 Plan were 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. There were no dilutive PSU awards during the year ended December 31, 2017 . 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): Year Ended December 31, 2019 2018 2017 Basic Earnings per Common Share Net income attributable to Company $ 173,736 $ 102,886 $ 91,980 Less: Preferred stock dividends (28,901 ) (23,700 ) (15,660 ) Net income attributable to Company’s common stockholders $ 144,835 $ 79,186 $ 76,320 Basic weighted average common shares outstanding 221,380 127,243 111,836 Basic Earnings per Common Share $ 0.65 $ 0.62 $ 0.68 Diluted Earnings per Common Share: Net income attributable to Company $ 173,736 $ 102,886 $ 91,980 Less: Preferred stock dividends (28,901 ) (23,700 ) (15,660 ) Add back: Interest expense on convertible notes for the period, net of tax 10,662 10,475 9,158 Net income attributable to Company’s common stockholders $ 155,497 $ 89,661 $ 85,478 Weighted average common shares outstanding 221,380 127,243 111,836 Net effect of assumed convertible notes conversion to common shares 19,695 19,695 18,507 Net effect of assumed PSUs vested 1,521 512 — Diluted weighted average common shares outstanding $ 242,596 $ 147,450 $ 130,343 Diluted Earnings per Common Share $ 0.64 $ 0.61 $ 0.66

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [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”). In June 2019, the Company’s stockholders approved an amendment to the 2017 Plan to increase the shares reserved under the 2017 Plan by 7,600,000 shares of common stock. 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 December 31, 2019 , there are 81,837 common 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 13,170,000 . Of the common stock authorized at December 31, 2019 , 9,053,166 shares remain available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 228,750 shares under the 2017 Plan as of December 31, 2019 . The Company’s employees have been issued 827,126 shares of restricted stock under the 2017 Plan as of December 31, 2019 . At December 31, 2019 , there were 755,286 shares of non-vested restricted stock outstanding and 3,060,958 common shares reserved for issuance in connection with PSUs under the 2017 Plan. Of the common stock authorized at December 31, 2018 , 3,865,174 shares were reserved for issuance under the 2017 Plan. The Company’s non-employee directors had been issued 131,975 shares under the 2017 Plan as of December 31, 2018 . The Company’s employees had been issued 292,459 shares of restricted stock under the 2017 Plan as of December 31, 2018 . At December 31, 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 years ended December 31, 2019 , 2018 and 2017 , the Company recognized non-cash compensation expense on its restricted common stock awards of $2.2 million , $1.3 million and $1.8 million , respectively. Dividends are paid on all restricted stock issued, whether those shares have vested or not. In general, non-vested restricted stock is forfeited upon the recipient’s termination of employment. There were forfeitures of 1,575 shares of restricted stock for the year ended December 31, 2019 , forfeitures of 5,120 shares for the year ended December 31, 2018 and no forfeitures for the year ended December 31, 2017 . A summary of the activity of the Company’s non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the years ended December 31, 2019 , 2018 and 2017 , respectively, is presented below: 2019 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) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 507,536 $ 5.91 422,928 $ 6.36 319,058 $ 6.40 Granted 536,242 6.30 289,792 5.63 332,921 6.54 Vested (205,080 ) 5.85 (200,064 ) 6.55 (229,051 ) 6.67 Forfeited (1,575 ) 6.35 (5,120 ) 6.25 — — Non-vested shares as of December 31 837,123 $ 6.18 507,536 $ 5.91 422,928 $ 6.36 Restricted stock granted during the period 536,242 $ 6.30 289,792 $ 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 December 31, 2019 and 2018 , the Company had unrecognized compensation expense of $3.1 million and $1.9 million , respectively, related to the non-vested shares of restricted common stock under the 2010 Plan and 2017 Plan, collectively. The unrecognized compensation expense at December 31, 2019 is expected to be recognized over a weighted average period of 1.9 years . The total fair value of restricted shares vested during the years ended December 31, 2019 , 2018 and 2017 was $1.3 million , $1.1 million and $1.5 million , respectively. The requisite service period for restricted stock awards at issuance is three years and the restricted common stock either vests ratably over a three year period or at the end of the requisite service period. (b) Performance Stock Units During the years ended December 31, 2019 and 2018 , the Compensation Committee and the Board of Directors approved the grant of PSUs. Each PSU represents an unfunded promise to receive one share of the Company’s common stock once the performance condition has been satisfied. 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. 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 the 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 the 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 the 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. 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 2019 and 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. A summary of the activity of the target PSU Awards under the 2017 Plan for the years ended December 31, 2019 and 2018 , respectively, is presented below: 2019 2018 Number of Non-vested Target Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Target Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs at January 1 842,792 $ 4.20 — $ — Granted 1,175,726 4.01 842,792 4.20 Vested — — — — Non-vested target PSUs as of December 31 2,018,518 $ 4.09 842,792 $ 4.20 (1) 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 . As of December 31, 2019 and 2018 , there was $4.5 million and $2.6 million of unrecognized compensation cost related to the non-vested portion of the PSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the PSUs at December 31, 2019 is expected to be recognized over a weighted average period of 1.7 years . Compensation expense related to the PSUs was $2.9 million and $0.9 million for the years ended December 31, 2019 and 2018

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the years ended December 31, 2019 , 2018 and 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 years ended December 31, 2019 , 2018 and 2017 is comprised of the following components (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Current income tax (benefit) expense Federal $ (65 ) $ (273 ) $ 1,243 State 43 (7 ) 2,130 Total current income tax (benefit) expense (22 ) (280 ) 3,373 Deferred income tax (benefit) expense Federal (245 ) (480 ) (25 ) State (152 ) (297 ) 7 Total deferred income tax benefit (397 ) (777 ) (18 ) Total (benefit) provision $ (419 ) $ (1,057 ) $ 3,355 The Company’s estimated taxable income differs from the statutory U.S. federal rate as a result of state and local taxes, non-taxable REIT income, valuation allowance and other differences. A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2019 , 2018 and 2017 , respectively, are as follows (dollar amounts in thousands). December 31, 2019 2018 2017 Provision at statutory rate $ 36,397 21.0 % $ 21,384 21.0 % $ 33,367 35.0 % Non-taxable REIT income (37,199 ) (21.5 ) (23,720 ) (23.3 ) (29,857 ) (31.3 ) State and local tax provision (benefit) 43 — (7 ) — 2,130 2.2 Other (620 ) (0.4 ) (2,601 ) (2.6 ) 1,511 1.6 Valuation allowance 960 0.6 3,887 3.8 (3,796 ) (4.0 ) Total (benefit) provision $ (419 ) (0.3 )% $ (1,057 ) (1.1 )% $ 3,355 3.5 % Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2019 and 2018 , respectively, are as follows (dollar amounts in thousands): December 31, 2019 December 31, 2018 Deferred tax assets Net operating loss carryforward $ 3,975 $ 2,416 Capital loss carryover 739 739 GAAP/Tax basis differences 3,699 3,903 Total deferred tax assets (1) 8,413 7,058 Deferred tax liabilities Deferred tax liabilities 5 6 Total deferred tax liabilities (2) 5 6 Valuation allowance (1) (7,029 ) (6,069 ) Total net deferred tax asset $ 1,379 $ 983 (1) Included in receivables and other assets in the accompanying consolidated balance sheets. (2) Included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2019 , the Company, through wholly owned TRSs, had incurred net operating losses in the aggregate amount of approximately $11.7 million . The Company’s carryforward net operating losses of approximately $10.8 million can be carried forward indefinitely until they are offset by future taxable income. The remaining $0.9 million of net operating losses will expire between 2036 and 2037 if they are not offset by future taxable income. Additionally, as of December 31, 2019 , the Company, through one of its wholly-owned TRSs, had also incurred approximately $2.2 million in capital losses. The Company’s carryforward capital losses will expire between 2023 and 2024 if they are not offset by future capital gains. As of December 31, 2019 , 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 change in the valuation for the current year is approximately $1.0 million . We will continue to monitor positive and negative evidence related to the utilization of the remaining deferred tax assets for which a valuation allowance continues to be provided. 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.

Quarterly Financial Data (unaud

Quarterly Financial Data (unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (unaudited)	Quarterly Financial Data (unaudited) The following table is a comparative breakdown of our unaudited quarterly results for the immediately preceding eight quarters (amounts in thousands, except per share data): Three Months Ended Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Interest income $ 147,982 $ 167,258 $ 179,602 $ 199,772 Interest expense 121,779 141,567 147,631 155,773 Net interest income 26,203 25,691 31,971 43,999 Non-interest income: Recovery of loan losses 1,065 1,296 244 175 Realized gains (losses), net 22,006 4,448 6,102 86 Unrealized gains (losses), net 2,708 77 11,112 21,940 Loss on extinguishment of debt (2,857 ) — — — Income from real estate held for sale in consolidated variable interest entities 215 — — — Other income 7,728 2,740 3,938 11,425 Total non-interest income 30,865 8,561 21,396 33,626 General, administrative and operating expenses 12,644 12,394 12,288 12,509 Income from operations before income taxes 44,424 21,858 41,079 65,116 Income tax expense (benefit) 74 (134 ) (187 ) (172 ) Net income 44,350 21,992 41,266 65,288 Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (211 ) 743 113 195 Net income attributable to Company 44,139 22,735 41,379 65,483 Preferred stock dividends (5,925 ) (6,257 ) (6,544 ) (10,175 ) Net income attributable to Company’s common stockholders $ 38,214 $ 16,478 $ 34,835 $ 55,308 Basic earnings per common share $ 0.22 $ 0.08 $ 0.15 $ 0.20 Diluted earnings per common share $ 0.21 $ 0.08 $ 0.15 $ 0.20 Dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding-basic 174,421 200,691 234,043 275,121 Weighted average shares outstanding-diluted 194,970 202,398 255,537 296,347 Three Months Ended Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Dec 31, 2018 Interest income $ 108,891 $ 107,723 $ 110,249 $ 128,936 Interest expense 89,139 90,223 90,646 107,063 Net interest income 19,752 17,500 19,603 21,873 Non-interest income: (Provision for) recovery of loan losses (42 ) 437 840 (2,492 ) Realized gains (losses), net (4,156 ) (6,303 ) 3,232 (548 ) Unrealized gains (losses), net 19,031 24,392 14,094 (4,736 ) Income from real estate held for sale in consolidated variable interest entities 2,126 1,253 1,380 1,404 Other income 3,994 228 4,757 7,589 Total non-interest income 20,953 20,007 24,303 1,217 General, administrative and operating expenses 8,698 8,769 9,912 14,091 Income from operations before income taxes 32,007 28,738 33,994 8,999 Income tax benefit (79 ) (13 ) (454 ) (511 ) Net income 32,086 28,751 34,448 9,510 Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (2,468 ) 943 (475 ) 91 Net income attributable to Company 29,618 29,694 33,973 9,601 Preferred stock dividends (5,925 ) (5,925 ) (5,925 ) (5,925 ) Net income attributable to Company’s common stockholders $ 23,693 $ 23,769 $ 28,048 $ 3,676 Basic earnings per common share $ 0.21 $ 0.21 $ 0.21 $ 0.02 Diluted earnings per common share $ 0.20 $ 0.20 $ 0.20 $ 0.02 Dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding-basic 112,018 115,211 132,413 148,871 Weighted average shares outstanding-diluted 131,761 135,164 152,727 149,590

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 10, 2020 , the Company issued 34,500,000 shares of its common stock through an underwritten public offering at a public offering price of $6.09 per share, resulting in total net proceeds to the Company of approximately $206.7 million after deducting underwriting discounts and commissions and offering expenses. On February 13, 2020 , the Company issued 50,600,000 shares of its common stock through an underwritten public offering at a public offering price of $6.13 per share, resulting in total net proceeds to the Company of approximately $305.3 million after deducting underwriting discounts and commissions and offering expenses.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Distressed and Other Residential Mortgage Loans, At Fair Value Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans, non-QM loans, second mortgages and residential bridge loans, are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of acquisition. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. The Company’s distressed and other residential mortgage loans at fair value consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Principal Premium/(Discount) Unrealized Gains/(Losses) Carrying Value December 31, 2019 $ 1,464,984 $ (81,372 ) $ 46,142 $ 1,429,754 December 31, 2018 788,372 (54,905 ) 4,056 737,523 The following table presents the components of realized gains (losses), net and unrealized gains (losses), net attributable to distressed and other residential mortgage loans at fair value for the years ended December 31, 2019 , 2018 and 2017 respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Net realized gains on payoff and sale of loans $ 9,187 $ 4,606 $ 1,719 Net unrealized gains (losses) 42,087 4,096 (41 ) The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 California 23.9 % 27.9 % Florida 9.4 % 9.0 % New York 8.0 % 5.1 % Texas 5.4 % 4.2 % New Jersey 5.1 % 3.8 % The following table presents the fair value and aggregate unpaid principal balance of the Company’s distressed and other residential mortgage loans at fair value greater than 90 days past due and in non-accrual status as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Fair Value Unpaid Principal Balance December 31, 2019 $ 106,199 $ 122,918 December 31, 2018 60,117 75,167 Additionally, the fair value and aggregate unpaid principal balance of distressed and other residential mortgage loans at fair value held in non-accrual status but less than 90 days past due was approximately $9.3 million and $10.7 million , respectively, as of December 31, 2019 . Distressed and other residential mortgage loans with a fair value of approximately $881.2 million and $626.2 million at December 31, 2019 and 2018 , respectively, are pledged as collateral for master repurchase agreements ( see Note 12 ). Distressed and Other Residential Mortgage Loans, Net Distressed Residential Mortgage Loans, Net As of December 31, 2019 and 2018 , the carrying value of the Company’s distressed residential mortgage loans accounted for under ASC 310-30 amounts to approximately $158.7 million and $228.5 million , respectively. The Company has elected the fair value option for all distressed residential mortgage loans purchased after June 30, 2017 ( see Note 4 ). The following table details activity in accretable yield for the distressed residential mortgage loans, net for the years ended December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Balance at beginning of period $ 195,560 $ 303,949 Additions 1,784 7,972 Disposals (53,624 ) (99,603 ) Accretion (7,015 ) (16,758 ) Balance at end of period (1) $ 136,705 $ 195,560 (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 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 years ended December 31, 2019 and 2018 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, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 North Carolina 10.5 % 9.0 % Florida 10.1 % 10.4 % Georgia 7.0 % 7.2 % South Carolina 5.8 % 5.6 % Texas 5.6 % 4.9 % New York 5.5 % 5.4 % Ohio 5.2 % 5.0 % Virginia 5.2 % 5.3 % The Company had no distressed residential mortgage loans held in securitization trusts pledged as collateral for securitized debt as of December 31, 2019 . The Company’s distressed residential mortgage loans held in securitization trusts with a carrying value of approximately $88.1 million at December 31, 2018 were pledged as collateral for certain of the Securitized Debt issued by the Company ( see Note 9 ). In addition, distressed residential mortgage loans with a carrying value of approximately $80.6 million and $128.1 million at December 31, 2019 and 2018 , respectively, are pledged as collateral for a master repurchase agreement ( see Note 12 ). Residential Mortgage Loans Held in Securitization Trusts, Net Residential mortgage loans held in securitization trusts, net are comprised of certain ARMs transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests. Residential mortgage loans held in securitization trusts, net consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Unpaid principal balance $ 47,237 $ 60,171 Deferred origination costs – net 301 383 Allowance for loan losses (3,508 ) (3,759 ) Total $ 44,030 $ 56,795 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, net for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 3,759 $ 4,191 $ 3,782 Provisions for loan losses 25 166 475 Transfer to real estate owned (167 ) — (6 ) Charge-offs (109 ) (598 ) (60 ) Balance at the end of period $ 3,508 $ 3,759 $ 4,191 On an ongoing basis, the Company evaluates the adequacy of its allowance for loan losses. The Company’s allowance for loan losses at December 31, 2019 was $3.5 million , representing 743 basis points of the outstanding principal balance of residential mortgage loans held in securitization trusts, as compared to 625 basis points as of December 31, 2018 . 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. The Company’s residential mortgage loans held in securitization trusts, net and real estate owned are pledged as collateral for the Residential CDOs issued by the Company. The Company’s net investment in these 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 $4.9 million and $4.8 million as of December 31, 2019 and 2018 , respectively. Delinquency Status of Our Residential Mortgage Loans Held in Securitization Trusts, Net As of December 31, 2019 , we had 18 delinquent loans with an aggregate principal amount outstanding of approximately $10.2 million categorized as residential mortgage loans held in securitization trusts, net, of which $6.7 million , or 66% , 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, net, including real estate owned (REO) through foreclosure, as of December 31, 2019 (dollar amounts in thousands): December 31, 2019 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 2 $ 211 0.44 % 90+ 16 $ 10,010 21.05 % Real estate owned through foreclosure 1 $ 360 0.76 % As of December 31, 2018 , we had 19 delinquent loans with an aggregate principal amount outstanding of approximately $10.9 million categorized as residential mortgage loans held in securitization trusts, net, of which $6.6 million , or 61% , were under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, net as of December 31, 2018 (dollar amounts in thousands): December 31, 2018 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 90+ 19 $ 10,926 18.16 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 New York 36.1 % 33.9 % Massachusetts 17.2 % 20.0 % New Jersey 12.8 % 14.5 % Florida 12.1 % 9.9 % Maryland 5.5 % 5.3 % Schedule IV - Mortgage Loans on Real Estate (dollar amounts in thousands) December 31, 2019 Asset Type Number of Loans Interest Rate Maturity Date Carrying Value Principal Amount of Loans Subject to Delinquent Principal or Interest Distressed and other residential mortgage loans, net First mortgage loans Original loan amount $0 - $99,999 1,355 1.99% - 14.99% 08/25/2007 - 01/10/2060 $ 62,833 $ 12,942 Original loan amount $100,000 - $199,999 577 2.00% - 12.48% 11/19/2011 - 12/01/2059 62,926 13,302 Original loan amount $200,000 - $299,999 139 0.00% - 11.44% 06/01/2029 - 11/01/2059 27,775 7,914 Original loan amount over $299,999 112 2.00% - 9.75% 11/01/2021 - 05/01/2057 49,222 16,477 Residential mortgage loans, at fair value First mortgage loans Original loan amount $0 - $99,999 1,482 1.38% - 13.50% 10/10/2018 - 12/01/2059 84,154 6,901 Original loan amount $100,000 - $199,999 2,769 1.50% - 13.38% 07/01/2018 - 12/01/2059 328,284 29,491 Original loan amount $200,000 - $299,999 1,484 0.25% - 12.00% 01/07/2020 - 11/01/2059 301,835 29,612 Original loan amount over $299,999 1,701 2.00% - 12.00% 01/08/2020 - 02/01/2060 668,673 56,318 Second mortgage loans Original loan amount $0 - $99,999 701 5.75% - 9.00% 12/01/2030 - 11/01/2049 32,827 595 Original loan amount $100,000 - $199,999 74 6.25% - 9.13% 05/01/2032 - 10/01/2049 9,549 — Original loan amount $200,000 - $299,999 18 6.25% - 8.63% 03/01/2046 - 11/01/2049 4,137 — Original loan amount over $299,999 1 6.88% - 6.88% 11/01/2047 - 11/01/2047 295 — Other mortgage loans Residential loans and loans held for sale 14 2.36% - 5.63% 07/01/2027 - 08/01/2046 2,406 413 Residential loans held in securitization trust, at fair value First mortgage loans 8,103 1.38% - 10.50% 02/01/2022 - 12/01/2058 1,328,886 50,741 Multi-family loans held in securitization trusts, at fair value First mortgage loans 828 3.04% - 5.76% 1/1/2020 - 1/1/2034 17,816,746 — $ 20,780,548 $ 224,706 Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate For the year ended December 31, (in thousands) 2019 2018 2017 Beginning balance $ 12,707,625 $ 10,157,126 $ 7,565,459 Additions during period: Purchases 8,762,553 2,983,295 2,987,775 Accretion of purchase discount 11,234 19,940 19,686 Change in realized and unrealized gains (losses) 638,557 4,096 10,214 Deductions during period: Repayments of principal (1,052,812 ) (182,163 ) (175,664 ) Collection of interest (11,429 ) (21,754 ) (26,081 ) Transfer to REO (6,105 ) (7,998 ) (7,228 ) Cost of mortgages sold (213,871 ) (109,000 ) (176,470 ) Provision for loan loss 2,780 (1,235 ) 1,739 Change in realized and unrealized gains (losses) — (85,115 ) (270 ) Amortization of premium (57,984 ) (49,567 ) (42,034 ) Balance at end of period $ 20,780,548 $ 12,707,625 $ 10,157,126

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying 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 fair valuation of its distressed and other residential mortgage loans, multi-family loans held in securitization trusts, residential mortgage loans held in securitization trust, multi-family CDOs, certain residential CDOs and CMBS held in re-securitization trusts, 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 those conditions 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 on the accompanying 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 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 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. 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 owned a multi-family apartment community and in each of which the Company held a preferred equity investment. Accordingly, on this date, the Company consolidated both Riverchase Landing and The Clusters into its 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 9 ). In March 2018 and February 2019, Riverchase Landing and The Clusters, respectively, completed the sale of their multi-family apartment communities and redeemed each of the Company’s preferred equity investments. The Company de-consolidated Riverchase Landing and The Clusters as of the date of each property’s sale.
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. In May 2016, the Company acquired the outstanding membership interests in RiverBanc LLC (“RiverBanc”), RB Multifamily Investors LLC and RB Development Holding Company, LLC (“RBDHC”) that were not previously owned by the Company. These transactions were accounted for by applying the acquisition method for business acquisitions under ASC 805. Goodwill of $25.2 million as of December 31, 2019 and 2018 , respectively, relates to these transactions and the inclusion of these entities in the Company’s multifamily investment reporting unit.
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, Agency CMBS, non-Agency RMBS and CMBS. Beginning in the fourth quarter of 2019, the Company’s newly purchased investment securities are presented at fair value as a result of a fair value election made at the time of acquisition pursuant to ASC 825, Financial Instruments (“ASC 825”). The fair value option was elected for these investment securities to provide stockholders and others who rely on our financial statements with a more complete and accurate understanding of our economic performance. The Company has also elected the fair value option at the time of acquisition for its Agency IOs, certain Agency fixed-rate RMBS and Agency ARMs within the Agency IO portfolio. 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 were not designated as hedging instruments for accounting purposes. As of December 31, 2018, the Company had fully exited its Agency IO strategy and liquidated its Agency IO portfolio. Changes in fair value of investment securities subject to the fair value election are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. 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 gains (losses), net on the accompanying 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 associated with our Agency RMBS and Agency CMBS assessed as high credit quality at the time of purchase are amortized or accreted to interest income over the estimated life of these investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity on our Agency RMBS. Interest income on certain of our credit sensitive securities that were purchased at a premium or discount to par value, such as certain of our non-Agency RMBS, CMBS and ABS of less than high credit quality, 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 incorporates 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. The Company accounts for investment 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 investment securities that are not of high credit quality (i.e., those whose risk of loss is more 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 investment 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. 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. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary”. 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 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 as 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 collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates.
Distressed and Other Residential Mortgage Loans, at fair value	Distressed and Other Residential Mortgage Loans, at fair value – Certain of the Company’s acquired residential mortgage loans, including distressed residential mortgage loans, non-QM loans, second mortgage loans and residential bridge loans, are presented at fair value on the accompanying consolidated balance sheets as a result of a fair value election made at the time of acquisition pursuant to ASC 825. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. Premiums and discounts associated with the purchase of distressed and other 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, distressed and other residential mortgage loans on the accompanying consolidated statements of operations. Distressed and other 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.
Distressed Residential Mortgage Loans, net	Distressed Residential Mortgage Loans, net – Certain of the distressed 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, are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) and are included in distressed and other residential mortgage loans, net on the accompanying consolidated balance sheets. 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. Loans considered credit impaired are recorded at fair value at the date of acquisition, with no allowance for loan losses. Subsequent to acquisition, the recorded amount for these loans reflects the original investment, plus accretion income, less principal and interest cash flows received. These distressed residential mortgage loans are presented on the accompanying consolidated balance sheets at carrying value, which reflects the recorded amount reduced by any allowance for loan losses established subsequent to acquisition. Under ASC 310-30, the acquired credit impaired 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. For each pool established, or on an individual loan basis for loans not aggregated into pools, the Company estimates at the time of acquisition and periodically, the principal and interest expected to be collected. The difference between the cash flows expected to be collected and the carrying amount of the loans is referred to as the “accretable yield.” This amount is accreted as interest income over the life of the loans using a level yield methodology. Interest income recorded each period 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 expectations 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. Disposal of a distressed residential mortgage loan accounted for under ASC 310-30, 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. Distressed residential mortgage loans accounted for under ASC 310-30 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 underlying collateral less costs to sell exceeds the carrying value. Certain of the Company’s distressed residential mortgage loans accounted for under ASC 310-30 were held in securitization trusts and had been transferred to Consolidated VIEs that had been securitized into beneficial interests as of December 31, 2018 . The Company accounted for these securitization trusts as financings which were consolidated into the Company’s financial statements.
Residential Mortgage Loans Held in Securitization Trusts	Residential Mortgage Loans Held in Securitization Trusts, net – Residential mortgage loans held in securitization trusts, net are comprised of certain ARM loans transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests and are included in distressed and other residential mortgage loans, net on the accompanying consolidated balance sheets. 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, net 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, net. 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 consult with a broker in the property’s area. Residential Mortgage Loans Held in Securitization Trust, at fair value – Residential mortgage loans held in securitization trust at fair value are comprised of seasoned re-performing and non-performing residential mortgage loans held in a Freddie Mac-sponsored residential mortgage loan securitization, of which we own the first loss subordinated securities and certain IOs and senior securities issued by this securitization, and that we consolidate in our financial statements in accordance with GAAP (“Consolidated SLST”). Based on a number of factors, management determined that the Company was the primary beneficiary of Consolidated SLST and met the criteria for consolidation and, accordingly, has consolidated the securitization, including its 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 Consolidated SLST, which requires that changes in valuations be reflected on the 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 related securitization trust is considered a qualifying CFE, the Company determines the fair value of the residential mortgage loans held in Consolidated SLST based on the fair value of its residential collateralized debt obligations and its retained interests from the securitization (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 seasoned re-performing and non-performing residential mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on the seasoned re-performing and non-performing residential mortgage loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business.
Investments in Unconsolidated Entities	Investments 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 or residential real estate assets or loans 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 on the accompanying consolidated statements of operations (see Note 7 ).
Preferred Equity and Mezzanine Loan Investments and Mortgage Loans Held for Investment	Preferred Equity and Mezzanine Loan Investments – The Company invests in preferred equity in, 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. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investments utilizing the guidance provided by the Acquisition, Development and Construction Arrangements Subsection of ASC 310, Receivables . 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 and 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. Management evaluates the collectability 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 “ Investments in Unconsolidated Entities. ” Multi-Family Loans Held in Securitization Trusts, at fair value – Multi-family loans held in securitization trusts are comprised of multi-family mortgage loans held in Freddie Mac-sponsored multi-family loan K-Series securitizations, of which we, or one of our “special purpose entities” (“SPEs”) own the first loss POs and certain IOs and certain senior or mezzanine securities issued by those securitizations, and that we consolidate in our financial statements in accordance with GAAP (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 and 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 on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated 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.
Real Estate	Real Estate Held for Sale in Consolidated Variable Interest Entities - 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 reclassified its operating real estate held in consolidated variable interest entities to real estate held for sale in consolidated variable interest entities in accordance with ASC 360, Property, Plant, and Equipment during the year ended December 31, 2017. 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 on the 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 that 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 on the 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 - 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 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 on 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 10 for further discussion regarding sales of real estate by Consolidated VIEs.
Real Estate Under Development	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 owned by Kiawah River View Investors LLC (“KRVI”), a Consolidated VIE (see Note 9 ), as of December 31, 2019 and 2018 of $14.5 million and $22.0 million , respectively, is included in receivables and other assets on the accompanying 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 and intent to hold 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 evaluates the home pricing and lot values of the real estate under development that is owned by KRVI on a quarterly basis. Based on evaluations during the year ended December 31, 2019 , the Company determined that the real estate under development with an original carrying amount of $20.9 million was no longer fully recoverable and was impaired. The Company recognized a $1.9 million impairment loss which is included in other income on the accompanying consolidated statements of operations for the year ended December 31, 2019 . For the year ended December 31, 2019 , $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 consolidated statements of operations, resulting in a net loss to the Company of $0.9 million . For the year ended December 31, 2018 , the Company recognized a $2.8 million impairment loss which is included in other income on the accompanying consolidated statements of operations. For the year ended December 31, 2018 , $1.4 million of this impairment loss is included in net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations, resulting in a net loss to the Company of $1.4 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.
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.
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 accompanying 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 “ Real Estate Held for Sale in Consolidated Variable Interest Entities ” for further discussion of acquired in-place lease intangible assets.
Receivables and Other Assets	Receivables and Other Assets – Receivables and other assets as of December 31, 2019 and 2018 include restricted cash held by third parties of $2.8 million and $5.4 million , respectively. Receivables and other assets also includes $41.2 million of receivables from borrowers related to distressed and other residential mortgage loans as of December 31, 2019 .
Repurchase Agreements, Investment Securities, Distressed and Other Residential Mortgage Loans	Repurchase Agreements, Investment Securities – 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 are carried at their contractual amounts, as specified in the respective agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over LIBOR. Repurchase Agreements, Distressed and Other Residential Mortgage Loans – The Company finances a portion of its distressed and other residential mortgage loans at fair value and distressed residential mortgage loans accounted for under ASC 310-30, through repurchase agreements that expire within 12 to 18 months (see Note 12 ). The borrowings 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 are carried at their 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 accompanying consolidated balance sheets and the 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.
Collateralized Debt Obligations, Securitized Debt and Convertible Debt	Collateralized Debt Obligations – The Company records collateralized debt obligations used to permanently finance certain residential and multi-family loans held in securitization trusts as debt on the accompanying consolidated balance sheets. Residential collateralized debt obligations (“Residential CDOs”) are used to finance residential ARM loans held in the Company’s residential mortgage loan securitization trusts. Residential collateralized debt obligations, at fair value (“SLST CDOs”) include the debt issued to permanently finance the seasoned re-performing and non-performing residential mortgage loans held in Consolidated SLST. Multi-Family collateralized debt obligations (“Multi-Family CDOs”) include debt issued to permanently finance the multi-family mortgage loans held in the Consolidated K-Series. We refer to Residential CDOs, SLST CDOs and Multi-Family CDOs collectively as “CDOs” in this report. For financial reporting purposes, the loans held as collateral for these obligations are recorded as assets of the Company. 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 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 the 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 accompanying consolidated balance sheets and the 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. The Company had no securitized debt outstanding as of December 31, 2019 . Convertible Notes – On January 23, 2017, the Company issued its 6.25% Senior Convertible Notes due 2022 (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 accompanying consolidated balance sheets.
Derivative Financial Instruments	Derivative Financial Instruments – In accordance with ASC 815, the Company records derivative financial instruments on the accompanying 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. 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 rate swaps as trading instruments due to volatility and difficulty in effectively matching cash flows. 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. Changes in fair value for interest rate swaps designated as trading instruments are reported on the accompanying consolidated statements of operations as unrealized gains (losses), net. Changes in fair value for interest rate swaps qualifying for hedge accounting will be included on the accompanying consolidated statements of comprehensive income (loss) as decrease in fair value of derivative instruments utilized for cash flow hedges.
Termination of Hedging Relationships	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 reduction to or increase in the carrying value of the interest rate swap asset or liability on the accompanying consolidated balance sheets.
Manager Compensation	Manager Compensation – From 2012 to May 2019, we were a party to an investment management agreement with Headlands Asset Management LLC (“Headlands”) pursuant to which Headlands provided 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 provided for the payment to our investment managers of a management fee, incentive fee and reimbursement of certain operating expenses, which were accrued and expensed during the period for which they are earned or incurred. The Headlands agreement was terminated effective May 3, 2019 and 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 fair value of its available for sale securities purchased prior to October 2019 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 in consolidated variable interest entities. See “ Investment Securities, Available for Sale ” for discussion of the reporting of the change in fair value of available for sale securities purchased after September 2019.
Employee Benefits Plans	Employee Benefits Plans
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. During the years ended December 31, 2019 and 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 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 primarily 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 Adoption of ASC Topic 842, Leases (“ASC 842”) On January 1, 2019, the Company adopted ASC 842 using the modified retrospective transition method applied to all leases that were not completed as of January 1, 2019. Results for reporting periods beginning on or after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. We elected the practical expedients allowed for under ASC 842 that exempt an entity from reassessing whether existing contracts contain leases, reassessing the lease classification of existing leases, and reassessing the initial direct costs for existing leases. As such, there was no cumulative impact on opening accumulated deficit as of January 1, 2019 of adopting ASC 842 under the modified retrospective transition method. Operating lease right of use assets of $9.3 million and operating lease liabilities of $9.8 million are included in receivables and other assets and accrued expenses and other liabilities on the accompanying consolidated balance sheets, respectively, as of December 31, 2019 . The adoption of ASC 842 did not have a material effect on our results of operations for the year ended December 31, 2019 . Financial Instruments —Credit Losses (Topic 326) In June 2016, the FASB issued Accounting Standards Update (“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 purchased financial assets with credit deterioration and available-for-sale debt securities, which will require the recognition of credit losses through a valuation allowance when fair value is less than amortized cost. The amendments are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted beginning in 2019. In May 2019, the FASB issued ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”). The amendments allow an entity to make an irrevocable one-time election to measure financial assets accounted for under ASC 326-20, Financial Instruments—Credit Losses— Measured at Amortized Cost, using the fair value option upon adoption of ASU 2016-13. For the Company, the amendments are effective upon adoption of ASU 2016-13. The amendments in ASU 2019-05 should be applied on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings as of the date that an entity adopted the amendments in ASU 2016-13. On January 1, 2020, the Company adopted ASU 2016-13 and elected to apply the fair value option in accordance with ASU 2019-05 to the Company’s distressed and other residential mortgage loans, net, preferred equity and mezzanine loan investments that are accounted for as loans and preferred equity and mezzanine loans that are accounted for under the equity method. Adjustments resulting from the one-time election to record the difference between the carrying value and the fair value of these assets will be reflected in our consolidated balance sheets as of January 1, 2020 and will have no impact on our consolidated statements of operations as of January 1, 2020. Subsequent changes in fair value for these assets will be recorded in unrealized gains (losses), net on our consolidated statements of operations. As a result of the implementation of ASU 2019-05, we recorded a cumulative-effect adjustment of $12.3 million as an increase to stockholders’ equity as of January 1, 2020. The following table presents the balances at December 31, 2019 , the transition adjustments, and the balances at January 1, 2020 for those balance sheet line items impacted by the implementation of ASU 2019-05 (dollar amounts in thousands): December 31, 2019 Transition Adjustment January 1, 2020 Assets Distressed and other residential mortgage loans, net $ 202,756 $ 5,715 $ 208,471 Investments in unconsolidated entities 106,083 1,394 107,477 Preferred equity and mezzanine loan investments 180,045 2,420 182,465 Receivables and other assets 865 2,755 3,620 Total Assets $ 489,749 $ 12,284 $ 502,033 Stockholders' Equity Accumulated deficit $ (148,863 ) $ 12,284 $ (136,579 ) Total Stockholders' Equity $ (148,863 ) $ 12,284 $ (136,579 ) The Company also assessed the impact of ASU 2016-13 on the Company’s investment securities, available for sale where the fair value option has not been elected and determined that the adoption of the standard would not have a material effect on our financial statements as of January 1, 2020. 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. The Company anticipates the implementation of this guidance as of the effective date will result in additional and modified disclosures with respect to its Level 3 fair value measurements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Adjustments for Adoption of ASU 2016-13 Applying the Fair Value Option Under ASU 2019-05	The following table presents the balances at December 31, 2019 , the transition adjustments, and the balances at January 1, 2020 for those balance sheet line items impacted by the implementation of ASU 2019-05 (dollar amounts in thousands): December 31, 2019 Transition Adjustment January 1, 2020 Assets Distressed and other residential mortgage loans, net $ 202,756 $ 5,715 $ 208,471 Investments in unconsolidated entities 106,083 1,394 107,477 Preferred equity and mezzanine loan investments 180,045 2,420 182,465 Receivables and other assets 865 2,755 3,620 Total Assets $ 489,749 $ 12,284 $ 502,033 Stockholders' Equity Accumulated deficit $ (148,863 ) $ 12,284 $ (136,579 ) Total Stockholders' Equity $ (148,863 ) $ 12,284 $ (136,579 ) The Company also assessed the impact of ASU 2016-13 on the Company’s investment securities, available for sale where the fair value option has not been elected and determined that the adoption of the standard would not have a material effect on our financial statements as of January 1, 2020.

Investment Securities Availab_2

Investment Securities Available For Sale (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	Investment securities available for sale consisted of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Agency RMBS: Agency ARMs (1) $ 55,740 $ 13 $ (1,347 ) $ 54,406 $ 73,949 $ 8 $ (2,563 ) $ 71,394 Agency Fixed-Rate 867,236 7,397 (6,162 ) 868,471 1,002,057 — (35,721 ) 966,336 Total Agency RMBS (2) 922,976 7,410 (7,509 ) 922,877 1,076,006 8 (38,284 ) 1,037,730 Agency CMBS (2) 51,334 19 (395 ) 50,958 — — — — Total Agency 974,310 7,429 (7,904 ) 973,835 1,076,006 8 (38,284 ) 1,037,730 Non-Agency RMBS (2) 701,583 14,992 (1,261 ) 715,314 215,337 166 (1,466 ) 214,037 CMBS (2)(3) 254,620 13,300 (143 ) 267,777 243,046 17,815 (376 ) 260,485 ABS (2) 49,902 — (688 ) 49,214 — — — — Total investment securities available for sale $ 1,980,415 $ 35,721 $ (9,996 ) $ 2,006,140 $ 1,534,389 $ 17,989 $ (40,126 ) $ 1,512,252 (1) For the Company’s Agency ARMs with stated reset periods, the weighted average reset period is 26 months and 31 months as of December 31, 2019 and 2018 , respectively. (2) As of December 31, 2019 , certain of the Company’s investment securities available for sale are presented at fair value with unrealized gains and losses recognized in unrealized gains (losses), net on the Company’s consolidated statements of operations as a result of a fair value election pursuant to ASC 825. This includes Agency RMBS with a fair value of $21.0 million and net unrealized losses of $0.1 million , Agency CMBS with a fair value of $30.7 million and net unrealized losses of $0.4 million , non-Agency RMBS with a fair value of $123.8 million and net unrealized gains of $1.2 million , CMBS with a fair value of $20.6 million and net unrealized gains of $0.5 million , and ABS with a fair value of $49.2 million and net unrealized losses of $0.7 million . (3) Included in CMBS is $52.7 million of first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018 .
Weighted Average Lives of Available-for-sale Securities	The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Weighted Average Life December 31, 2019 December 31, 2018 0 to 5 years $ 1,359,894 $ 456,947 Over 5 to 10 years 521,517 1,043,369 10+ years 124,729 11,936 Total $ 2,006,140 $ 1,512,252
Investment Securities Available-for-sale in an 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 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 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 $ — $ — $ 222,286 $ (7,454 ) $ 222,286 $ (7,454 ) Non-Agency RMBS — — 104 (13 ) 104 (13 ) CMBS 25,507 (124 ) — — 25,507 (124 ) Total $ 25,507 $ (124 ) $ 222,390 $ (7,467 ) $ 247,897 $ (7,591 ) December 31, 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 $ 310,783 $ (8,037 ) $ 726,028 $ (30,247 ) $ 1,036,811 $ (38,284 ) Non-Agency RMBS 187,395 (1,451 ) 158 (15 ) 187,553 (1,466 ) CMBS 75,292 (376 ) — — 75,292 (376 ) Total $ 573,470 $ (9,864 ) $ 726,186 $ (30,262 ) $ 1,299,656 $ (40,126 )

Distressed and Other Resident_3

Distressed and Other Residential Mortgage Loans, At Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Distressed and Other Residential Mortgage Loans at Fair Value	The Company’s distressed and other residential mortgage loans at fair value consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Principal Premium/(Discount) Unrealized Gains/(Losses) Carrying Value December 31, 2019 $ 1,464,984 $ (81,372 ) $ 46,142 $ 1,429,754 December 31, 2018 788,372 (54,905 ) 4,056 737,523 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Unpaid principal balance $ 47,237 $ 60,171 Deferred origination costs – net 301 383 Allowance for loan losses (3,508 ) (3,759 ) Total $ 44,030 $ 56,795
Components Of Net Realized Gains (Losses)	The following table presents the components of realized gains (losses), net and unrealized gains (losses), net attributable to distressed and other residential mortgage loans at fair value for the years ended December 31, 2019 , 2018 and 2017 respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Net realized gains on payoff and sale of loans $ 9,187 $ 4,606 $ 1,719 Net unrealized gains (losses) 42,087 4,096 (41 )
Schedule of Geographic Concentration Risk Exceeding 5%	The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 California 23.9 % 27.9 % Florida 9.4 % 9.0 % New York 8.0 % 5.1 % Texas 5.4 % 4.2 % New Jersey 5.1 % 3.8 % The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 North Carolina 10.5 % 9.0 % Florida 10.1 % 10.4 % Georgia 7.0 % 7.2 % South Carolina 5.8 % 5.6 % Texas 5.6 % 4.9 % New York 5.5 % 5.4 % Ohio 5.2 % 5.0 % Virginia 5.2 % 5.3 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 New York 36.1 % 33.9 % Massachusetts 17.2 % 20.0 % New Jersey 12.8 % 14.5 % Florida 12.1 % 9.9 % Maryland 5.5 % 5.3 % The geographic concentrations of credit risk exceeding 5% of the total loan balances related to residential mortgage loans held in securitization trust at fair value as of December 31, 2019 are as follows: December 31, 2019 California 11.0 % Florida 10.6 % New York 9.1 % New Jersey 6.9 % Illinois 6.6 % The geographic concentrations of credit risk exceeding 5% of the total loan balances related to multi-family loans held in securitization trusts as of December 31, 2019 and multi-family loans held in securitization trusts and first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018 are as follows: December 31, 2019 December 31, 2018 California 15.9 % 14.8 % Texas 12.4 % 13.0 % Florida 6.2 % 4.5 % Maryland 5.8 % 5.0 %
Fair Value Compared to Unpaid Principal	The following table presents the fair value and aggregate unpaid principal balance of the Company’s distressed and other residential mortgage loans at fair value greater than 90 days past due and in non-accrual status as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Fair Value Unpaid Principal Balance December 31, 2019 $ 106,199 $ 122,918 December 31, 2018 60,117 75,167

Distressed and Other Resident_4

Distressed and Other Residential Mortgage Loans, Net (Tables)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Activity in Accretable Yield	The following table details activity in accretable yield for the distressed residential mortgage loans, net for the years ended December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Balance at beginning of period $ 195,560 $ 303,949 Additions 1,784 7,972 Disposals (53,624 ) (99,603 ) Accretion (7,015 ) (16,758 ) Balance at end of period (1) $ 136,705 $ 195,560 (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 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 years ended December 31, 2019 and 2018 is not necessarily indicative of future results.
Schedule of Geographic Concentration Risk Exceeding 5%	The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 California 23.9 % 27.9 % Florida 9.4 % 9.0 % New York 8.0 % 5.1 % Texas 5.4 % 4.2 % New Jersey 5.1 % 3.8 % The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 North Carolina 10.5 % 9.0 % Florida 10.1 % 10.4 % Georgia 7.0 % 7.2 % South Carolina 5.8 % 5.6 % Texas 5.6 % 4.9 % New York 5.5 % 5.4 % Ohio 5.2 % 5.0 % Virginia 5.2 % 5.3 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 New York 36.1 % 33.9 % Massachusetts 17.2 % 20.0 % New Jersey 12.8 % 14.5 % Florida 12.1 % 9.9 % Maryland 5.5 % 5.3 % The geographic concentrations of credit risk exceeding 5% of the total loan balances related to residential mortgage loans held in securitization trust at fair value as of December 31, 2019 are as follows: December 31, 2019 California 11.0 % Florida 10.6 % New York 9.1 % New Jersey 6.9 % Illinois 6.6 % The geographic concentrations of credit risk exceeding 5% of the total loan balances related to multi-family loans held in securitization trusts as of December 31, 2019 and multi-family loans held in securitization trusts and first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018 are as follows: December 31, 2019 December 31, 2018 California 15.9 % 14.8 % Texas 12.4 % 13.0 % Florida 6.2 % 4.5 % Maryland 5.8 % 5.0 %
Schedule of Residential Mortgage Loans Held in Securitization Trusts	The Company’s distressed and other residential mortgage loans at fair value consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Principal Premium/(Discount) Unrealized Gains/(Losses) Carrying Value December 31, 2019 $ 1,464,984 $ (81,372 ) $ 46,142 $ 1,429,754 December 31, 2018 788,372 (54,905 ) 4,056 737,523 December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Unpaid principal balance $ 47,237 $ 60,171 Deferred origination costs – net 301 383 Allowance for loan losses (3,508 ) (3,759 ) Total $ 44,030 $ 56,795
Activity in 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, net for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 3,759 $ 4,191 $ 3,782 Provisions for loan losses 25 166 475 Transfer to real estate owned (167 ) — (6 ) Charge-offs (109 ) (598 ) (60 ) Balance at the end of period $ 3,508 $ 3,759 $ 4,191
Delinquencies in Portfolio of Loans Held in Securitization Trusts	The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, net as of December 31, 2018 (dollar amounts in thousands): December 31, 2018 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 90+ 19 $ 10,926 18.16 % December 31, 2019 (dollar amounts in thousands): December 31, 2019 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 2 $ 211 0.44 % 90+ 16 $ 10,010 21.05 % Real estate owned through foreclosure 1 $ 360 0.76 %

Consolidated K-Series and Con_2

Consolidated K-Series and Consolidated SLST (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Text Block Supplement [Abstract]
Condensed Balance Sheet	The condensed consolidated balance sheet of Consolidated SLST at December 31, 2019 is as follows (dollar amounts in thousands): Balance Sheet December 31, 2019 Assets Residential mortgage loans held in securitization trust, at fair value $ 1,328,886 Receivables (1) 5,244 Total Assets $ 1,334,130 Liabilities and Equity Residential collateralized debt obligations, at fair value $ 1,052,829 Accrued expenses 2,643 Total Liabilities 1,055,472 Equity 278,658 Total Liabilities and Equity $ 1,334,130 (1) Included in receivables and other assets on the accompanying consolidated balance sheets. The condensed consolidated balance sheets of the Consolidated K-Series at December 31, 2019 and 2018 , respectively, are as follows (dollar amounts in thousands): Balance Sheets December 31, 2019 December 31, 2018 Assets Multi-family loans held in securitization trusts, at fair value $ 17,816,746 $ 11,679,847 Receivables (1) 59,417 41,850 Total Assets $ 17,876,163 $ 11,721,697 Liabilities and Equity Multi-family CDOs, at fair value $ 16,724,451 $ 11,022,248 Accrued expenses 57,873 41,102 Total Liabilities 16,782,324 11,063,350 Equity 1,093,839 658,347 Total Liabilities and Equity $ 17,876,163 $ 11,721,697 (1) Included in receivables and other assets on the accompanying consolidated balance sheets.
Condensed Income Statement	The condensed consolidated statements of operations of the Consolidated K-Series for the years ended December 31, 2019 , 2018 , and 2017 , respectively, are as follows (dollar amounts in thousands): Years Ended December 31, Statements of Operations 2019 2018 2017 Interest income $ 535,226 $ 358,712 $ 297,124 Interest expense 457,130 313,102 261,665 Net interest income 78,096 45,610 35,459 Unrealized gains, net 23,962 37,581 18,872 Net income $ 102,058 $ 83,191 $ 54,331 The condensed consolidated statement of operations of Consolidated SLST for the year ended December 31, 2019 , is as follows (dollar amounts in thousands): Statement of Operations December 31, 2019 Interest income (1) $ 4,764 Interest expense (2) 2,945 Net interest income 1,819 Unrealized losses, net (83 ) Net income $ 1,736 (1) Included in the Company’s accompanying consolidated statements of operations in interest income, distressed and other residential mortgage loans. (2) Included in the Company’s accompanying consolidated statements of operations in interest expense, residential collateralized debt obligations.
Schedule of Geographic Concentration Risk Exceeding 5%	The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 California 23.9 % 27.9 % Florida 9.4 % 9.0 % New York 8.0 % 5.1 % Texas 5.4 % 4.2 % New Jersey 5.1 % 3.8 % The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 North Carolina 10.5 % 9.0 % Florida 10.1 % 10.4 % Georgia 7.0 % 7.2 % South Carolina 5.8 % 5.6 % Texas 5.6 % 4.9 % New York 5.5 % 5.4 % Ohio 5.2 % 5.0 % Virginia 5.2 % 5.3 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts, net as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 New York 36.1 % 33.9 % Massachusetts 17.2 % 20.0 % New Jersey 12.8 % 14.5 % Florida 12.1 % 9.9 % Maryland 5.5 % 5.3 % The geographic concentrations of credit risk exceeding 5% of the total loan balances related to residential mortgage loans held in securitization trust at fair value as of December 31, 2019 are as follows: December 31, 2019 California 11.0 % Florida 10.6 % New York 9.1 % New Jersey 6.9 % Illinois 6.6 % The geographic concentrations of credit risk exceeding 5% of the total loan balances related to multi-family loans held in securitization trusts as of December 31, 2019 and multi-family loans held in securitization trusts and first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018 are as follows: December 31, 2019 December 31, 2018 California 15.9 % 14.8 % Texas 12.4 % 13.0 % Florida 6.2 % 4.5 % Maryland 5.8 % 5.0 %

Investments in Unconsolidated_2

Investments in Unconsolidated Entities - (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 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% $ 10,108 45% $ 8,948 Somerset Deerfield Investor, LLC 45% 17,417 45% 16,266 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 4,878 43% 4,714 Audubon Mezzanine Holdings, L.L.C. (Series A) 57% 10,998 57% 10,544 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 46% 6,847 — — Walnut Creek Properties Holdings, L.L.C. 36% 8,288 — — Towers Property Holdings, LLC 37% 11,278 — — Mansions Property Holdings, LLC 34% 10,867 — — Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 43% 4,062 — — Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 37% 9,396 — — Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 53% 11,944 — — Total - Equity Method $ 106,083 $ 40,472 Summary combined financial information for the Company’s investments in unconsolidated entities as of December 31, 2019 and 2018 , respectively, and for the years ended December 31, 2019 , 2018 , and 2017 , respectively, is shown below (dollar amounts in thousands): December 31, 2019 December 31, 2018 Balance Sheets: Real estate, net $ 829,935 $ 479,862 Distressed and other residential mortgage loans, at fair value 266,739 — Other assets 126,491 37,679 Total assets $ 1,223,165 $ 517,541 Notes payable, net $ 610,636 $ 381,196 Securitized debt 233,765 — Other liabilities 23,387 10,546 Total liabilities 867,788 391,742 Members' equity 355,377 125,799 Total liabilities and members' equity $ 1,223,165 $ 517,541 For the Years Ended December 31, 2019 2018 2017 Operating Statements: (1) Rental revenues $ 63,265 $ 37,921 $ 37,196 Real estate sales 42,350 49,750 92,900 Cost of real estate sales (25,534 ) (37,452 ) (55,544 ) Interest income 9,214 — — Realized and unrealized gains, net 10,452 — — Other income 4,697 1,719 2,906 Operating expenses (42,383 ) (20,599 ) (21,375 ) Income before debt service, acquisition costs, and depreciation and amortization 62,061 31,339 56,083 Interest expense (28,340 ) (16,456 ) (16,704 ) Acquisition costs — (183 ) (432 ) Depreciation and amortization (45,548 ) (15,176 ) (13,659 ) Net (loss) income $ (11,827 ) $ (476 ) $ 25,288 (1) The Company records income (loss) from investments in unconsolidated entities under either the equity method of accounting or the fair value option. Accordingly, the combined net (loss) income shown above is not indicative of the income recognized by the Company from investments in unconsolidated entities. The Company’s investments in unconsolidated entities accounted for under the equity method using the fair value option consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Investment Name Ownership Interest Carrying Amount Ownership Interest Carrying Amount Joint venture equity investments in multi-family properties The Preserve at Port Royal Venture, LLC 77% $ 18,310 77% $ 13,840 Evergreens JV Holdings, LLC (1) — — 85% 8,200 Equity investments in entities that invest in residential properties and loans Morrocroft Neighborhood Stabilization Fund II, LP 11% 11,796 11% 10,954 Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) 49% 53,776 — — Total - Fair Value Option $ 83,882 $ 32,994 (1) The Company’s equity investment was redeemed during the year ended December 31, 2019 . December 31, 2019 , 2018 , and 2017 , respectively (dollar amounts in thousands): For the Years Ended December 31, Investment Name 2019 2018 2017 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) $ 1,167 $ 1,050 $ 996 Somerset Deerfield Investor, LLC 1,992 251 — RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 539 76 — Audubon Mezzanine Holdings, L.L.C. (Series A) 1,224 59 — EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) 741 — — Walnut Creek Properties Holdings, L.L.C. 803 — — Towers Property Holdings, LLC 638 — — Mansions Property Holdings, LLC 615 — — Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) 188 — — Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) 367 — — Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) 267 — — Autumnwood Investments LLC (1) — — 265 200 RHC Hoover, LLC (2) — — 275 (1) Includes income recognized from redemption of the Company’s investment during the year ended December 31, 2017 . (2) On March 31, 2017, the Company reconsidered its evaluation of its variable interest in Riverchase Landing and determined that it became the primary beneficiary of Riverchase Landing. Accordingly, on this date, the Company consolidated Riverchase Landing into its consolidated financial statements ( see Note 9 ).

Preferred Equity and Mezzanin_2

Preferred Equity and Mezzanine Loan Investments - (Tables)	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Schedule of Mezzanine Loans and Preferred Equity Investments	The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 Tennessee 12.3 % 6.8 % Florida 12.0 % 11.3 % Georgia 11.8 % 15.3 % Texas 10.6 % 16.6 % Alabama 10.0 % 8.6 % Virginia 8.4 % 9.1 % South Carolina 6.3 % 9.5 % New Jersey 5.0 % 2.6 % P referred equity and mezzanine loan investments consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Investment amount $ 181,409 $ 166,789 Deferred loan fees, net (1,364 ) (1,234 ) Total $ 180,045 $ 165,555 December 31, 2018 (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Distressed Residential Mortgage Loan Securitizations Principal Amount at December 31, 2018 $ 33,177 $ 12,381 Carrying Value at December 31, 2018 (2) $ 30,121 $ 12,214 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 remained economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. (2) Presented net of unamortized deferred costs of $0.2 million related to the issuance of the securitized debt, which included underwriting, rating agency, legal, accounting and other fees.

Use of Special Purpose Entiti_2

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Summary of Assets and Liabilities of Consolidated VIEs	The following table presents a summary of the assets and liabilities of the Company’s residential mortgage loan securitizations, the Consolidated K-Series, Consolidated SLST, and KRVI of as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIE Other VIEs Residential Mortgage Loan Securitizations Consolidated K-Series Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 107 $ 107 Residential mortgage loans held in securitization trusts, net 44,030 — — — 44,030 Residential mortgage loans held in securitization trust, at fair value — — 1,328,886 — 1,328,886 Multi-family loans held in securitization trusts, at fair value — 17,816,746 — — 17,816,746 Receivables and other assets 1,328 59,417 5,244 14,626 80,615 Total assets $ 45,358 $ 17,876,163 $ 1,334,130 $ 14,733 $ 19,270,384 Residential collateralized debt obligations $ 40,429 $ — $ — $ — $ 40,429 Residential collateralized debt obligations, at fair value — — 1,052,829 — 1,052,829 Multi-family collateralized debt obligations, at fair value — 16,724,451 — — 16,724,451 Accrued expenses and other liabilities 14 57,873 2,643 75 60,605 Total liabilities $ 40,443 $ 16,782,324 $ 1,055,472 $ 75 $ 17,878,314 The following table presents a summary of the assets and liabilities of the Financing VIEs, the Consolidated K-Series, KRVI, and The Clusters as of December 31, 2018 (dollar amounts in thousands): Financing VIEs Other VIEs Multi-family CMBS re-securitization (1) Distressed Residential Mortgage Loan Securitization (2) Residential Mortgage Loan Securitizations Consolidated K-Series (3) Other Total Cash and cash equivalents $ — $ — $ — $ — $ 708 $ 708 Investment securities available for sale, at fair value held in securitization trusts 52,700 — — — — 52,700 Residential mortgage loans held in securitization trusts, net — — 56,795 — — 56,795 Distressed residential mortgage loans held in securitization trusts, net — 88,096 — — — 88,096 Multi-family loans held in securitization trusts, at fair value 1,107,071 — — 10,572,776 — 11,679,847 Real estate held for sale in consolidated variable interest entities — — — — 29,704 29,704 Receivables and other assets 4,243 10,287 1,061 37,679 23,254 76,524 Total assets $ 1,164,014 $ 98,383 $ 57,856 $ 10,610,455 $ 53,666 $ 11,984,374 Residential collateralized debt obligations $ — $ — $ 53,040 $ — $ — $ 53,040 Multi-family collateralized debt obligations, at fair value 1,036,604 — — 9,985,644 — 11,022,248 Securitized debt 30,121 12,214 — — — 42,335 Mortgages and notes payable in consolidated variable interest entities — — — — 31,227 31,227 Accrued expenses and other liabilities 4,228 444 26 37,022 1,166 42,886 Total liabilities $ 1,070,953 $ 12,658 $ 53,066 $ 10,022,666 $ 32,393 $ 11,191,736 (1) The Company classified the multi-family CMBS issued by two securitizations and held by this Financing VIE as available for sale securities. The Financing VIE consolidated one securitization trust included in the Consolidated K-Series 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 6 ). (2) The Company engaged in this transaction for the purpose of financing certain distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of re-performing and, to a lesser extent, non-performing and other delinquent mortgage loans secured by first liens on one- to four- family properties. Balances as of December 31, 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 re-performing seasoned mortgage loans. The Company held 5% of the Class A Notes issued as part of the securitization transaction, which were eliminated in consolidation. (3) Eight of the securitizations included in the Consolidated K-Series were not held in a Financing VIE as of December 31, 2018 . The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 118,763 $ 118,763 $ 103,724 $ 103,724 Investment securities, available for sale Level 2 or 3 2,006,140 2,006,140 1,512,252 1,512,252 Distressed and other residential mortgage loans, at fair value Level 3 1,429,754 1,429,754 737,523 737,523 Distressed and other residential mortgage loans, net Level 3 202,756 208,471 285,261 289,376 Investments in unconsolidated entities Level 3 189,965 191,359 73,466 73,833 Preferred equity and mezzanine loan investments Level 3 180,045 182,465 165,555 167,739 Multi-family loans held in securitization trusts, at fair value Level 3 17,816,746 17,816,746 11,679,847 11,679,847 Residential mortgage loans held in securitization trust, at fair value Level 3 1,328,886 1,328,886 — — Derivative assets Level 2 15,878 15,878 10,263 10,263 Mortgage loans held for sale, net (1) Level 3 2,406 2,482 3,414 3,584 Mortgage loans held for investment (1) Level 3 — — 1,580 1,580 Financial Liabilities: Repurchase agreements Level 2 3,105,416 3,105,416 2,131,505 2,131,505 Residential collateralized debt obligations Level 3 40,429 38,888 53,040 50,031 Multi-family collateralized debt obligations, at fair value Level 3 16,724,451 16,724,451 11,022,248 11,022,248 Residential collateralized debt obligations, at fair value Level 3 1,052,829 1,052,829 — — Securitized debt Level 3 — — 42,335 45,030 Subordinated debentures Level 3 45,000 41,592 45,000 44,897 Convertible notes Level 2 132,955 140,865 130,762 135,689 (1) Included in receivables and other assets in the accompanying consolidated balance sheets.
Schedule of Securitized Debt Collateralized by Multi-family CMBS or Distressed Residential Mortgage Loans	The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of December 31, 2019 and 2018 , respectively, are as follows: December 31, 2019 December 31, 2018 Tennessee 12.3 % 6.8 % Florida 12.0 % 11.3 % Georgia 11.8 % 15.3 % Texas 10.6 % 16.6 % Alabama 10.0 % 8.6 % Virginia 8.4 % 9.1 % South Carolina 6.3 % 9.5 % New Jersey 5.0 % 2.6 % P referred equity and mezzanine loan investments consist of the following as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Investment amount $ 181,409 $ 166,789 Deferred loan fees, net (1,364 ) (1,234 ) Total $ 180,045 $ 165,555 December 31, 2018 (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Distressed Residential Mortgage Loan Securitizations Principal Amount at December 31, 2018 $ 33,177 $ 12,381 Carrying Value at December 31, 2018 (2) $ 30,121 $ 12,214 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 remained economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. (2) Presented net of unamortized deferred costs of $0.2 million related to the issuance of the securitized debt, which included underwriting, rating agency, legal, accounting and other fees.
Schedule of Maturities of Long-term Debt	The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of December 31, 2018 (dollar amounts in thousands): Scheduled Maturity (principal amount) December 31, 2018 Within 24 months $ 12,381 Over 24 months to 36 months — Over 36 months 33,177 Total 45,558 Discount (2,983 ) Debt issuance cost (240 ) Carrying value $ 42,335 As of December 31, 2019 , maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2020 $ — 2021 — 2022 138,000 2023 — 2024 — Thereafter 85,621 Total $ 223,621
Schedule of Classification and Carrying Value of Unconsolidated VIEs	The following tables present the classification and carrying value of unconsolidated VIEs as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 Investment securities available for sale, at fair value Preferred equity and mezzanine loan investments Investments in unconsolidated entities Total ABS $ 49,214 $ — $ — $ 49,214 Preferred equity investments in multi-family properties — 173,825 106,083 279,908 Mezzanine loans on multi-family properties — 6,220 — 6,220 Equity investments in entities that invest in residential properties and loans — — 65,572 65,572 Total assets $ 49,214 $ 180,045 $ 171,655 $ 400,914 December 31, 2018 Investment securities available for sale, at fair value, held in re-securitization trusts Receivables and other assets Preferred equity and mezzanine loan investments Investments in unconsolidated entities Total Multi-family CMBS $ 52,700 $ 72 $ — $ — $ 52,772 Preferred equity investments in multi-family properties — — 154,629 40,472 195,101 Mezzanine loans on multi-family properties — — 10,926 — 10,926 Equity investments in entities that invest in residential properties — — — 10,954 10,954 Total assets $ 52,700 $ 72 $ 165,555 $ 51,426 $ 269,753

Real Estate Held for Sale in _2

Real Estate Held for Sale in Consolidated VIEs (Tables)	12 Months Ended
	Dec. 31, 2019
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 December 31, 2018 (dollar amounts in thousands): December 31, 2018 Land $ 2,650 Building and improvements 26,032 Furniture, fixtures and equipment 974 Lease intangible 2,802 Real estate held for sale before accumulated depreciation and amortization 32,458 Accumulated depreciation (1) (418 ) Accumulated amortization of lease intangible (1) (2,336 ) Real estate held for sale in consolidated variable interest entities $ 29,704

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments Not Designated as Hedging Instruments	The following table presents the fair value of derivative instruments and their location in our consolidated balance sheets at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Type of Derivative Instrument Balance Sheet Location December 31, 2019 December 31, 2018 Interest rate swaps (1) Derivative assets $ 15,878 $ 10,263 (1) 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 reduction to or increase of the carrying value of the interest rate swap asset or liability on the Company’s consolidated balance sheets. Includes $29.0 million of derivative liabilities netted against a variation margin of $44.8 million at December 31, 2019 . Includes $1.8 million of derivative assets and variation margin of $8.5 million at December 31, 2018 .
Schedule of Activity of Derivatives Not Designated as Hedging Instruments	The tables below summarize the activity of derivative instruments not designated as hedges for the years ended December 31, 2019 and 2018 , respectively (dollar amounts in thousands). Notional Amount For the Year Ended December 31, 2019 Type of Derivative Instrument December 31, 2018 Additions Settlement, Expiration or Exercise December 31, 2019 Interest rate swaps $ 495,500 $ — $ — $ 495,500 Notional Amount For the Year Ended December 31, 2018 Type of Derivative Instrument December 31, 2017 Additions Settlement, Expiration or Exercise December 31, 2018 Interest rate swaps $ 345,500 $ 150,000 $ — $ 495,500
Schedule of Components of Realized and Unrealized Gains and Losses	The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments included in the non-interest income category in our consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA $ — $ — $ — $ — $ 2,511 $ (141 ) Eurodollar futures — — — — 1,379 (1,175 ) Interest rate swaps — (30,722 ) — 909 (218 ) 1,231 Swaptions — — — — — 274 U.S. Treasury and interest rate swap futures and options — — — — 267 (337 ) Total $ — $ (30,722 ) $ — $ 909 $ 3,939 $ (148 )
Schedule of Interest Rate Swaps Designated as Hedging Instruments, Impact on Other Comprehensive Income (Loss)	The following table presents the impact of the Company’s interest rate swaps designated as hedging instruments on the Company’s accumulated other comprehensive income (loss) for the year ended December 31, 2017 (dollar amounts in thousands): Year Ended December 31, 2017 Accumulated other comprehensive income (loss) for derivative instruments: Balance at beginning of the period $ 102 Unrealized loss on interest rate swaps (102 ) Balance at end of the period $ —
Schedule of Interest Rate Swaps Designated as Hedging Instruments Included in Interest Expense	The following table details the impact of the Company’s interest rate swaps designated as hedging instruments included in interest income or expense for the year ended December 31, 2017 (dollar amounts in thousands): Year Ended December 31, 2017 Interest Rate Swaps: Interest income-investment securities $ 267 Interest expense-investment securities —
Schedule of Interest Rate Swaps, Weighted Average Rate	The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 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 % 1.98 % $ 98,000 2.18 % 2.45 % 2027 247,500 2.39 % 1.94 % 247,500 2.39 % 2.53 % 2028 150,000 3.23 % 1.92 % 150,000 3.23 % 2.53 % Total $ 495,500 2.60 % 1.95 % $ 495,500 2.60 % 2.52 %

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Schedule of Borrowings Under Purchase Agreements Secured by Investments	The following table presents detailed information about the Company’s borrowings under these repurchase agreements and associated distressed and other residential mortgage loans pledged as collateral at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements Carrying Value of Loans Pledged (1) Weighted Average Rate Weighted Average Months to Maturity December 31, 2019 $ 1,200,000 $ 754,132 $ 961,749 3.67 % 11.20 December 31, 2018 $ 950,000 $ 589,148 $ 754,352 4.67 % 9.24 (1) Includes distressed and other residential mortgage loans at fair value of $881.2 million and $626.2 million and distressed and other residential mortgage loans, net of $80.6 million and $128.1 million at December 31, 2019 and 2018 , respectively. The following table presents detailed information about the Company’s borrowings under repurchase agreements secured by investment securities and associated assets pledged as collateral at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 2018 Outstanding Borrowings Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Outstanding Borrowings Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Agency RMBS (1) $ 812,742 $ 865,765 $ 864,428 $ 925,230 $ 978,357 $ 1,014,284 Agency CMBS (2) 133,184 139,317 140,118 — — — Non-Agency RMBS (3) 594,286 797,784 785,952 88,730 117,958 118,414 CMBS (4) 811,890 1,036,513 853,043 529,617 687,876 539,788 Balance at end of the period $ 2,352,102 $ 2,839,379 $ 2,643,541 $ 1,543,577 $ 1,784,191 $ 1,672,486 (1) Includes senior RMBS securities with a fair value amounting to $26.2 million included in Consolidated SLST as of December 31, 2019 . (2) Includes senior CMBS securities with a fair value amounting to $88.4 million included in the Consolidated K-Series as of December 31, 2019 . (3) Includes first loss subordinated RMBS securities with a fair value amounting to $214.8 million included in Consolidated SLST as of December 31, 2019 . (4) Includes first loss PO, IO and mezzanine CMBS securities with a fair value amounting to $848.2 million and $543.0 million included in the Consolidated K-Series as of December 31, 2019 and 2018 , respectively.
Outstanding Repurchase Agreements by Contractual Maturity	The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Contractual Maturity December 31, 2019 December 31, 2018 Within 30 days $ 449,474 $ 732,051 Over 30 days to 90 days 1,647,683 677,906 Over 90 days 254,945 133,620 Total $ 2,352,102 $ 1,543,577
Unencumbered Investments Securities	The following table presents information about the Company’s unencumbered investment securities at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): Unencumbered Securities December 31, 2019 December 31, 2018 Agency RMBS $ 83,351 $ 59,372 CMBS 235,199 107,040 Non-Agency RMBS 168,063 96,081 ABS 49,214 — Total $ 535,827 $ 262,493

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Subordinated Borrowing	The following table summarizes the key details of the Company’s subordinated debentures as of December 31, 2019 and 2018 (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 Maturities of Long-term Debt	The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of December 31, 2018 (dollar amounts in thousands): Scheduled Maturity (principal amount) December 31, 2018 Within 24 months $ 12,381 Over 24 months to 36 months — Over 36 months 33,177 Total 45,558 Discount (2,983 ) Debt issuance cost (240 ) Carrying value $ 42,335 As of December 31, 2019 , maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2020 $ — 2021 — 2022 138,000 2023 — 2024 — Thereafter 85,621 Total $ 223,621

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Obligations Under Non-cancelable Operating Leases	As of December 31, 2019 , obligations under non-cancelable operating leases are as follows (dollar amounts in thousands): Year Ending December 31, 2020 $ 1,595 2021 1,710 2022 1,721 2023 1,732 2024 1,548 Thereafter 6,699 Total $ 15,005

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018 , respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale, at fair value: Agency RMBS $ — $ 922,877 $ — $ 922,877 $ — $ 1,037,730 $ — $ 1,037,730 Agency CMBS — 50,958 — 50,958 — — — — Non-Agency RMBS — 715,314 — 715,314 — 214,037 — 214,037 CMBS — 267,777 — 267,777 — 207,785 52,700 260,485 ABS — 49,214 — 49,214 — — — — Multi-family loans held in securitization trusts, at fair value — — 17,816,746 17,816,746 — — 11,679,847 11,679,847 Residential mortgage loans held in securitization trust, at fair value — — 1,328,886 1,328,886 — — — — Distressed and other residential mortgage loans, at fair value — — 1,429,754 1,429,754 — — 737,523 737,523 Derivative Assets: Interest rate swaps (1) — 15,878 — 15,878 — 10,263 — 10,263 Investments in unconsolidated entities — — 83,882 83,882 — — 32,994 32,994 $ — $ 2,022,018 $ 20,659,268 $ 22,681,286 $ — $ 1,469,815 $ 12,503,064 $ 13,972,879 Liabilities carried at fair value Multi-family collateralized debt obligations, at fair value $ — $ — $ 16,724,451 $ 16,724,451 $ — $ — $ 11,022,248 $ 11,022,248 Residential collateralized debt obligations, at fair value — — 1,052,829 1,052,829 — — — — Total $ — $ — $ 17,777,280 $ 17,777,280 $ — $ — $ 11,022,248 $ 11,022,248 (1) 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. Includes derivative liabilities of $29.0 million netted against a variation margin of $44.8 million at December 31, 2019 . Includes derivative assets of $1.8 million and variation margin of $8.5 million at December 31, 2018 .
Changes in Level 3 Assets	The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2019 , 2018 , and 2017 , respectively (dollar amounts in thousands): Level 3 Assets: Year Ended December 31, 2019 Multi-family loans held in securitization trusts Distressed and other residential mortgage loans Investments in unconsolidated entities CMBS held in re-securitization trusts Residential mortgage loans held in securitization trust Total Balance at beginning of period $ 11,679,847 $ 737,523 $ 32,994 $ 52,700 $ — $ 12,503,064 Total gains/(losses) (realized/unrealized) Included in earnings 533,094 55,459 15,100 17,734 (445 ) 620,942 Included in other comprehensive income (loss) — — — (13,665 ) — (13,665 ) Transfers out (1) — (913 ) — — — (913 ) Contributions — — 50,000 — — 50,000 Paydowns/Distributions (992,912 ) (171,909 ) (14,212 ) — (3,729 ) (1,182,762 ) Charge-off (3,257 ) — — — — (3,257 ) Sales — (19,814 ) — (56,769 ) — (76,583 ) Purchases (2) 6,599,974 829,408 — — 1,333,060 8,762,442 Balance at the end of period $ 17,816,746 $ 1,429,754 $ 83,882 $ — $ 1,328,886 $ 20,659,268 (1) Transfers out of Level 3 assets include the transfer of residential mortgage loans to real estate owned during the year ended December 31, 2019 . (2) During the year ended December 31, 2019 , the Company purchased first loss PO securities, and certain IOs and senior or mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. Also during the year ended December 31, 2019 , the Company purchased first loss subordinated securities, IOs and senior RMBS securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the respective securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2018 Multi-family loans held in securitization trusts Distressed and other residential mortgage loans Investments in unconsolidated entities CMBS held in re-securitization trusts Total Balance at beginning of period $ 9,657,421 $ 87,153 $ 42,823 $ 47,922 $ 9,835,319 Total (losses)/gains (realized/unrealized) Included in earnings (134,298 ) 3,913 9,075 3,980 (117,330 ) Included in other comprehensive income (loss) — — — 798 798 Transfers out (1) — (56 ) — — (56 ) Paydowns/Distributions (137,820 ) (24,064 ) (18,904 ) — (180,788 ) Sales — (18,173 ) — — (18,173 ) Purchases (2) 2,294,544 688,750 — — 2,983,294 Balance at the end of period $ 11,679,847 $ 737,523 $ 32,994 $ 52,700 $ 12,503,064 (1) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned during the year ended December 31, 2018 . (2) During the year ended December 31, 2018 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and included in the Consolidated K-Series. As a result, the Company consolidated assets of these securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2017 Multi-family loans held in securitization trusts Distressed and other residential mortgage loans Investments in unconsolidated entities CMBS held in re-securitization trusts Total Balance at beginning of period $ 6,939,844 $ 17,769 $ 60,332 $ 43,897 $ 7,061,842 Total (losses)/gains (realized/unrealized) Included in earnings (31,784 ) 135 10,385 3,423 (17,841 ) Included in other comprehensive income (loss) — — — 602 602 Contributions — — 2,500 — 2,500 Paydowns/Distributions (137,164 ) (8,479 ) (30,394 ) — (176,037 ) Sales — (7,224 ) — — (7,224 ) Purchases (1) 2,886,525 84,952 — — 2,971,477 Balance at the end of period $ 9,657,421 $ 87,153 $ 42,823 $ 47,922 $ 9,835,319 (1) During the year ended December 31, 2017 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and included in the Consolidated K-Series. As a result, the Company consolidated assets of these securitizations ( see Notes 2 and 6 ).
Changes in Level 3 Liabilities	The following tables detail changes in valuation for the Level 3 liabilities for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Level 3 Liabilities: Year Ended December 31, 2019 Multi-Family CDOs SLST CDOs Total Balance at beginning of period $ 11,022,248 $ — $ 11,022,248 Total losses (realized/unrealized) Included in earnings 443,796 27 443,823 Purchases (1) 6,253,739 1,055,720 7,309,459 Paydowns (992,075 ) (2,918 ) (994,993 ) Charge-off (3,257 ) — (3,257 ) Balance at the end of period $ 16,724,451 $ 1,052,829 $ 17,777,280 (1) During the year ended December 31, 2019 , the Company purchased first loss PO securities and certain IOs and senior or mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. Also during the year ended December 31, 2019 , the Company purchased first loss subordinated securities, IOs and senior RMBS securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated liabilities of the respective securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2018 Multi-Family CDOs Balance at beginning of period $ 9,189,459 Total losses (realized/unrealized) Included in earnings (211,738 ) Purchases (1) 2,182,330 Paydowns (137,803 ) Balance at the end of period $ 11,022,248 (1) During the year ended December 31, 2018 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations ( see Notes 2 and 6 ). Year Ended December 31, 2017 Multi-Family CDOs Balance at beginning of period $ 6,624,896 Total losses (realized/unrealized) Included in earnings (82,650 ) Purchases (1) 2,784,377 Paydowns (137,164 ) Balance at the end of period $ 9,189,459 (1) During the year ended December 31, 2017 , the Company purchased first loss PO securities and certain IOs and mezzanine CMBS securities issued from securitizations that it determined to consolidate and include in the Consolidated K-Series. As a result, the Company consolidated liabilities of these securitizations ( see Notes 2 and 6 ).
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings	The following table details the changes in unrealized gains (losses) included in earnings for the years ended December 31, 2019 , 2018 and 2017 , respectively, for our Level 3 assets and liabilities held as of December 31, 2019 , 2018 and 2017 , respectively (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Assets Multi-family loans held in securitization trusts, at fair value (1) $ 586,993 $ (85,115 ) $ 10,021 Residential mortgage loans held in securitization trust, at fair value (1) 300 — — Distressed and other residential mortgage loans, at fair value (1) 44,470 4,333 — Investments in unconsolidated entities (2) 5,374 6,091 3,686 Liabilities Multi-family collateralized debt obligations, at fair value (1) $ (563,031 ) $ 122,696 $ 8,851 Residential collateralized debt obligations, at fair value (1) (383 ) — — (1) Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. (2) Presented in other income on the Company’s consolidated statements of operations.
Fair Value Measurements, Nonrecurring	The following table presents assets measured at fair value on a non-recurring basis as of December 31, 2019 and 2018 , respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans, net $ — $ — $ 5,256 $ 5,256 $ — $ — $ 5,921 $ 5,921
Fair Value, Losses for Assets Measured on Nonrecurring Basis	The following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the years ended December 31, 2019 , 2018 and 2017 , respectively, on the Company’s consolidated statements of operations (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Residential mortgage loans held in securitization trusts – impaired loans, net $ (24 ) $ (165 ) $ (472 ) Real estate owned held in residential securitization trusts — — (6 )
Fair Value, by Balance Sheet Grouping	The following table presents a summary of the assets and liabilities of the Company’s residential mortgage loan securitizations, the Consolidated K-Series, Consolidated SLST, and KRVI of as of December 31, 2019 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIE Other VIEs Residential Mortgage Loan Securitizations Consolidated K-Series Consolidated SLST Other Total Cash and cash equivalents $ — $ — $ — $ 107 $ 107 Residential mortgage loans held in securitization trusts, net 44,030 — — — 44,030 Residential mortgage loans held in securitization trust, at fair value — — 1,328,886 — 1,328,886 Multi-family loans held in securitization trusts, at fair value — 17,816,746 — — 17,816,746 Receivables and other assets 1,328 59,417 5,244 14,626 80,615 Total assets $ 45,358 $ 17,876,163 $ 1,334,130 $ 14,733 $ 19,270,384 Residential collateralized debt obligations $ 40,429 $ — $ — $ — $ 40,429 Residential collateralized debt obligations, at fair value — — 1,052,829 — 1,052,829 Multi-family collateralized debt obligations, at fair value — 16,724,451 — — 16,724,451 Accrued expenses and other liabilities 14 57,873 2,643 75 60,605 Total liabilities $ 40,443 $ 16,782,324 $ 1,055,472 $ 75 $ 17,878,314 The following table presents a summary of the assets and liabilities of the Financing VIEs, the Consolidated K-Series, KRVI, and The Clusters as of December 31, 2018 (dollar amounts in thousands): Financing VIEs Other VIEs Multi-family CMBS re-securitization (1) Distressed Residential Mortgage Loan Securitization (2) Residential Mortgage Loan Securitizations Consolidated K-Series (3) Other Total Cash and cash equivalents $ — $ — $ — $ — $ 708 $ 708 Investment securities available for sale, at fair value held in securitization trusts 52,700 — — — — 52,700 Residential mortgage loans held in securitization trusts, net — — 56,795 — — 56,795 Distressed residential mortgage loans held in securitization trusts, net — 88,096 — — — 88,096 Multi-family loans held in securitization trusts, at fair value 1,107,071 — — 10,572,776 — 11,679,847 Real estate held for sale in consolidated variable interest entities — — — — 29,704 29,704 Receivables and other assets 4,243 10,287 1,061 37,679 23,254 76,524 Total assets $ 1,164,014 $ 98,383 $ 57,856 $ 10,610,455 $ 53,666 $ 11,984,374 Residential collateralized debt obligations $ — $ — $ 53,040 $ — $ — $ 53,040 Multi-family collateralized debt obligations, at fair value 1,036,604 — — 9,985,644 — 11,022,248 Securitized debt 30,121 12,214 — — — 42,335 Mortgages and notes payable in consolidated variable interest entities — — — — 31,227 31,227 Accrued expenses and other liabilities 4,228 444 26 37,022 1,166 42,886 Total liabilities $ 1,070,953 $ 12,658 $ 53,066 $ 10,022,666 $ 32,393 $ 11,191,736 (1) The Company classified the multi-family CMBS issued by two securitizations and held by this Financing VIE as available for sale securities. The Financing VIE consolidated one securitization trust included in the Consolidated K-Series 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 6 ). (2) The Company engaged in this transaction for the purpose of financing certain distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of re-performing and, to a lesser extent, non-performing and other delinquent mortgage loans secured by first liens on one- to four- family properties. Balances as of December 31, 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 re-performing seasoned mortgage loans. The Company held 5% of the Class A Notes issued as part of the securitization transaction, which were eliminated in consolidation. (3) Eight of the securitizations included in the Consolidated K-Series were not held in a Financing VIE as of December 31, 2018 . The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 118,763 $ 118,763 $ 103,724 $ 103,724 Investment securities, available for sale Level 2 or 3 2,006,140 2,006,140 1,512,252 1,512,252 Distressed and other residential mortgage loans, at fair value Level 3 1,429,754 1,429,754 737,523 737,523 Distressed and other residential mortgage loans, net Level 3 202,756 208,471 285,261 289,376 Investments in unconsolidated entities Level 3 189,965 191,359 73,466 73,833 Preferred equity and mezzanine loan investments Level 3 180,045 182,465 165,555 167,739 Multi-family loans held in securitization trusts, at fair value Level 3 17,816,746 17,816,746 11,679,847 11,679,847 Residential mortgage loans held in securitization trust, at fair value Level 3 1,328,886 1,328,886 — — Derivative assets Level 2 15,878 15,878 10,263 10,263 Mortgage loans held for sale, net (1) Level 3 2,406 2,482 3,414 3,584 Mortgage loans held for investment (1) Level 3 — — 1,580 1,580 Financial Liabilities: Repurchase agreements Level 2 3,105,416 3,105,416 2,131,505 2,131,505 Residential collateralized debt obligations Level 3 40,429 38,888 53,040 50,031 Multi-family collateralized debt obligations, at fair value Level 3 16,724,451 16,724,451 11,022,248 11,022,248 Residential collateralized debt obligations, at fair value Level 3 1,052,829 1,052,829 — — Securitized debt Level 3 — — 42,335 45,030 Subordinated debentures Level 3 45,000 41,592 45,000 44,897 Convertible notes Level 2 132,955 140,865 130,762 135,689 (1) Included in receivables and other assets in the accompanying consolidated balance sheets.

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Summary of Preferred Stock Issued and Outstanding	The following tables summarize the Company’s Preferred Stock issued and outstanding as of December 31, 2019 and 2018 , respectively (dollar amounts in thousands): December 31, 2019 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,156,087 $ 76,180 $ 78,902 7.750 % June 4, 2018 N/A N/A Series C 6,600,000 4,181,807 101,102 104,545 7.875 % April 22, 2020 N/A N/A Fixed-to-Floating Rate Series D 8,400,000 6,123,495 148,134 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Total 30,900,000 20,872,888 $ 504,765 $ 521,822 December 31, 2018 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed Rate Series B 6,000,000 3,000,000 $ 72,397 $ 75,000 7.750 % June 4, 2018 N/A N/A Series C 4,140,000 3,600,000 86,862 90,000 7.875 % April 22, 2020 N/A N/A Fixed-to-Floating Rate Series D 5,750,000 5,400,000 130,496 135,000 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Total 15,890,000 12,000,000 $ 289,755 $ 300,000 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively). (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in (4) below. (4) On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference.
Schedule of Dividends Payable	The following table presents the relevant information with respect to quarterly cash dividends declared on the Series B Preferred Stock and Series C Preferred Stock commencing January 1, 2017 through December 31, 2019 and on each of the Series D Preferred Stock and Series E Preferred Stock from its respective time of original issuance through December 31, 2019 : Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock December 10, 2019 January 1, 2020 January 15, 2020 $ 0.484375 $ 0.4921875 $ 0.50 $ 0.47578 (2) September 9, 2019 October 1, 2019 October 15, 2019 0.484375 0.4921875 0.50 — June 14, 2019 July 1, 2019 July 15, 2019 0.484375 0.4921875 0.50 — March 19, 2019 April 1, 2019 April 15, 2019 0.484375 0.4921875 0.50 — December 4, 2018 January 1, 2019 January 15, 2019 0.484375 0.4921875 0.50 — 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 0.51 (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. (2) Cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020. 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 December 31, 2019 : Period Declaration Date Record Date Payment Date Cash Dividend Per Share Fourth Quarter 2019 December 10, 2019 December 20, 2019 January 27, 2020 $ 0.20 Third Quarter 2019 September 9, 2019 September 19, 2019 October 25, 2019 0.20 Second Quarter 2019 June 14, 2019 June 24, 2019 July 25, 2019 0.20 First Quarter 2019 March 19, 2019 March 29, 2019 April 25, 2019 0.20 Fourth Quarter 2018 December 4, 2018 December 14, 2018 January 25, 2019 0.20 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
Schedule of Company's Public Offerings of Common Stock	The following table details the Company's public offerings of common stock during the three years ended December 31, 2019 (dollar amounts in thousands): Share Issue Month Shares Issued Net Proceeds (1) November 2019 28,750,000 $ 172,150 September 2019 28,750,000 173,093 July 2019 23,000,000 137,500 May 2019 20,700,000 123,102 March 2019 17,250,000 101,160 January 2019 14,490,000 83,772 November 2018 14,375,000 85,261 August 2018 14,375,000 85,980 (1) Proceeds are net of underwriting discounts and commissions and offering expenses

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
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): Year Ended December 31, 2019 2018 2017 Basic Earnings per Common Share Net income attributable to Company $ 173,736 $ 102,886 $ 91,980 Less: Preferred stock dividends (28,901 ) (23,700 ) (15,660 ) Net income attributable to Company’s common stockholders $ 144,835 $ 79,186 $ 76,320 Basic weighted average common shares outstanding 221,380 127,243 111,836 Basic Earnings per Common Share $ 0.65 $ 0.62 $ 0.68 Diluted Earnings per Common Share: Net income attributable to Company $ 173,736 $ 102,886 $ 91,980 Less: Preferred stock dividends (28,901 ) (23,700 ) (15,660 ) Add back: Interest expense on convertible notes for the period, net of tax 10,662 10,475 9,158 Net income attributable to Company’s common stockholders $ 155,497 $ 89,661 $ 85,478 Weighted average common shares outstanding 221,380 127,243 111,836 Net effect of assumed convertible notes conversion to common shares 19,695 19,695 18,507 Net effect of assumed PSUs vested 1,521 512 — Diluted weighted average common shares outstanding $ 242,596 $ 147,450 $ 130,343 Diluted Earnings per Common Share $ 0.64 $ 0.61 $ 0.66

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	A summary of the activity of the Company’s non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the years ended December 31, 2019 , 2018 and 2017 , respectively, is presented below: 2019 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) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 507,536 $ 5.91 422,928 $ 6.36 319,058 $ 6.40 Granted 536,242 6.30 289,792 5.63 332,921 6.54 Vested (205,080 ) 5.85 (200,064 ) 6.55 (229,051 ) 6.67 Forfeited (1,575 ) 6.35 (5,120 ) 6.25 — — Non-vested shares as of December 31 837,123 $ 6.18 507,536 $ 5.91 422,928 $ 6.36 Restricted stock granted during the period 536,242 $ 6.30 289,792 $ 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.
Summary of Activity of Target PSU Awards Under 2017 Plan	A summary of the activity of the target PSU Awards under the 2017 Plan for the years ended December 31, 2019 and 2018 , respectively, is presented below: 2019 2018 Number of Non-vested Target Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Target Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs at January 1 842,792 $ 4.20 — $ — Granted 1,175,726 4.01 842,792 4.20 Vested — — — — Non-vested target PSUs as of December 31 2,018,518 $ 4.09 842,792 $ 4.20 (1) 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 .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Summary of Income Tax Provision	The income tax provision for the years ended December 31, 2019 , 2018 and 2017 is comprised of the following components (dollar amounts in thousands): Years Ended December 31, 2019 2018 2017 Current income tax (benefit) expense Federal $ (65 ) $ (273 ) $ 1,243 State 43 (7 ) 2,130 Total current income tax (benefit) expense (22 ) (280 ) 3,373 Deferred income tax (benefit) expense Federal (245 ) (480 ) (25 ) State (152 ) (297 ) 7 Total deferred income tax benefit (397 ) (777 ) (18 ) Total (benefit) provision $ (419 ) $ (1,057 ) $ 3,355
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2019 , 2018 and 2017 , respectively, are as follows (dollar amounts in thousands). December 31, 2019 2018 2017 Provision at statutory rate $ 36,397 21.0 % $ 21,384 21.0 % $ 33,367 35.0 % Non-taxable REIT income (37,199 ) (21.5 ) (23,720 ) (23.3 ) (29,857 ) (31.3 ) State and local tax provision (benefit) 43 — (7 ) — 2,130 2.2 Other (620 ) (0.4 ) (2,601 ) (2.6 ) 1,511 1.6 Valuation allowance 960 0.6 3,887 3.8 (3,796 ) (4.0 ) Total (benefit) provision $ (419 ) (0.3 )% $ (1,057 ) (1.1 )% $ 3,355 3.5 %
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 December 31, 2019 and 2018 , respectively, are as follows (dollar amounts in thousands): December 31, 2019 December 31, 2018 Deferred tax assets Net operating loss carryforward $ 3,975 $ 2,416 Capital loss carryover 739 739 GAAP/Tax basis differences 3,699 3,903 Total deferred tax assets (1) 8,413 7,058 Deferred tax liabilities Deferred tax liabilities 5 6 Total deferred tax liabilities (2) 5 6 Valuation allowance (1) (7,029 ) (6,069 ) Total net deferred tax asset $ 1,379 $ 983 (1) Included in receivables and other assets in the accompanying consolidated balance sheets. (2) Included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Quarterly Financial Data (una_2

Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data	The following table is a comparative breakdown of our unaudited quarterly results for the immediately preceding eight quarters (amounts in thousands, except per share data): Three Months Ended Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Interest income $ 147,982 $ 167,258 $ 179,602 $ 199,772 Interest expense 121,779 141,567 147,631 155,773 Net interest income 26,203 25,691 31,971 43,999 Non-interest income: Recovery of loan losses 1,065 1,296 244 175 Realized gains (losses), net 22,006 4,448 6,102 86 Unrealized gains (losses), net 2,708 77 11,112 21,940 Loss on extinguishment of debt (2,857 ) — — — Income from real estate held for sale in consolidated variable interest entities 215 — — — Other income 7,728 2,740 3,938 11,425 Total non-interest income 30,865 8,561 21,396 33,626 General, administrative and operating expenses 12,644 12,394 12,288 12,509 Income from operations before income taxes 44,424 21,858 41,079 65,116 Income tax expense (benefit) 74 (134 ) (187 ) (172 ) Net income 44,350 21,992 41,266 65,288 Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (211 ) 743 113 195 Net income attributable to Company 44,139 22,735 41,379 65,483 Preferred stock dividends (5,925 ) (6,257 ) (6,544 ) (10,175 ) Net income attributable to Company’s common stockholders $ 38,214 $ 16,478 $ 34,835 $ 55,308 Basic earnings per common share $ 0.22 $ 0.08 $ 0.15 $ 0.20 Diluted earnings per common share $ 0.21 $ 0.08 $ 0.15 $ 0.20 Dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding-basic 174,421 200,691 234,043 275,121 Weighted average shares outstanding-diluted 194,970 202,398 255,537 296,347 Three Months Ended Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Dec 31, 2018 Interest income $ 108,891 $ 107,723 $ 110,249 $ 128,936 Interest expense 89,139 90,223 90,646 107,063 Net interest income 19,752 17,500 19,603 21,873 Non-interest income: (Provision for) recovery of loan losses (42 ) 437 840 (2,492 ) Realized gains (losses), net (4,156 ) (6,303 ) 3,232 (548 ) Unrealized gains (losses), net 19,031 24,392 14,094 (4,736 ) Income from real estate held for sale in consolidated variable interest entities 2,126 1,253 1,380 1,404 Other income 3,994 228 4,757 7,589 Total non-interest income 20,953 20,007 24,303 1,217 General, administrative and operating expenses 8,698 8,769 9,912 14,091 Income from operations before income taxes 32,007 28,738 33,994 8,999 Income tax benefit (79 ) (13 ) (454 ) (511 ) Net income 32,086 28,751 34,448 9,510 Net (income) loss attributable to non-controlling interest in consolidated variable interest entities (2,468 ) 943 (475 ) 91 Net income attributable to Company 29,618 29,694 33,973 9,601 Preferred stock dividends (5,925 ) (5,925 ) (5,925 ) (5,925 ) Net income attributable to Company’s common stockholders $ 23,693 $ 23,769 $ 28,048 $ 3,676 Basic earnings per common share $ 0.21 $ 0.21 $ 0.21 $ 0.02 Diluted earnings per common share $ 0.20 $ 0.20 $ 0.20 $ 0.02 Dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding-basic 112,018 115,211 132,413 148,871 Weighted average shares outstanding-diluted 131,761 135,164 152,727 149,590

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	Mar. 31, 2017variable_interest_entity	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Oct. 01, 2019USD ($)	Dec. 31, 2017USD ($)	Jan. 23, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Goodwill		$ 25,222,000	$ 25,222,000
Goodwill accumulated impairment				$ 0
Residential mortgage loans, delinquency period		90 days
Restricted cash and cash equivalents		$ 2,849,000	5,421,000		$ 11,004,000
Interest receivable		41,200,000
Employer contributions to employee benefit plan		$ 0	0
Number of reportable segments | segment		1
Performance Shares
Accounts, Notes, Loans and Financing Receivable [Line Items]
Award vesting period		3 years
6.25% senior convertible notes due 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount at issuance (percent)						4.00%
6.25% senior convertible notes due 2022 | Convertible Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate						6.25%
VIE, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Inventory, real estate, construction in process		$ 20,900,000
Impairment of real estate		1,900,000	2,800,000
Net Income (Loss) Attributable to Noncontrolling Interest | VIE, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of real estate		1,000,000	1,400,000
Net Loss Attributable to Parent | VIE, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of real estate		900,000	1,400,000
Receivables And Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Inventory, real estate, construction in process		$ 14,500,000	22,000,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finite-lived intangible asset, useful life		6 months
Repurchase agreements, expiration period		12 months
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finite-lived intangible asset, useful life		10 years
Repurchase agreements, expiration period		18 months
Building
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property, plant and equipment useful life		30 years
Building Improvements | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property, plant and equipment useful life		10 years
Building Improvements | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property, plant and equipment useful life		30 years
Furniture and Fixtures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property, plant and equipment useful life		5 years
RiverBanc, RBMI, and RBDHC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Goodwill		$ 25,200,000	$ 25,200,000
Riverchase Landing and The Clusters
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of consolidated VIEs | variable_interest_entity	2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions	Jan. 01, 2020	Jan. 01, 2019
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset		$ 9.3
Operating lease, liability		$ 9.8
ASU 2019-05
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment for adoption of new ASU	$ 12.3

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Adjustments for Adoption of ASU 2019-05 (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2019		Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in unconsolidated entities	$ 107,477	$ 189,965		$ 73,466
Preferred equity and mezzanine loan investments	182,465	180,045		165,555
Receivables and other assets	3,620	169,214		114,821
Total Assets	502,033	23,483,369	[1]	14,737,638	[1]
Accumulated deficit	(136,579)	(148,863)		(103,178)
Total Stockholders' Equity	(136,579)	2,205,733		1,179,389
Distressed and other residential mortgage loans, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Distressed and other residential mortgage loans, net	208,471	202,756		$ 285,261
ASU 2019-05
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in unconsolidated entities	1,394
Preferred equity and mezzanine loan investments	2,420
Receivables and other assets	2,755
Total Assets	12,284
Accumulated deficit	12,284
Total Stockholders' Equity	12,284
ASU 2019-05 | Distressed and other residential mortgage loans, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Distressed and other residential mortgage loans, net	$ 5,715
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in unconsolidated entities		106,083
Preferred equity and mezzanine loan investments		180,045
Receivables and other assets		865
Total Assets		489,749
Accumulated deficit		(148,863)
Total Stockholders' Equity		(148,863)
Previously Reported | Distressed and other residential mortgage loans, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Distressed and other residential mortgage loans, net		$ 202,756
[1]	Our 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 December 31, 2019 and December 31, 2018 , assets of consolidated VIEs totaled $19,270,384 and $11,984,374 , respectively, and the liabilities of consolidated VIEs totaled $17,878,314 and $11,191,736 , respectively. See Note 9 for further discussion.

Investment Securities Availab_3

Investment Securities Available For Sale - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,980,415	$ 1,534,389
Unrealized Gains	35,721	17,989
Unrealized Losses	(9,996)	(40,126)
Fair Value	$ 2,006,140	$ 1,512,252
Agency ARMs
Debt Securities, Available-for-sale [Line Items]
Weighted average reset period	26 months	31 months
Agency RMBS:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 922,976	$ 1,076,006
Unrealized Gains	7,410	8
Unrealized Losses	(7,509)	(38,284)
Fair Value	922,877	1,037,730
Unrealized gains (losses), net	(100)
Agency RMBS: | Unrealized gains (losses) , net
Debt Securities, Available-for-sale [Line Items]
Fair Value	21,000
Agency RMBS: | Agency ARMs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,740	73,949
Unrealized Gains	13	8
Unrealized Losses	(1,347)	(2,563)
Fair Value	54,406	71,394
Agency RMBS: | Agency Fixed-Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	867,236	1,002,057
Unrealized Gains	7,397	0
Unrealized Losses	(6,162)	(35,721)
Fair Value	868,471	966,336
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51,334	0
Unrealized Gains	19	0
Unrealized Losses	(395)	0
Fair Value	50,958	0
Unrealized gains (losses), net	(400)
Agency CMBS | Unrealized gains (losses) , net
Debt Securities, Available-for-sale [Line Items]
Fair Value	30,700
Total Agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	974,310	1,076,006
Unrealized Gains	7,429	8
Unrealized Losses	(7,904)	(38,284)
Fair Value	973,835	1,037,730
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	701,583	215,337
Unrealized Gains	14,992	166
Unrealized Losses	(1,261)	(1,466)
Fair Value	715,314	214,037
Unrealized gains (losses), net	1,200
Non-Agency RMBS | Unrealized gains (losses) , net
Debt Securities, Available-for-sale [Line Items]
Fair Value	123,800
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	254,620	243,046
Unrealized Gains	13,300	17,815
Unrealized Losses	(143)	(376)
Fair Value	267,777	260,485
Unrealized gains (losses), net	500
Investment securities held in securitization		52,700
CMBS | Unrealized gains (losses) , net
Debt Securities, Available-for-sale [Line Items]
Fair Value	20,600
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	49,902	0
Unrealized Gains	0	0
Unrealized Losses	(688)	0
Fair Value	49,214	$ 0
Unrealized gains (losses), net	(700)
ABS | Unrealized gains (losses) , net
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 49,200

Investment Securities Availab_4

Investment Securities Available For Sale - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of investment securities, available-for-sale	$ 98,000,000	$ 26,900,000	$ 107,100,000
Net realized gain (loss) on investment securities available for sale	$ 21,800,000	$ (12,300,000)	(100,000)
Contractual maturities (up to)	40 years
Available for sale securities portfolio, weighted average life	5 years	5 years 8 months 12 days
Gross unrealized losses	$ (7,591,000)	$ (40,126,000)
Other-than-temporary Impairment loss	0	0	$ 0
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	(7,454,000)	(38,284,000)
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	(13,000)	(1,466,000)
CMBS
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	$ (124,000)	$ (376,000)

Investment Securities Availab_5

Investment Securities Available For Sale - Weighted Average Life (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
0 to 5 years	$ 1,359,894	$ 456,947
Over 5 to 10 years	521,517	1,043,369
10 years	124,729	11,936
Total	$ 2,006,140	$ 1,512,252

Investment Securities Availab_6

Investment Securities Available For Sale - Unrealized Losses in OCI (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Carrying Value	$ 25,507,000	$ 573,470,000
Less than 12 Months, Gross Unrealized Losses	124,000	9,864,000
Greater than 12 Months, Carrying Value	222,390,000	726,186,000
Greater than 12 months, Gross Unrealized Losses	7,467,000	30,262,000
Total, Carrying Value	247,897,000	1,299,656,000
Total, Gross Unrealized Losses	7,591,000	40,126,000
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Carrying Value	0	310,783,000
Less than 12 Months, Gross Unrealized Losses	0	8,037,000
Greater than 12 Months, Carrying Value	222,286,000	726,028,000
Greater than 12 months, Gross Unrealized Losses	7,454,000	30,247,000
Total, Carrying Value	222,286,000	1,036,811,000
Total, Gross Unrealized Losses	7,454,000	38,284,000
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Carrying Value	0	187,395,000
Less than 12 Months, Gross Unrealized Losses	0	1,451,000
Greater than 12 Months, Carrying Value	104,000	158,000
Greater than 12 months, Gross Unrealized Losses	13,000	15,000
Total, Carrying Value	104,000	187,553,000
Total, Gross Unrealized Losses	13,000	1,466,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Carrying Value	25,507,000	75,292,000
Less than 12 Months, Gross Unrealized Losses	124,000	376,000
Greater than 12 Months, Carrying Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Carrying Value	25,507,000	75,292,000
Total, Gross Unrealized Losses	$ 124,000	$ 376,000

Distressed and Other Resident_5

Distressed and Other Residential Mortgage Loans, At Fair Value - Schedule of Components (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 20,780,548	$ 12,707,625	$ 10,157,126	$ 7,565,459
First And Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	1,464,984	788,372
Premium/(Discount)	(81,372)	(54,905)
Unrealized Gains/(Losses)	46,142	4,056
Carrying Value	$ 1,429,754	$ 737,523

Distressed and Other Resident_6

Distressed and Other Residential Mortgage Loans, At Fair Value - Components of Net Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Net realized gains on payoff and sale of loans	$ 9,187	$ 4,606	$ 1,719
Net unrealized gains (losses)	$ 42,087	$ 4,096	$ (41)

Distressed and Other Resident_7

Distressed and Other Residential Mortgage Loans, At Fair Value - Geographic Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Florida
Concentration Risk [Line Items]
Geographic concentrations	12.00%	11.30%
Texas
Concentration Risk [Line Items]
Geographic concentrations	10.60%	16.60%
New Jersey
Concentration Risk [Line Items]
Geographic concentrations	5.00%	2.60%
Residential mortgage loans, at fair value | Geographic Concentration Risk | California
Concentration Risk [Line Items]
Geographic concentrations	23.90%	27.90%
Residential mortgage loans, at fair value | Geographic Concentration Risk | Florida
Concentration Risk [Line Items]
Geographic concentrations	9.40%	9.00%
Residential mortgage loans, at fair value | Geographic Concentration Risk | New York
Concentration Risk [Line Items]
Geographic concentrations	8.00%	5.10%
Residential mortgage loans, at fair value | Geographic Concentration Risk | Texas
Concentration Risk [Line Items]
Geographic concentrations	5.40%	4.20%
Residential mortgage loans, at fair value | Geographic Concentration Risk | New Jersey
Concentration Risk [Line Items]
Geographic concentrations	5.10%	3.80%

Distressed and Other Resident_8

Distressed and Other Residential Mortgage Loans, At Fair Value - Fair Value Compared to Unpaid Principal (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	$ 20,780,548	$ 12,707,625	$ 10,157,126	$ 7,565,459
Unpaid Principal Balance	224,706
Greater than 90 days past
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	106,199	60,117
Unpaid Principal Balance	$ 122,918	$ 75,167

Distressed and Other Resident_9

Distressed and Other Residential Mortgage Loans, At Fair Value - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	$ 20,780,548	$ 12,707,625	$ 10,157,126	$ 7,565,459
Principal outstanding	224,706
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	881,200	626,200
Distressed Residential Loans And Second Mortgages | Financial Assets, Less than 90 days
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair Value	$ 9,300
Principal outstanding		$ 10,700

Distressed and Other Residen_10

Distressed and Other Residential Mortgage Loans, Net - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 3,508,000	$ 3,759,000	$ 4,191,000	$ 3,782,000
Allowance for loan losses, basis points	7.43%	6.25%
CDOs outstanding	$ 4,900,000	$ 4,800,000
Principal outstanding	224,706,000
Distressed residential mortgage loans held in securitization trusts (net)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distressed residential mortgage loans, net, held in securitization trusts		$ 88,100,000
Loans pledged as collateral	$ 0
Number of delinquent loans | loan		19
Principal outstanding		$ 10,900,000
Distressed residential mortgage loans held in securitization trusts (net) | Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding		$ 6,600,000
Modified Percent		61.00%
Residential mortgage loans held in securitization trusts and real estate owned held in residential securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of delinquent loans | loan	18
Principal outstanding	$ 10,200,000
Residential mortgage loans held in securitization trusts and real estate owned held in residential securitization | Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 6,700,000
Modified Percent	66.00%
Financial Asset Acquired with Credit Deterioration | Distressed residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distressed residential mortgage loans, net, held in securitization trusts	$ 158,700,000	$ 228,500,000
Residential Mortgage | Distressed residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans pledged as collateral	80,600,000	128,100,000
Residential Mortgage | Deutsche Bank AG Cayman Islands Branch | Distressed residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans pledged as collateral	$ 80,600,000	$ 128,100,000

Distressed and Other Residen_11

Distressed and Other Residential Mortgage Loans, Net - Activity in Accretable Yield (Details) - Distressed residential mortgage loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at beginning of period	$ 195,560	$ 303,949
Additions	1,784	7,972
Disposals	(53,624)	(99,603)
Accretion	(7,015)	(16,758)
Balance at end of period	$ 136,705	$ 195,560

Distressed and Other Residen_12

Distressed and Other Residential Mortgage Loans, Net - Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Florida
Concentration Risk [Line Items]
Geographic concentrations	12.00%	11.30%
Georgia
Concentration Risk [Line Items]
Geographic concentrations	11.80%	15.30%
South Carolina
Concentration Risk [Line Items]
Geographic concentrations	6.30%	9.50%
Texas
Concentration Risk [Line Items]
Geographic concentrations	10.60%	16.60%
Virginia
Concentration Risk [Line Items]
Geographic concentrations	8.40%	9.10%
New Jersey
Concentration Risk [Line Items]
Geographic concentrations	5.00%	2.60%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | North Carolina
Concentration Risk [Line Items]
Geographic concentrations	10.50%	9.00%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | Florida
Concentration Risk [Line Items]
Geographic concentrations	10.10%	10.40%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | Georgia
Concentration Risk [Line Items]
Geographic concentrations	7.00%	7.20%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | South Carolina
Concentration Risk [Line Items]
Geographic concentrations	5.80%	5.60%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | Texas
Concentration Risk [Line Items]
Geographic concentrations	5.60%	4.90%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | New York
Concentration Risk [Line Items]
Geographic concentrations	5.50%	5.40%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | Ohio
Concentration Risk [Line Items]
Geographic concentrations	5.20%	5.00%
Geographic Concentration Risk | Distressed residential mortgage loans held in securitization trusts (net) | Virginia
Concentration Risk [Line Items]
Geographic concentrations	5.20%	5.30%
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | Florida
Concentration Risk [Line Items]
Geographic concentrations	12.10%	9.90%
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | New York
Concentration Risk [Line Items]
Geographic concentrations	36.10%	33.90%
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | Massachusetts
Concentration Risk [Line Items]
Geographic concentrations	17.20%	20.00%
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | New Jersey
Concentration Risk [Line Items]
Geographic concentrations	12.80%	14.50%
Distressed residential mortgage loans held in securitization trusts (net) | Geographic Concentration Risk | Maryland
Concentration Risk [Line Items]
Geographic concentrations	5.50%	5.30%

Distressed and Other Residen_13

Distressed and Other Residential Mortgage Loans, Net - Residential Mortgage Loans Held in Securitization Trusts, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Unpaid principal balance	$ 47,237	$ 60,171
Deferred origination costs – net	301	383
Allowance for loan losses	3,508	3,759
Total	$ 44,030	$ 56,795

Distressed and Other Residen_14

Distressed and Other Residential Mortgage Loans, Net - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 3,759	$ 4,191	$ 3,782
Provisions for loan losses	25	166	475
Transfer to real estate owned	(167)	0	(6)
Charge-offs	(109)	(598)	(60)
Balance at the end of period	$ 3,508	$ 3,759	$ 4,191

Distressed and Other Residen_15

Distressed and Other Residential Mortgage Loans, Net - Delinquencies in Portfolio of Loans Held in Securitization Trusts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Delinquent Loans	16
Total Unpaid Principal | $	$ 10,010
% of Loan Portfolio	21.05%
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	18
Number Of Delinquent Loans, Real estate through foreclosure	1
Unpaid Principal, Real estate owned through foreclosure | $	$ 360
% Of Loan Portfolio, Real estate owned through foreclosure	0.76%
Residential Mortgage Loans Held In Securitization Trusts And Real Estate Owned Held In Residential Securitization | 30 - 60
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Delinquent Loans	2
Total Unpaid Principal | $	$ 211
% of Loan Portfolio	0.44%
Residential mortgage loans held in securitization trust, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Delinquent Loans		19
Residential mortgage loans held in securitization trust, at fair value | 90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Delinquent Loans		19
Total Unpaid Principal | $		$ 10,926
% of Loan Portfolio		18.16%

Consolidated K-Series and Con_3

Consolidated K-Series and Consolidated SLST - Narrative (Details) $ in Thousands	Dec. 31, 2019USD ($)securitization	Dec. 31, 2018USD ($)securitization	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Carrying Value	$ 20,780,548	$ 12,707,625	$ 10,157,126	$ 7,565,459
Principal Amount of Loans Subject to Delinquent Principal or Interest	224,706
Residential mortgage loans held in securitization trust, at fair value | First mortgage loans
Variable Interest Entity [Line Items]
Carrying Value	1,328,886
Greater than 90 days past
Variable Interest Entity [Line Items]
Carrying Value	106,199	60,117
Principal Amount of Loans Subject to Delinquent Principal or Interest	122,918	75,167
Greater than 90 days past | Residential mortgage loans held in securitization trust, at fair value | First mortgage loans
Variable Interest Entity [Line Items]
Principal Amount of Loans Subject to Delinquent Principal or Interest	50,741
Multi-family loans held in securitization trusts
Variable Interest Entity [Line Items]
Carrying Value	16,800,000	11,500,000
Multi-Family CDOs
Variable Interest Entity [Line Items]
Carrying Value	$ 16,800,000	$ 11,500,000
Weighted average interest rate (as a percent)	3.85%	3.96%
Consolidated K-Series
Variable Interest Entity [Line Items]
K-series net carrying value	$ 1,100,000	$ 657,600
Consolidated SLST
Variable Interest Entity [Line Items]
Consolidated SLST, carrying value	$ 276,800
Consolidated SLST | Multi-Family CDOs
Variable Interest Entity [Line Items]
Weighted average interest rate (as a percent)	3.53%
VIE, Primary Beneficiary | Multi-family loans held in securitization trusts
Variable Interest Entity [Line Items]
Carrying Value	$ 1,300,000
Freddie Mac Multi-family Loan K-Series | Consolidated K-Series
Variable Interest Entity [Line Items]
Number of securitizations | securitization	14	9
Consolidated SLST | VIE, Primary Beneficiary | Multi-Family CDOs
Variable Interest Entity [Line Items]
Carrying Value	$ 1,300,000

Consolidated K-Series and Con_4

Consolidated K-Series and Consolidated SLST - Condensed Balance Sheet of Consolidated K-Series (Details) - USD ($) $ in Thousands		Jan. 01, 2020	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Assets
Total Assets		$ 502,033	$ 23,483,369	[1]	$ 14,737,638	[1]
Liabilities and Equity
Total liabilities	[1]		21,278,340		13,557,345
Equity			2,205,029		1,180,293		$ 976,001	$ 851,162
Total Liabilities and Stockholders' Equity			23,483,369		14,737,638
Consolidated K-Series
Assets
Multi-family loans held in securitization trusts, at fair value			17,816,746		11,679,847
Receivables (1)			59,417		41,850
Total Assets			17,876,163		11,721,697
Liabilities and Equity
Multi-family CDOs, at fair value			16,724,451		11,022,248
Accrued expenses			57,873		41,102
Total liabilities			16,782,324		11,063,350
Equity			1,093,839		658,347
Total Liabilities and Stockholders' Equity			17,876,163		$ 11,721,697
Consolidated SLST
Assets
Multi-family loans held in securitization trusts, at fair value			1,328,886
Receivables (1)			5,244
Total Assets			1,334,130
Liabilities and Equity
Multi-family CDOs, at fair value			1,052,829
Accrued expenses			2,643
Total liabilities			1,055,472
Equity			278,658
Total Liabilities and Stockholders' Equity			$ 1,334,130
[1]	Our 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 December 31, 2019 and December 31, 2018 , assets of consolidated VIEs totaled $19,270,384 and $11,984,374 , respectively, and the liabilities of consolidated VIEs totaled $17,878,314 and $11,191,736 , respectively. See Note 9 for further discussion.

Consolidated K-Series and Con_5

Consolidated K-Series and Consolidated SLST - Condensed Statement of Operations of Consolidated K-Series (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Income Statements, Captions [Line Items]
Interest expense	$ 155,773	$ 147,631	$ 141,567	$ 121,779	$ 107,063	$ 90,646	$ 90,223	$ 89,139	$ 566,750	$ 377,071	$ 308,101
NET INTEREST INCOME	$ 43,999	$ 31,971	$ 25,691	$ 26,203	$ 21,873	$ 19,603	$ 17,500	$ 19,752	127,864	78,728	57,986
NET INCOME									172,896	104,795	88,567
Consolidated K-Series
Condensed Income Statements, Captions [Line Items]
Interest income									535,226	358,712	297,124
Interest expense									457,130	313,102	261,665
NET INTEREST INCOME									78,096	45,610	35,459
Unrealized gains, net									23,962	37,581	18,872
NET INCOME									102,058	$ 83,191	$ 54,331
Consolidated SLST
Condensed Income Statements, Captions [Line Items]
Interest income									4,764
Interest expense									2,945
NET INTEREST INCOME									1,819
Unrealized gains, net									(83)
NET INCOME									$ 1,736

Consolidated K-Series and Con_6

Consolidated K-Series and Consolidated SLST - Geographic Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Texas
Concentration Risk [Line Items]
Geographic concentrations	10.60%	16.60%
Florida
Concentration Risk [Line Items]
Geographic concentrations	12.00%	11.30%
New Jersey
Concentration Risk [Line Items]
Geographic concentrations	5.00%	2.60%
Consolidated K-Series | Geographic Concentration Risk | Multi-family loans held in securitization trusts | California
Concentration Risk [Line Items]
Geographic concentrations	15.90%	14.80%
Consolidated K-Series | Geographic Concentration Risk | Multi-family loans held in securitization trusts | Texas
Concentration Risk [Line Items]
Geographic concentrations	12.40%	13.00%
Consolidated K-Series | Geographic Concentration Risk | Multi-family loans held in securitization trusts | Florida
Concentration Risk [Line Items]
Geographic concentrations	6.20%	4.50%
Consolidated K-Series | Geographic Concentration Risk | Multi-family loans held in securitization trusts | Maryland
Concentration Risk [Line Items]
Geographic concentrations	5.80%	5.00%
Consolidated SLST | Geographic Concentration Risk | Multi-family loans held in securitization trusts | California
Concentration Risk [Line Items]
Geographic concentrations	11.00%
Consolidated SLST | Geographic Concentration Risk | Multi-family loans held in securitization trusts | Florida
Concentration Risk [Line Items]
Geographic concentrations	10.60%
Consolidated SLST | Geographic Concentration Risk | Multi-family loans held in securitization trusts | New York
Concentration Risk [Line Items]
Geographic concentrations	9.10%
Consolidated SLST | Geographic Concentration Risk | Multi-family loans held in securitization trusts | New Jersey
Concentration Risk [Line Items]
Geographic concentrations	6.90%
Consolidated SLST | Geographic Concentration Risk | Multi-family loans held in securitization trusts | Illinois
Concentration Risk [Line Items]
Geographic concentrations	6.60%

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 189,965	$ 73,466		$ 107,477
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	106,083	40,472
Equity method investment, fair value	$ 83,882	$ 32,994
Equity Method Investments | 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]
Equity method investment, ownership interest	45.00%	45.00%
Investments in unconsolidated entities	$ 10,108	$ 8,948
Changes in fair value, gain (loss)	$ 1,167	$ 1,050	$ 996
Equity Method Investments | Somerset Deerfield Investor, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	45.00%	45.00%
Investments in unconsolidated entities	$ 17,417	$ 16,266
Changes in fair value, gain (loss)	$ 1,992	$ 251	0
Equity Method Investments | RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	43.00%	43.00%
Investments in unconsolidated entities	$ 4,878	$ 4,714
Changes in fair value, gain (loss)	$ 539	$ 76	0
Equity Method Investments | Audubon Mezzanine Holdings, L.L.C. (Series A)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	57.00%	57.00%
Investments in unconsolidated entities	$ 10,998	$ 10,544
Changes in fair value, gain (loss)	$ 1,224	$ 59	0
Equity Method Investments | EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	46.00%	0.00%
Investments in unconsolidated entities	$ 6,847	$ 0
Changes in fair value, gain (loss)	$ 741	$ 0	0
Equity Method Investments | Walnut Creek Properties Holdings, L.L.C.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	36.00%	0.00%
Investments in unconsolidated entities	$ 8,288	$ 0
Changes in fair value, gain (loss)	$ 803	$ 0	0
Equity Method Investments | Towers Property Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	37.00%	0.00%
Investments in unconsolidated entities	$ 11,278	$ 0
Changes in fair value, gain (loss)	$ 638	$ 0	0
Equity Method Investments | Mansions Property Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	34.00%	0.00%
Investments in unconsolidated entities	$ 10,867	$ 0
Changes in fair value, gain (loss)	$ 615	$ 0	0
Equity Method Investments | Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	43.00%	0.00%
Investments in unconsolidated entities	$ 4,062	$ 0
Changes in fair value, gain (loss)	$ 188	$ 0	0
Equity Method Investments | Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	37.00%	0.00%
Investments in unconsolidated entities	$ 9,396	$ 0
Changes in fair value, gain (loss)	$ 367	$ 0	0
Equity Method Investments | Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	53.00%	0.00%
Investments in unconsolidated entities	$ 11,944	$ 0
Changes in fair value, gain (loss)	267	0	0
Equity Method Investments | Autumnwood Investments LLC
Schedule of Equity Method Investments [Line Items]
Changes in fair value, gain (loss)	0	0	265
Equity Method Investments | 200 RHC Hoover, LLC
Schedule of Equity Method Investments [Line Items]
Changes in fair value, gain (loss)	$ 0	$ 0	275
Equity Method Investments | Evergreens JV Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	0.00%	85.00%
Equity method investment, fair value	$ 0	$ 8,200
Changes in fair value, gain (loss)	$ 5,107	$ 4,312	571
Equity Method Investments | The Preserve at Port Royal Venture, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	77.00%	77.00%
Equity method investment, fair value	$ 18,310	$ 13,840
Changes in fair value, gain (loss)	5,374	1,778	1,729
Equity Method Investments | WR Savannah Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Changes in fair value, gain (loss)	0	1,854	1,386
Equity Method Investments | Bent Tree JV Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Changes in fair value, gain (loss)	0	0	1,795
Equity Method Investments | Summerchase LR Partners LLC
Schedule of Equity Method Investments [Line Items]
Changes in fair value, gain (loss)	0	0	569
Equity Method Investments | Lake Mary Realty Partners, LLC
Schedule of Equity Method Investments [Line Items]
Changes in fair value, gain (loss)	$ 0	$ 0	2,745
Equity Method Investments | Morrocroft Neighborhood Stabilization Fund II, LP
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	11.00%	11.00%
Equity method investment, fair value	$ 11,796	$ 10,954
Changes in fair value, gain (loss)	$ 843	$ 1,131	1,591
Equity Method Investments | Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest	49.00%	0.00%
Equity method investment, fair value	$ 53,776	$ 0
Changes in fair value, gain (loss)	$ 3,776	$ 0	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment, Summarized Financial Information, Distressed and Other Residential Mortgage Loans	$ 266,739	$ 0
Unconsolidated Entities Balance Sheets:
Real estate, net	829,935	479,862
Other assets	126,491	37,679
Total assets	1,223,165	517,541
Notes payable, net	610,636	381,196
Securitized debt	233,765	0
Other liabilities	23,387	10,546
Total liabilities	867,788	391,742
Members' equity	355,377	125,799
Total liabilities and members' equity	$ 1,223,165	$ 517,541

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Operating Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unconsolidated Entities Operating Statements:
Rental revenues	$ 63,265	$ 37,921	$ 37,196
Real estate sales	42,350	49,750	92,900
Cost of real estate sales	(25,534)	(37,452)	(55,544)
Interest income	9,214	0	0
Realized and unrealized gains, net	10,452	0	0
Other income	4,697	1,719	2,906
Operating expenses	(42,383)	(20,599)	(21,375)
Income before debt service, acquisition costs, and depreciation and amortization	62,061	31,339	56,083
Interest expense	(28,340)	(16,456)	(16,704)
Acquisition costs	0	(183)	(432)
Depreciation and amortization	(45,548)	(15,176)	(13,659)
Net (loss) income	$ (11,827)	$ (476)	$ 25,288

Preferred Equity and Mezzanin_3

Preferred Equity and Mezzanine Loan Investments - (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Jan. 01, 2020USD ($)
Variable Interest Entity [Line Items]
Total	$ 180,045	$ 165,555	$ 182,465
Tennessee
Variable Interest Entity [Line Items]
Concentration risk, percentage	12.30%	6.80%
Florida
Variable Interest Entity [Line Items]
Concentration risk, percentage	12.00%	11.30%
Georgia
Variable Interest Entity [Line Items]
Concentration risk, percentage	11.80%	15.30%
Texas
Variable Interest Entity [Line Items]
Concentration risk, percentage	10.60%	16.60%
Alabama
Variable Interest Entity [Line Items]
Concentration risk, percentage	10.00%	8.60%
Virginia
Variable Interest Entity [Line Items]
Concentration risk, percentage	8.40%	9.10%
South Carolina
Variable Interest Entity [Line Items]
Concentration risk, percentage	6.30%	9.50%
New Jersey
Variable Interest Entity [Line Items]
Concentration risk, percentage	5.00%	2.60%
Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Investment amount	$ 181,409	$ 166,789
Deferred loan fees, net	(1,364)	(1,234)
Total	$ 180,045	$ 165,555
Number of delinquent loans | loan	0	0

Use of Special Purpose Entiti_3

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Narrative (Details) $ in Thousands	Mar. 14, 2019USD ($)	Dec. 31, 2019USD ($)securitization	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)securitization	Dec. 31, 2018USD ($)securitization	Dec. 31, 2017USD ($)	Mar. 25, 2019USD ($)
Variable Interest Entity [Line Items]
Loss on extinguishment of debt | $		$ 0	$ 0	$ 0	$ (2,857)	$ (2,857)	$ 0	$ 0
Unconsolidated VIE, maximum loss exposure | $		$ 400,900				$ 400,900	269,800
Multi-family CMBS Re-securitization
Variable Interest Entity [Line Items]
Securitized debt, principal amount | $	$ 33,200						$ 33,177
Loss on extinguishment of debt | $	$ (2,900)
Number of consolidated securitizations							1
Non-Financing VIEs, Multi-Family CMBS
Variable Interest Entity [Line Items]
Number of securitizations considered non-financing VIEs							8
Residential Mortgage Loan Securitization
Variable Interest Entity [Line Items]
Number of securitizations completed to date		4				4
Distressed residential mortgage loans
Variable Interest Entity [Line Items]
Securitized debt, principal amount | $							$ 12,381		$ 6,500
Number of securitizations, consolidated, accounted for as permanent financing		3				3
RBDHC
Variable Interest Entity [Line Items]
Equity method investment, cumulative percentage ownership after all transactions						100.00%
RBDHC | VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage						50.00%
Consolidated K-Series | Non-Financing VIEs, Multi-Family CMBS
Variable Interest Entity [Line Items]
Number of securitizations considered non-financing VIEs		14				14	8
Consolidated K-Series | VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of consolidated securitizations		14				14	9

Use of Special Purpose Entiti_4

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Assets and Liabilities of Consolidated VIEs (Details)		12 Months Ended
		Dec. 31, 2018USD ($)securitization		Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)		Dec. 31, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 103,724,000			$ 118,763,000		$ 95,191,000
Real estate held for sale in consolidated variable interest entities		29,704,000			0
Receivables and other assets		114,821,000		$ 3,620,000	169,214,000
Total Assets		14,737,638,000	[1]	$ 502,033,000	23,483,369,000	[1]
Mortgages and notes payable in consolidated variable interest entities		31,227,000			0
Accrued expenses and other liabilities		101,228,000			177,260,000
Total liabilities	[1]	13,557,345,000			21,278,340,000
Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations		53,040,000			40,429,000
Residential collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations		0			1,052,829,000
Class A Notes | Collateralized Mortgage Obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfer of financial assets accounted for as sale, initial fair value of assets obtained as proceeds		$ 177,500,000
Available-for-sale securities, debt securities, ownership percentage		5.00%
Financing VIEs, Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 0			0
Receivables and other assets		1,061,000			1,328,000
Total Assets		57,856,000			45,358,000
Accrued expenses and other liabilities		26,000			14,000
Total liabilities		53,066,000			40,443,000
Financing VIEs, Residential Mortgage Loan Securitization | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations		53,040,000			40,429,000
Financing VIEs, Residential Mortgage Loan Securitization | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held in securitization trusts, net		56,795,000			44,030,000
Consolidated K-Series
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		0			0
Receivables and other assets		37,679,000			59,417,000
Total Assets		10,610,455,000			17,876,163,000
Accrued expenses and other liabilities		37,022,000			57,873,000
Total liabilities		10,022,666,000			16,782,324,000
Consolidated K-Series | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations					0
Consolidated K-Series | Multi-Family CDOs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations		9,985,644,000			16,724,451,000
Consolidated K-Series | 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		10,572,776,000			17,816,746,000
Consolidated SLST
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents					0
Multi-family loans held in securitization trusts, at fair value					1,328,886,000
Receivables and other assets					5,244,000
Total Assets					1,334,130,000
Residential and multi-family collateralized debt obligations					1,052,829,000
Accrued expenses and other liabilities					2,643,000
Total liabilities					1,055,472,000
Consolidated SLST | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations					0
Consolidated SLST | Residential collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations					1,052,829,000
Consolidated SLST | Residential mortgage loans held in securitization trust, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held in securitization trusts, net					1,328,886,000
Other VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		708,000			107,000
Real estate held for sale in consolidated variable interest entities		29,704,000
Receivables and other assets		23,254,000			14,626,000
Total Assets		53,666,000			14,733,000
Mortgages and notes payable in consolidated variable interest entities		31,227,000
Accrued expenses and other liabilities		1,166,000			75,000
Total liabilities		32,393,000			75,000
Other VIEs | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations					0
Financing VIEs, Multi-family CMBS Re-securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		0
Investment securities available for sale, at fair value held in securitization trusts		52,700,000
Receivables and other assets		4,243,000
Total Assets		1,164,014,000
Securitized debt		30,121,000
Accrued expenses and other liabilities		4,228,000
Total liabilities		$ 1,070,953,000
Number of securitizations | securitization		2
Number of consolidated securitizations | securitization		1
Financing VIEs, Multi-family CMBS Re-securitization | Multi-Family CDOs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations		$ 1,036,604,000
Financing VIEs, Multi-family CMBS Re-securitization | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held in securitization trusts, net		0
Financing VIEs, 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		1,107,071,000
Financing VIEs, Distressed Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		0
Receivables and other assets		10,287,000
Total Assets		98,383,000
Securitized debt		12,214,000
Accrued expenses and other liabilities		444,000
Total liabilities		12,658,000
Financing VIEs, Distressed Residential Mortgage Loan Securitization | Residential mortgage loans held in securitization trust, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held in securitization trusts, net		88,096,000
Financing And Other VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		708,000			107,000
Investment securities available for sale, at fair value held in securitization trusts		52,700,000
Multi-family loans held in securitization trusts, at fair value		11,679,847,000
Real estate held for sale in consolidated variable interest entities		29,704,000
Receivables and other assets		76,524,000			80,615,000
Total Assets		11,984,374,000			19,270,384,000
Securitized debt		42,335,000
Mortgages and notes payable in consolidated variable interest entities		31,227,000
Accrued expenses and other liabilities		42,886,000			60,605,000
Total liabilities		11,191,736,000			17,878,314,000
Financing And Other VIEs | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations		53,040,000			40,429,000
Financing And Other VIEs | Residential collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations					1,052,829,000
Financing And Other VIEs | Multi-Family CDOs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential and multi-family collateralized debt obligations		11,022,248,000			16,724,451,000
Financing And Other VIEs | Residential mortgage loans held in securitization trusts, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held in securitization trusts, net		56,795,000			44,030,000
Financing And Other VIEs | Residential mortgage loans held in securitization trust, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held in securitization trusts, net		$ 88,096,000			1,328,886,000
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					$ 17,816,746,000
Non-Financing VIEs, Multi-Family CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of securitizations considered non-financing VIEs | securitization		8
[1]	Our 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 December 31, 2019 and December 31, 2018 , assets of consolidated VIEs totaled $19,270,384 and $11,984,374 , respectively, and the liabilities of consolidated VIEs totaled $17,878,314 and $11,191,736 , respectively. See Note 9 for further discussion.

Use of Special Purpose Entiti_5

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Summary of Securitized Debt (Details) - USD ($) $ in Thousands	Mar. 25, 2019	Mar. 14, 2019	Dec. 31, 2018
Variable Interest Entity, Securitized Debt
Variable Interest Entity [Line Items]
Unamortized deferred costs			$ 200
Multi-family CMBS Re-securitization
Variable Interest Entity [Line Items]
Securitized debt, principal amount		$ 33,200	33,177
Securitized debt, carrying value			$ 30,121
Multi-family CMBS Re-securitization | LIBOR
Variable Interest Entity [Line Items]
Interest rate (as a percent)			5.35%
Distressed residential mortgage loans
Variable Interest Entity [Line Items]
Securitized debt, principal amount	$ 6,500		$ 12,381
Securitized debt, carrying value			$ 12,214
Distressed residential mortgage loans | LIBOR
Variable Interest Entity [Line Items]
Interest rate (as a percent)			4.00%

Use of Special Purpose Entiti_6

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Financing VIEs Securitized Debt by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Total	$ 223,621
Financing VIE
Variable Interest Entity [Line Items]
Within 24 months		$ 12,381
Over 24 months to 36 months		0
Over 36 months		33,177
Total		45,558
Discount		(2,983)
Debt issuance cost		(240)
Carrying value		$ 42,335

Use of Special Purpose Entiti_7

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Classification and Carrying Value of Unconsolidated VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Total assets	$ 400,914	$ 269,753
ABS
Variable Interest Entity [Line Items]
Total assets	49,214
Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Total assets	279,908	195,101
Mezzanine loans on multi-family properties
Variable Interest Entity [Line Items]
Total assets	6,220	10,926
Equity investments in entities that invest in residential properties and loans
Variable Interest Entity [Line Items]
Total assets	65,572	10,954
Mulit Family CMBS
Variable Interest Entity [Line Items]
Total assets		52,772
Investment securities available for sale, at fair value
Variable Interest Entity [Line Items]
Total assets	49,214	52,700
Investment securities available for sale, at fair value | ABS
Variable Interest Entity [Line Items]
Total assets	49,214
Investment securities available for sale, at fair value | Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Total assets	0	0
Investment securities available for sale, at fair value | Mezzanine loans on multi-family properties
Variable Interest Entity [Line Items]
Total assets	0	0
Investment securities available for sale, at fair value | Equity investments in entities that invest in residential properties and loans
Variable Interest Entity [Line Items]
Total assets	0	0
Investment securities available for sale, at fair value | Mulit Family CMBS
Variable Interest Entity [Line Items]
Total assets		52,700
Receivables and other assets
Variable Interest Entity [Line Items]
Total assets		72
Receivables and other assets | Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Total assets		0
Receivables and other assets | Mezzanine loans on multi-family properties
Variable Interest Entity [Line Items]
Total assets		0
Receivables and other assets | Equity investments in entities that invest in residential properties and loans
Variable Interest Entity [Line Items]
Total assets		0
Receivables and other assets | Mulit Family CMBS
Variable Interest Entity [Line Items]
Total assets		72
Preferred equity and mezzanine loan investments
Variable Interest Entity [Line Items]
Total assets	180,045	165,555
Preferred equity and mezzanine loan investments | ABS
Variable Interest Entity [Line Items]
Total assets	0
Preferred equity and mezzanine loan investments | Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Total assets	173,825	154,629
Preferred equity and mezzanine loan investments | Mezzanine loans on multi-family properties
Variable Interest Entity [Line Items]
Total assets	6,220	10,926
Preferred equity and mezzanine loan investments | Equity investments in entities that invest in residential properties and loans
Variable Interest Entity [Line Items]
Total assets	0	0
Preferred equity and mezzanine loan investments | Mulit Family CMBS
Variable Interest Entity [Line Items]
Total assets		0
Investments in unconsolidated entities
Variable Interest Entity [Line Items]
Total assets	171,655	51,426
Investments in unconsolidated entities | ABS
Variable Interest Entity [Line Items]
Total assets	0
Investments in unconsolidated entities | Preferred equity investments in multi-family properties
Variable Interest Entity [Line Items]
Total assets	106,083	40,472
Investments in unconsolidated entities | Mezzanine loans on multi-family properties
Variable Interest Entity [Line Items]
Total assets	0	0
Investments in unconsolidated entities | Equity investments in entities that invest in residential properties and loans
Variable Interest Entity [Line Items]
Total assets	$ 65,572	10,954
Investments in unconsolidated entities | Mulit Family CMBS
Variable Interest Entity [Line Items]
Total assets		$ 0

Real Estate Held for Sale in _3

Real Estate Held for Sale in Consolidated VIEs (Details) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 28, 2019	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Real estate held for sale before accumulated depreciation and amortization				$ 0	$ 29,704,000
Riverchase Landing | VIE, Primary Beneficiary
Investment [Line Items]
Gains on sales of investment real estate		$ 2,300,000
Land					2,650,000
Building and improvements					26,032,000
Furniture, fixtures and equipment					974,000
Lease intangible					2,802,000
Real estate held for sale before accumulated depreciation and amortization					32,458,000
Accumulated depreciation					(418,000)
Accumulated amortization of lease intangible					(2,336,000)
Real estate held for sale in consolidated variable interest entities				$ 0	$ 29,704,000
Depreciation			$ 600,000
Amortization			$ 3,100,000
The Clusters | VIE, Primary Beneficiary
Investment [Line Items]
Gains on sales of investment real estate	$ 1,600,000

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments Not Designated as Hedging Instruments (Details) - Interest rate swaps - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative in liability position	$ (29,000)	$ 8,500
Variation margin	44,800	8,500
Derivative assets		1,800
Not Designated as Hedging Instrument, Trading
Derivative [Line Items]
Derivatives not designated as hedging instruments - assets	$ 15,878	$ 10,263

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Acitivity of Derivative Instruments Not Designated as Hedges (Details) - Not Designated as Hedging Instrument, Trading - Interest rate swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Roll Forward]
Beginning Balance	$ 495,500	$ 345,500
Additions	0	150,000
Settlement, Expiration or Exercise	0	0
Ending Balance	$ 495,500	$ 495,500

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Components of Realized and Unrealized Gains and Losses (Details) - Not Designated as Hedging Instrument, Trading - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	$ 0	$ 0	$ 3,939
Unrealized Gains (Losses)	(30,722)	909	(148)
TBA
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	0	0	2,511
Unrealized Gains (Losses)	0	0	(141)
Eurodollar futures
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	0	0	1,379
Unrealized Gains (Losses)	0	0	(1,175)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	0	0	(218)
Unrealized Gains (Losses)	(30,722)	909	1,231
Swaptions
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	0	0	0
Unrealized Gains (Losses)	0	0	274
U.S. Treasury and interest rate swap futures and options
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	0	0	267
Unrealized Gains (Losses)	$ 0	$ 0	$ (337)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Impact on Accumulated Other Comprehensive Income (Details) - Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Accumulated other comprehensive income (loss) for derivative instruments:
Balance at beginning of the period	$ 102
Unrealized loss on interest rate swaps	(102)
Balance at end of the period	$ 0

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Interest Rate Swaps Included in Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Interest income-investment securities	$ 67,472	$ 47,482	$ 29,968
Interest expense-investment securities	$ 90,821	$ 44,050	25,344
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Interest income-investment securities			267
Interest expense-investment securities			$ 0

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest rate swaps - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 495,500,000	$ 495,500,000
Weighted Average Fixed Pay Interest Rate	2.60%	2.60%
Weighted Average Variable Interest Rate	1.95%	2.52%
Swap Maturity, 2024
Derivative [Line Items]
Notional Amount	$ 98,000,000	$ 98,000,000
Weighted Average Fixed Pay Interest Rate	2.18%	2.18%
Weighted Average Variable Interest Rate	1.98%	2.45%
Swap Maturity, 2027
Derivative [Line Items]
Notional Amount	$ 247,500,000	$ 247,500,000
Weighted Average Fixed Pay Interest Rate	2.39%	2.39%
Weighted Average Variable Interest Rate	1.94%	2.53%
Swap Maturity, 2028
Derivative [Line Items]
Notional Amount	$ 150,000,000	$ 150,000,000
Weighted Average Fixed Pay Interest Rate	3.23%	3.23%
Weighted Average Variable Interest Rate	1.92%	2.53%

Repurchase Agreements - Assets

Repurchase Agreements - Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Borrowings	$ 2,352,102	$ 1,543,577
Fair Value of Collateral Pledged	2,839,379	1,784,191
Amortized Cost Of Collateral Pledged	2,643,541	1,672,486
Agency RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Borrowings	812,742	925,230
Fair Value of Collateral Pledged	865,765	978,357
Amortized Cost Of Collateral Pledged	864,428	1,014,284
Agency CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Borrowings	133,184	0
Fair Value of Collateral Pledged	139,317	0
Amortized Cost Of Collateral Pledged	140,118	0
Non-Agency RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Borrowings	594,286	88,730
Fair Value of Collateral Pledged	797,784	117,958
Amortized Cost Of Collateral Pledged	785,952	118,414
CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Borrowings	811,890	529,617
Fair Value of Collateral Pledged	1,036,513	687,876
Amortized Cost Of Collateral Pledged	853,043	539,788
Consolidated SLST | Agency RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities owned and pledged as collateral, fair value	26,200
Consolidated SLST | Non-Agency RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities owned and pledged as collateral, fair value	214,800
Consolidated K-Series | Agency CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities owned and pledged as collateral, fair value	88,400
Consolidated K-Series | CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities owned and pledged as collateral, fair value	$ 848,200	$ 543,000

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)counterparty	Dec. 31, 2018USD ($)counterparty	Dec. 31, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Months to Maturity	73 days	62 days
Accrued interest payable	$ 8,800	$ 3,900
Advance rate (as a percent)	85.10%
Average haircut (as a percent)	14.90%
Repurchase agreement, number of counterparties | counterparty	14	11
Cash and cash equivalents	$ 118,763	$ 103,724	$ 95,191
Unencumbered investment securities	$ 535,800
Liquidation proceeds (as a percent)	27.80%
Stockholders' Equity, Total | Lender Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average haircut (as a percent)		5.00%
Concentration risk, percentage		5.04%
Agency RMBS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average haircut (as a percent)	5.00%
Agency CMBS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average haircut (as a percent)	5.00%
Non-Agency RMBS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average haircut (as a percent)	25.00%
CMBS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average haircut (as a percent)	19.00%
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average interest rate (as a percent)	2.72%	3.41%
Distressed residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized deferred costs	$ 800	$ 1,200

Repurchase Agreements - Outstan

Repurchase Agreements - Outstanding Repurchase Agreement Borrowings by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding repurchase agreement by contractual maturity	$ 2,352,102	$ 1,543,577
Within 30 days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding repurchase agreement by contractual maturity	449,474	732,051
Over 30 days to 90 days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding repurchase agreement by contractual maturity	1,647,683	677,906
Over 90 days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding repurchase agreement by contractual maturity	$ 254,945	$ 133,620

Repurchase Agreements - Unencum

Repurchase Agreements - Unencumbered Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Unencumbered Securities	$ 535,827	$ 262,493
Agency RMBS
Schedule of Investments [Line Items]
Unencumbered Securities	83,351	59,372
CMBS
Schedule of Investments [Line Items]
Unencumbered Securities	235,199	107,040
Non-Agency RMBS
Schedule of Investments [Line Items]
Unencumbered Securities	168,063	96,081
ABS
Schedule of Investments [Line Items]
Unencumbered Securities	$ 49,214	$ 0

Repurchase Agreements - Schedul

Repurchase Agreements - Schedule of Borrowings Under Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Months to Maturity	73 days	62 days
Fair Value	$ 20,780,548	$ 12,707,625	$ 10,157,126	$ 7,565,459
Distressed and other residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum Aggregate Uncommitted Principal Amount	1,200,000	950,000
Outstanding Repurchase Agreements	754,132	589,148
Carrying Value of Loans Pledged	$ 961,749	$ 754,352
Weighted Average Rate	3.67%	4.67%
Weighted Average Months to Maturity	11 years 2 months 12 days	9 years 2 months 26 days
Fair Value	$ 881,200	$ 626,200
Residential Mortgage | Distressed residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans pledged as collateral	$ 80,600	$ 128,100

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 23, 2017USD ($)$ / shares	Dec. 31, 2019USD ($)securitization	Dec. 31, 2018USD ($)securitization	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Pledged assets		$ 44,030,000	$ 56,795,000
Number of residential CDO securitizations | securitization		3	3
Net investment in residential securitization trusts		$ 4,900,000	$ 4,800,000
Proceeds from issuance of convertible notes		0	0	$ 126,995,000
Residential collateralized debt obligations
Debt Instrument [Line Items]
Collateralized debt obligations		$ 40,400,000	$ 53,000,000
Weighted average interest rate (as a percent)		2.41%	3.12%
6.25% senior convertible notes due 2022 | Convertible Notes
Debt Instrument [Line Items]
Face amount	$ 138,000,000
Proceeds from issuance of convertible notes	$ 127,000,000
Cost of debt, percentage	8.24%
Discount and deferred charges, net		$ 5,000,000	$ 7,200,000
Effective interest rate	96.00%
Interest rate	6.25%
Convertible note, conversion ratio	0.1427144
Conversion price (in dollars per share) | $ / shares	$ 7.01
ARM Loans
Debt Instrument [Line Items]
Loans pledged as collateral		47,200,000	60,200,000
Adjustable Rate Residential Mortgage | Residential collateralized debt obligations
Debt Instrument [Line Items]
Pledged assets		$ 44,000,000	$ 56,800,000

Debt - Preferred Securities (De

Debt - Preferred Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
NYM Preferred Trust I
Debt Instrument [Line Items]
Principal value of trust preferred securities	$ 25,000,000
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
NYM Preferred Trust II | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread	3.95%	3.95%

- Schedule of Maturities of Lon

- Schedule of Maturities of Long-Term Debt (Details)	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 0
2021	0
2022	138,000,000
2023	0
2024	0
Thereafter	85,621,000
Total	$ 223,621,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 1.2
Rent expense		$ 0.4	$ 0.3
Security deposit	$ 0.7

Commitments and Contingencies_2

Commitments and Contingencies - Obligations Under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 1,595
2021	1,710
2022	1,721
2023	1,732
2024	1,548
Thereafter	6,699
Total	$ 15,005

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - Discount Rate	Dec. 31, 2019	Dec. 31, 2018
CMBS | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Rate used to determine value		0.045
CMBS | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Rate used to determine value		0.095
Distressed and other residential mortgage loans | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Rate used to determine value	0.038
Distressed and other residential mortgage loans | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Rate used to determine value	0.161

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	Dec. 31, 2019	Dec. 31, 2018
Assets carried at fair value
Investment securities, available for sale, at fair value	$ 2,006,140	$ 1,512,252
Interest rate swaps
Assets carried at fair value
Derivative assets		1,800
Liabilities carried at fair value
Variation margin	44,800	8,500
Derivative in liability position	(29,000)	8,500
Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	922,877	1,037,730
Agency CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	50,958	0
ABS
Assets carried at fair value
Investment securities, available for sale, at fair value	49,214	0
Fair Value, Measurements, Recurring
Assets carried at fair value
Distressed and other residential mortgage loans, at fair value	1,429,754	737,523
Investments in unconsolidated entities	83,882	32,994
Total	22,681,286	13,972,879
Liabilities carried at fair value
Total	17,777,280	11,022,248
Fair Value, Measurements, Recurring | Interest rate swaps
Assets carried at fair value
Derivative assets	15,878	10,263
Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	922,877	1,037,730
Fair Value, Measurements, Recurring | Agency CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	50,958	0
Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	715,314	214,037
Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	267,777	260,485
Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities, available for sale, at fair value	49,214	0
Fair Value, Measurements, Recurring | Multi-family loans held in securitization trusts, at fair value
Assets carried at fair value
Loans held in securitization trusts	17,816,746	11,679,847
Fair Value, Measurements, Recurring | Residential mortgage loans held in securitization trust, at fair value
Assets carried at fair value
Loans held in securitization trusts	1,328,886	0
Fair Value, Measurements, Recurring | Multi-Family CDOs
Liabilities carried at fair value
Multi-family collateralized debt obligations	16,724,451	11,022,248
Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value
Liabilities carried at fair value
Multi-family collateralized debt obligations	1,052,829	0
Level 1 | Fair Value, Measurements, Recurring
Assets carried at fair value
Distressed and other 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
Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps
Assets carried at fair value
Derivative assets	0	0
Level 1 | Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Agency CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Multi-family loans held in securitization trusts, at fair value
Assets carried at fair value
Loans held in securitization trusts	0	0
Level 1 | Fair Value, Measurements, Recurring | Residential mortgage loans held in securitization trust, at fair value
Assets carried at fair value
Loans held in securitization trusts	0	0
Level 1 | Fair Value, Measurements, Recurring | Multi-Family CDOs
Liabilities carried at fair value
Multi-family collateralized debt obligations	0	0
Level 1 | Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value
Liabilities carried at fair value
Multi-family collateralized debt obligations	0	0
Level 2 | Fair Value, Measurements, Recurring
Assets carried at fair value
Distressed and other residential mortgage loans, at fair value	0	0
Investments in unconsolidated entities	0	0
Total	2,022,018	1,469,815
Liabilities carried at fair value
Total	0	0
Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps
Assets carried at fair value
Derivative assets	15,878	10,263
Level 2 | Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	922,877	1,037,730
Level 2 | Fair Value, Measurements, Recurring | Agency CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	50,958	0
Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	715,314	214,037
Level 2 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	267,777	207,785
Level 2 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities, available for sale, at fair value	49,214	0
Level 2 | Fair Value, Measurements, Recurring | Multi-family loans held in securitization trusts, at fair value
Assets carried at fair value
Loans held in securitization trusts	0	0
Level 2 | Fair Value, Measurements, Recurring | Residential mortgage loans held in securitization trust, at fair value
Assets carried at fair value
Loans held in securitization trusts	0	0
Level 2 | Fair Value, Measurements, Recurring | Multi-Family CDOs
Liabilities carried at fair value
Multi-family collateralized debt obligations	0	0
Level 2 | Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value
Liabilities carried at fair value
Multi-family collateralized debt obligations	0	0
Level 3
Assets carried at fair value
Investments in unconsolidated entities	191,359	73,833
Level 3 | Fair Value, Measurements, Recurring
Assets carried at fair value
Distressed and other residential mortgage loans, at fair value	1,429,754	737,523
Investments in unconsolidated entities	83,882	32,994
Total	20,659,268	12,503,064
Liabilities carried at fair value
Total	17,777,280	11,022,248
Level 3 | Fair Value, Measurements, Recurring | Interest rate swaps
Assets carried at fair value
Derivative assets	0	0
Level 3 | Fair Value, Measurements, Recurring | Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | Agency CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | CMBS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	52,700
Level 3 | Fair Value, Measurements, Recurring | ABS
Assets carried at fair value
Investment securities, available for sale, at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | Multi-family loans held in securitization trusts, at fair value
Assets carried at fair value
Loans held in securitization trusts	17,816,746	11,679,847
Level 3 | Fair Value, Measurements, Recurring | Residential mortgage loans held in securitization trust, at fair value
Assets carried at fair value
Loans held in securitization trusts	1,328,886	0
Level 3 | Fair Value, Measurements, Recurring | Multi-Family CDOs
Liabilities carried at fair value
Multi-family collateralized debt obligations	16,724,451	11,022,248
Level 3 | Fair Value, Measurements, Recurring | Residential collateralized debt obligations, at fair value
Liabilities carried at fair value
Multi-family collateralized debt obligations	$ 1,052,829	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 12,503,064	$ 9,835,319	$ 7,061,842
Total (losses)/gains (realized/unrealized)
Included in earnings	620,942	(117,330)	(17,841)
Included in other comprehensive income (loss)	(13,665)	798	602
Transfers out	(913)	(56)
Contributions	50,000		2,500
Paydowns/Distributions	(1,182,762)	(180,788)	(176,037)
Charge-off	(3,257)
Sales	(76,583)	(18,173)	(7,224)
Purchases	8,762,442	2,983,294	2,971,477
Balance at the end of period	20,659,268	12,503,064	9,835,319
Multi-family loans held in securitization trusts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	11,679,847	9,657,421	6,939,844
Total (losses)/gains (realized/unrealized)
Included in earnings	533,094	(134,298)	(31,784)
Included in other comprehensive income (loss)	0	0	0
Transfers out	0	0
Contributions	0		0
Paydowns/Distributions	(992,912)	(137,820)	(137,164)
Charge-off	(3,257)
Sales	0	0	0
Purchases	6,599,974	2,294,544	2,886,525
Balance at the end of period	17,816,746	11,679,847	9,657,421
Distressed and other residential mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	737,523	87,153	17,769
Total (losses)/gains (realized/unrealized)
Included in earnings	55,459	3,913	135
Included in other comprehensive income (loss)	0	0	0
Transfers out	(913)	(56)
Contributions	0		0
Paydowns/Distributions	(171,909)	(24,064)	(8,479)
Sales	(19,814)	(18,173)	(7,224)
Purchases	829,408	688,750	84,952
Balance at the end of period	1,429,754	737,523	87,153
Investments in unconsolidated entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	32,994	42,823	60,332
Total (losses)/gains (realized/unrealized)
Included in earnings	15,100	9,075	10,385
Included in other comprehensive income (loss)	0	0	0
Transfers out	0	0
Contributions	50,000		2,500
Paydowns/Distributions	(14,212)	(18,904)	(30,394)
Sales	0	0	0
Purchases	0	0	0
Balance at the end of period	83,882	32,994	42,823
CMBS held in re-securitization trusts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	52,700	47,922	43,897
Total (losses)/gains (realized/unrealized)
Included in earnings	17,734	3,980	3,423
Included in other comprehensive income (loss)	(13,665)	798	602
Transfers out	0	0
Contributions	0		0
Paydowns/Distributions	0	0	0
Sales	(56,769)	0	0
Purchases	0	0	0
Balance at the end of period	0	52,700	$ 47,922
Residential mortgage loans held in securitization trust
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	0
Total (losses)/gains (realized/unrealized)
Included in earnings	(445)
Included in other comprehensive income (loss)	0
Transfers out	0
Contributions	0
Paydowns/Distributions	(3,729)
Sales	0
Purchases	1,333,060
Balance at the end of period	$ 1,328,886	$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		$ 17,777,280	$ 11,022,248
Total losses (realized/unrealized)
Included in earnings			443,823
Purchases			7,309,459
Paydowns			994,993
Charge-off	$ (3,257)
Balance at the end of period			17,777,280
Multi-Family CDOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	11,022,248	9,189,459	6,624,896
Total losses (realized/unrealized)
Included in earnings	443,796	(211,738)	(82,650)
Purchases	6,253,739	2,182,330	2,784,377
Paydowns	(992,075)	(137,803)	(137,164)
Charge-off	(3,257)
Balance at the end of period	16,724,451	11,022,248	$ 9,189,459
SLST CDOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	0
Total losses (realized/unrealized)
Included in earnings	27
Purchases	1,055,720
Paydowns	(2,918)
Charge-off	0
Balance at the end of period	$ 1,052,829	$ 0

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Multi-family loans held in securitization trusts, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Multi-family loans held in securitization trusts, at fair value	$ 586,993	$ (85,115)	$ 10,021
Residential mortgage loans held in securitization trust, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Multi-family loans held in securitization trusts, at fair value	300	0	0
Distressed and other residential mortgage loans, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Multi-family loans held in securitization trusts, at fair value	44,470	4,333	0
Investments in unconsolidated entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Multi-family loans held in securitization trusts, at fair value	5,374	6,091	3,686
Multi-family collateralized debt obligations, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in unrealized gains (losses) – liabilities	(563,031)	122,696	$ 8,851
Residential collateralized debt obligations, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in unrealized gains (losses) – liabilities	$ (383)	$ 0

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 - Residential mortgage loans held in securitization trusts – impaired loans, net - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans, net	$ 5,256	$ 5,921
Level 1
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
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 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans, net	$ 5,256	$ 5,921

Fair Value of Financial Instr_9

Fair Value of Financial Instruments - Gains (Losses) Incurred for Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Residential mortgage loans held in securitization trusts – impaired loans, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gains (losses) for assets measured at fair value on a non-recurring basis	$ (24)	$ (165)	$ (472)
Real estate owned held in residential securitization trusts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gains (losses) for assets measured at fair value on a non-recurring basis	$ 0	$ 0	$ (6)

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	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Assets:
Cash and cash equivalents		$ 118,763	$ 103,724	$ 95,191
Investment securities, available for sale		2,006,140	1,512,252
Investment in unconsolidated entities	$ 107,477	189,965	73,466
Mezzanine loan and preferred equity investments	$ 3,620	169,214	114,821
Derivative assets		15,878	10,263
Financial Liabilities:
Outstanding Borrowings		2,352,102	1,543,577
Subordinated debentures		45,000	45,000
Convertible notes		132,955	130,762
Residential collateralized debt obligations
Financial Liabilities:
Collateralized debt obligations		40,429	53,040
Residential collateralized debt obligations, at fair value
Financial Liabilities:
Collateralized debt obligations		1,052,829	0
Level 1
Financial Assets:
Cash and cash equivalents		118,763	103,724
Cash and cash equivalents, estimated fair value		118,763	103,724
Level 2
Financial Assets:
Derivative assets		15,878	10,263
Financial Liabilities:
Convertible notes		132,955	130,762
Convertible debt, fair value		140,865	135,689
Level 2 | Portfolio investments
Financial Liabilities:
Outstanding Borrowings		3,105,416	2,131,505
Level 3
Financial Assets:
Investment in unconsolidated entities		189,965	73,466
Investments in unconsolidated entities, estimated fair value		191,359	73,833
Mezzanine loan and preferred equity investments		180,045	165,555
Mezzanine loan and preferred equity investments, estimated fair value		182,465	167,739
Mortgage loans held for sale, carrying amount		2,406	3,414
Mortgage loans held for sale, estimated fair value		2,482	3,584
Mortgage loans held for investment		0	1,580
Mortgage loans held for investment, estimated fair value		0	1,580
Financial Liabilities:
Collateralized debt obligations		0	42,335
Collateralized debt obligations, fair value		0	45,030
Subordinated debentures		45,000	45,000
Subordinated debentures, fair value		41,592	44,897
Level 3 | Residential collateralized debt obligations
Financial Liabilities:
Collateralized debt obligations		40,429	53,040
Collateralized debt obligations, fair value		38,888	50,031
Level 3 | Multi-Family CDOs
Financial Liabilities:
Collateralized debt obligations		16,724,451	11,022,248
Collateralized debt obligations, fair value		16,724,451	11,022,248
Level 3 | Residential collateralized debt obligations, at fair value
Financial Liabilities:
Collateralized debt obligations		1,052,829	0
Collateralized debt obligations, fair value		1,052,829	0
Level 3 | Distressed and other residential mortgage loans, at fair value
Financial Assets:
Distressed and other residential mortgage loans, net		1,429,754	737,523
Residential mortgage loans held in securitization trust, at fair value		1,429,754	737,523
Level 3 | Distressed residential mortgage loans
Financial Assets:
Distressed and other residential mortgage loans, net		202,756	285,261
Residential mortgage loans held in securitization trust, at fair value		208,471	289,376
Level 3 | Multi-family loans held in securitization trusts
Financial Assets:
Distressed and other residential mortgage loans, net		17,816,746	11,679,847
Residential mortgage loans held in securitization trust, at fair value		17,816,746	11,679,847
Level 3 | Residential mortgage loans held in securitization trusts
Financial Assets:
Distressed and other residential mortgage loans, net		1,328,886	0
Residential mortgage loans held in securitization trust, at fair value		$ 1,328,886	$ 0

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Oct. 13, 2017USD ($)$ / shares	Oct. 31, 2019USD ($)$ / sharesshares	Oct. 31, 2017shares	Dec. 31, 2019USD ($)directorquarter$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares	Nov. 27, 2019shares	Mar. 28, 2019shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				200,000,000	200,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)				20,872,888	12,000,000
Preferred stock, shares outstanding (in shares)				20,872,888	12,000,000
Liquidation preference (USD per share) | $ / shares				$ 25
Preferred stock, redemption price per share (USD per share) | $ / shares				25
Common stock dividend per share (in dollars per share) | $ / shares				$ 0.80	$ 0.80	$ 0.80
Preferred stock issuance proceeds, net | $				$ 215,073	$ 0	$ 130,496
Ordinary Income
Class of Stock [Line Items]
Common stock dividend per share (in dollars per share) | $ / shares				$ 0.42	$ 0.37	$ 0.46
Capital Gain Distribution
Class of Stock [Line Items]
Common stock dividend per share (in dollars per share) | $ / shares				0.13	0.12	0.17
Return of Capital
Class of Stock [Line Items]
Common stock dividend per share (in dollars per share) | $ / shares				$ 0.25	$ 0.31	$ 0.17
Preferred Equity Distribution Agreement
Class of Stock [Line Items]
Preferred stock issuance proceeds, net | $				$ 48,400
Preferred stock, available for future issuance | $				$ 82,400
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				3,156,087	3,000,000
Preferred stock, shares outstanding (in shares)				3,156,087	3,000,000
Preferred stock, dividend rate (as a percent)				7.75%	7.75%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				4,181,807	3,600,000
Preferred stock, shares outstanding (in shares)				4,181,807	3,600,000
Preferred stock, dividend rate (as a percent)				7.875%	7.875%
Preferred stock, shares subscribed but unissued (in shares)								2,460,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock, shares issued (in shares)				6,123,495	5,400,000
Preferred stock, shares outstanding (in shares)				6,123,495	5,400,000
Preferred stock, dividend rate (as a percent)				8.00%	8.00%
Liquidation preference (USD per share) | $ / shares				$ 25
Proceeds from sale of stock | $	$ 130,500
Preferred stock, shares subscribed but unissued (in shares)								2,650,000
Series D Preferred Stock | Underwritten Public Offering
Class of Stock [Line Items]
Shares issued in transaction (in shares)			5,400,000
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01
Preferred stock, shares issued (in shares)				7,411,499
Preferred stock, shares outstanding (in shares)				7,411,499
Preferred stock, dividend rate (as a percent)				7.875%
Preferred stock, shares subscribed but unissued (in shares)							3,000,000
Series E Preferred Stock | Underwritten Public Offering
Class of Stock [Line Items]
Shares issued in transaction (in shares)		6,900,000
Liquidation preference (USD per share) | $ / shares		$ 25
Proceeds from sale of stock | $		$ 166,700
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				30,900,000	30,900,000
Preferred stock, shares issued (in shares)				20,872,888	12,000,000
Preferred stock, shares outstanding (in shares)				20,872,888	12,000,000
Minimum number of quarters without dividends that result in voting rights | quarter				6
Number of additional directors elected | director				2

Stockholders_ Equity - Summary

Stockholders’ Equity - Summary of Preferred Stock Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Shares Authorized (in shares)	30,900,000	15,890,000
Preferred stock, shares issued (in shares)	20,872,888	12,000,000
Preferred stock, shares outstanding (in shares)	20,872,888	12,000,000
Carrying Value	$ 504,765	$ 289,755
Preferred Stock, liquidation preference, value	$ 521,822	$ 300,000
Liquidation preference (USD per share)	$ 25
Series B Preferred Stock
Class of Stock [Line Items]
Shares Authorized (in shares)	6,000,000	6,000,000
Preferred stock, shares issued (in shares)	3,156,087	3,000,000
Preferred stock, shares outstanding (in shares)	3,156,087	3,000,000
Carrying Value	$ 76,180	$ 72,397
Preferred Stock, liquidation preference, value	$ 78,902	$ 75,000
Contractual Rate	7.75%	7.75%
Series C Preferred Stock
Class of Stock [Line Items]
Shares Authorized (in shares)	6,600,000	4,140,000
Preferred stock, shares issued (in shares)	4,181,807	3,600,000
Preferred stock, shares outstanding (in shares)	4,181,807	3,600,000
Carrying Value	$ 101,102	$ 86,862
Preferred Stock, liquidation preference, value	$ 104,545	$ 90,000
Contractual Rate	7.875%	7.875%
Series D Preferred Stock
Class of Stock [Line Items]
Shares Authorized (in shares)	8,400,000	5,750,000
Preferred stock, shares issued (in shares)	6,123,495	5,400,000
Preferred stock, shares outstanding (in shares)	6,123,495	5,400,000
Carrying Value	$ 148,134	$ 130,496
Preferred Stock, liquidation preference, value	$ 153,087	$ 135,000
Contractual Rate	8.00%	8.00%
Liquidation preference (USD per share)	$ 25
Series E Preferred Stock
Class of Stock [Line Items]
Shares Authorized (in shares)	9,900,000
Preferred stock, shares issued (in shares)	7,411,499
Preferred stock, shares outstanding (in shares)	7,411,499
Carrying Value	$ 179,349
Preferred Stock, liquidation preference, value	$ 185,288
Contractual Rate	7.875%

Stockholders_ Equity - Dividend

Stockholders’ Equity - Dividends on Preferred Stock (Details) - $ / shares	Jan. 15, 2020	Oct. 15, 2019	Jul. 15, 2019	Apr. 15, 2019	Jan. 15, 2019	Oct. 15, 2018	Jul. 15, 2018	Apr. 15, 2018	Jan. 15, 2018	Oct. 15, 2017	Jul. 15, 2017	Apr. 15, 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	$ 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	0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875
Series D Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)		$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.51
Subsequent Event | Series B Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)	$ 0.484375
Subsequent Event | Series C Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)	0.4921875
Subsequent Event | Series D Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)	0.50
Subsequent Event | Series E Preferred Stock
Dividends Payable [Line Items]
Cash Dividend Per Share (in dollars per share)	$ 0.47578

Stockholders_ Equity - Divide_2

Stockholders’ Equity - Dividends on Common Stock (Details) - $ / shares	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	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]
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Company's Public Offering of Common Stock (Details) - USD ($) $ in Thousands	1 Months Ended								12 Months Ended
	Nov. 30, 2019	Sep. 30, 2019	Jul. 31, 2019	May 31, 2019	Mar. 31, 2019	Jan. 31, 2019	Nov. 30, 2018	Aug. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Stock issued (in shares)									30,900,000	15,890,000
Net Proceeds									$ 804,398	$ 260,091	$ 930
Common Stock | Underwritten Public Offering
Class of Stock [Line Items]
Stock issued (in shares)	28,750,000	28,750,000	23,000,000	20,700,000	17,250,000	14,490,000	14,375,000	14,375,000
Net Proceeds	$ 172,150	$ 173,093	$ 137,500	$ 123,102	$ 101,160	$ 83,772	$ 85,261	$ 85,980

Stockholders_ Equity - Equity D

Stockholders’ Equity - Equity Distribution Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 27, 2019	Mar. 29, 2019	Sep. 10, 2018	Aug. 10, 2017
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock issued (in shares)	30,900,000	15,890,000
Proceeds from issuance of common stock	$ 804,398	$ 260,091	$ 930
Equity Distribution Agreements
Class of Stock [Line Items]
Common stock, par value (in dollars per share)							$ 0.01
Common stock subscriptions (up to)						$ 177,100	$ 100,000
Stock issued (in shares)	2,260,200	14,588,631
Sale of stock, Price per share (in dollars per share)	$ 6.12
Proceeds from issuance of common stock	$ 13,600	$ 89,000
Common stock reserved for future issuance	$ 72,500
Equity Distribution Agreements | Minimum
Class of Stock [Line Items]
Sale of stock, Price per share (in dollars per share)		$ 6.19
Preferred Equity Distribution Agreement
Class of Stock [Line Items]
Stock issued (in shares)	1,972,888
Preferred Stock, value, subscriptions (up to)				$ 131,500	$ 50,000
Preferred Equity Distribution Agreement | Minimum
Class of Stock [Line Items]
Sale of stock, Price per share (in dollars per share)	$ 24.88

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic Earnings per Common Share
Net income attributable to Company	$ 65,483	$ 41,379	$ 22,735	$ 44,139	$ 9,601	$ 33,973	$ 29,694	$ 29,618	$ 173,736	$ 102,886	$ 91,980
Less: Preferred stock dividends									(28,901)	(23,700)	(15,660)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 55,308	$ 34,835	$ 16,478	$ 38,214	$ 3,676	$ 28,048	$ 23,769	$ 23,693	$ 144,835	$ 79,186	$ 76,320
Weighted average common shares outstanding-basic (in shares)	275,121	234,043	200,691	174,421	148,871	132,413	115,211	112,018	221,380	127,243	111,836
Basic Earnings per Common Share (in dollars per share)	$ 0.20	$ 0.15	$ 0.08	$ 0.22	$ 0.02	$ 0.21	$ 0.21	$ 0.21	$ 0.65	$ 0.62	$ 0.68
Diluted Earnings per Common Share:
Net income attributable to Company	$ 65,483	$ 41,379	$ 22,735	$ 44,139	$ 9,601	$ 33,973	$ 29,694	$ 29,618	$ 173,736	$ 102,886	$ 91,980
Less: Preferred stock dividends									(28,901)	(23,700)	(15,660)
Add back: Interest expense on convertible notes for the period, net of tax									10,662	10,475	9,158
Net income attributable to Company's common stockholders									$ 155,497	$ 89,661	$ 85,478
Weighted average common shares outstanding-basic (in shares)	275,121	234,043	200,691	174,421	148,871	132,413	115,211	112,018	221,380	127,243	111,836
Net effect of assumed convertible notes conversion to common shares (in shares)									19,695	19,695	18,507
Net effect of assumed PSUs vested (in shares)									1,521	512	0
Diluted weighted average common shares outstanding (in shares)	296,347	255,537	202,398	194,970	149,590	152,727	135,164	131,761	242,596	147,450	130,343
Diluted Earnings per Common Share (in dollars per share)	$ 0.20	$ 0.15	$ 0.08	$ 0.21	$ 0.02	$ 0.20	$ 0.20	$ 0.20	$ 0.64	$ 0.61	$ 0.66

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)			30,900,000	15,890,000
Non-cash compensation expense			$ 2.2	$ 1.3	$ 1.8
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding, unvested restricted stock (in shares)			837,123	507,536	422,928	319,058
Forfeitures (in shares)			1,575	5,120	0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding, unvested restricted stock (in shares)			2,018,518	842,792	0
Award vesting period			3 years
Fair value assumptions, expected term		3 years
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (In shares)	7,600,000
Maximum shares issuable (in shares)			13,170,000
Common shares reserved for issuance (in shares)				3,865,174
2017 Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)			228,750	131,975
2017 Plan | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)			827,126
2017 Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding, unvested restricted stock (in shares)			755,286	290,373
Stock issued (in shares)				292,459
Unrecognized compensation expense			$ 3.1	$ 1.9
Weighted average period to recognize the unrecognized compensation expense			1 year 329 days
Fair value of shares vested			$ 1.3	$ 1.1	$ 1.5
Requisite service period			3 years
2017 Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for issuance (in shares)			3,060,958	1,280,392
Non-cash compensation expense			$ 2.9	$ 0.9
Unrecognized compensation expense			$ 4.5	$ 2.6
Weighted average period to recognize the unrecognized compensation expense			1 year 8 months 12 days
Requisite service period			3 years
Award vesting period			3 years
Fair value assumptions, expected term			3 years	3 years
2017 Plan | Performance Shares | Relative TSR performance Is Less than the 30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)			0.00%
2017 Plan | Performance Shares | Relative TSR performance Is equal to the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)			100.00%
2010 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for issuance (in shares)			9,053,166
2010 Stock Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding, unvested restricted stock (in shares)			81,837
Unrecognized compensation expense			$ 3.1	$ 1.9
Weighted average period to recognize the unrecognized compensation expense			1 year 10 months 24 days
Fair value of shares vested			$ 1.3	$ 1.1	$ 1.5
Requisite service period			3 years
Award vesting period			3 years

Stock Based Compensation - Non-

Stock Based Compensation - Non-vested Restricted Stock Options and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Number of Non-vested Restricted Shares
Non-vested shares, beginning balance (in shares)	507,536	422,928	319,058
Granted (in shares)	536,242	289,792	332,921
Vested (in shares)	(205,080)	(200,064)	(229,051)
Forfeited (in shares)	(1,575)	(5,120)	0
Non-vested shares, ending balance (in shares)	837,123	507,536	422,928
Weighted Average Per Share Grant Date Fair Value
Non-vested shares, beginning balance (in dollars per share)	$ 5.91	$ 6.36	$ 6.40
Granted (in dollars per share)	6.30	5.63	6.54
Vested (in dollars per share)	5.85	6.55	6.67
Forfeited (in dollars per share)	6.35	6.25	0
Non-vested shares, ending balance (in dollars per share)	$ 6.18	$ 5.91	$ 6.36
PSUs
Number of Non-vested Restricted Shares
Non-vested shares, beginning balance (in shares)	842,792	0
Granted (in shares)	1,175,726	842,792
Vested (in shares)	0	0
Non-vested shares, ending balance (in shares)	2,018,518	842,792	0
Weighted Average Per Share Grant Date Fair Value
Non-vested shares, beginning balance (in dollars per share)	$ 4.20	$ 0
Granted (in dollars per share)	4.01	4.20
Vested (in dollars per share)	0	0
Non-vested shares, ending balance (in dollars per share)	$ 4.09	$ 4.20	$ 0

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current income tax (benefit) expense
Federal									$ (65)	$ (273)	$ 1,243
State									43	(7)	2,130
Total current income tax (benefit) expense									(22)	(280)	3,373
Deferred income tax (benefit) expense
Federal									(245)	(480)	(25)
State									(152)	(297)	7
Total deferred income tax benefit									(397)	(777)	(18)
Total (benefit) provision	$ (172)	$ (187)	$ (134)	$ 74	$ (511)	$ (454)	$ (13)	$ (79)	$ (419)	$ (1,057)	$ 3,355

Income Taxes - Income Tax Recon

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Provision at statutory rate									$ 36,397	$ 21,384	$ 33,367
Provision at statutory rate (as a percent)									21.00%	21.00%	35.00%
Non-taxable REIT income									$ (37,199)	$ (23,720)	$ (29,857)
Non-taxable REIT income (as a percent)									(21.50%)	(23.30%)	(31.30%)
State and local tax provision (benefit)									$ 43	$ (7)	$ 2,130
State and local tax provision (as a percent)									0.00%	0.00%	2.20%
Other									$ (620)	$ (2,601)	$ 1,511
Other (as a percent)									(0.40%)	(2.60%)	1.60%
Valuation allowance									$ 960	$ 3,887	$ (3,796)
Valuation allowance (as a percent)									0.60%	3.80%	(4.00%)
Total (benefit) provision	$ (172)	$ (187)	$ (134)	$ 74	$ (511)	$ (454)	$ (13)	$ (79)	$ (419)	$ (1,057)	$ 3,355
Total provision (as a percent)									(0.30%)	(1.10%)	3.50%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Net operating loss carryforward	$ 3,975	$ 2,416
Capital loss carryover	739	739
GAAP/Tax basis differences	3,699	3,903
Total deferred tax assets	8,413	7,058
Deferred tax liabilities
Deferred tax liabilities	5	6
Valuation allowance	(7,029)	(6,069)
Total net deferred tax asset	$ 1,379	$ 983

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, not subject to expiration	$ 10.8
Operating loss carryforwards, subject to expiration	0.9
Change in the valuation for the current year	1
Taxable REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	11.7
Capital losses	$ 2.2

Quarterly Financial Data (una_3

Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 199,772	$ 179,602	$ 167,258	$ 147,982	$ 128,936	$ 110,249	$ 107,723	$ 108,891					$ 694,614	$ 455,799	$ 366,087
Interest expense	155,773	147,631	141,567	121,779	107,063	90,646	90,223	89,139					566,750	377,071	308,101
NET INTEREST INCOME	43,999	31,971	25,691	26,203	21,873	19,603	17,500	19,752					127,864	78,728	57,986
Non-interest income:
Recovery of (provision for) loan losses	175	244	1,296	1,065		840	437						2,780		1,739
(Provision for) recovery of loan losses					(2,492)			(42)						(1,257)
Realized gains (losses), net	86	6,102	4,448	22,006									32,642	(7,775)	31,656
Unrealized gains (losses), net	21,940	11,112	77	2,708	(4,736)	14,094	24,392	19,031					35,837	52,781	20,786
Loss on extinguishment of debt	0	0	0	(2,857)									(2,857)	0	0
Realized gains (losses), net					(548)	3,232	(6,303)	(4,156)
Income from operating real estate and real estate held for sale in consolidated variable interest entities	0	0	0	215	1,404	1,380	1,253	2,126					215	6,163	7,280
Other income	11,425	3,938	2,740	7,728	7,589	4,757	228	3,994
Total non-interest income	33,626	21,396	8,561	30,865	1,217	24,303	20,007	20,953					94,448	66,480	75,013
General, administrative and operating expenses	12,509	12,288	12,394	12,644	14,091	9,912	8,769	8,698					35,131	22,868	18,357
Income from operations before income taxes	65,116	41,079	21,858	44,424	8,999	33,994	28,738	32,007
Income tax expense (benefit)	(172)	(187)	(134)	74	(511)	(454)	(13)	(79)					(419)	(1,057)	3,355
Net income	65,288	41,266	21,992	44,350	9,510	34,448	28,751	32,086					172,896	104,795	88,567
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities	195	113	743	(211)	91	(475)	943	(2,468)					840	(1,909)	3,413
NET INCOME ATTRIBUTABLE TO COMPANY	65,483	41,379	22,735	44,139	9,601	33,973	29,694	29,618					173,736	102,886	91,980
Preferred stock dividends	(10,175)	(6,544)	(6,257)	(5,925)	(5,925)	(5,925)	(5,925)	(5,925)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 55,308	$ 34,835	$ 16,478	$ 38,214	$ 3,676	$ 28,048	$ 23,769	$ 23,693					$ 144,835	$ 79,186	$ 76,320
Basic earnings per common share (in dollars per share)	$ 0.20	$ 0.15	$ 0.08	$ 0.22	$ 0.02	$ 0.21	$ 0.21	$ 0.21					$ 0.65	$ 0.62	$ 0.68
Diluted earnings per common share (in dollars per share)	0.20	0.15	0.08	0.21	0.02	0.20	0.20	0.20					$ 0.64	$ 0.61	$ 0.66
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20
Weighted average shares outstanding-basic (in shares)	275,121	234,043	200,691	174,421	148,871	132,413	115,211	112,018					221,380	127,243	111,836
Weighted average shares outstanding-diluted (in shares)	296,347	255,537	202,398	194,970	149,590	152,727	135,164	131,761					242,596	147,450	130,343

Subsequent Events (Details)

Subsequent Events (Details) - Underwritten Public Offering - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Feb. 13, 2020	Jan. 10, 2020
Subsequent Event [Line Items]
Shares issued in transaction (in shares)	50,600,000	34,500,000
Sale of stock, Price per share (in dollars per share)	$ 6.13	$ 6.09
Proceeds from sale of stock	$ 305.3	$ 206.7

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 12,707,625	$ 10,157,126	$ 10,157,126	$ 20,780,548
Principal Amount of Loans Subject to Delinquent Principal or Interest				224,706
Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate
Beginning balance	12,707,625	10,157,126	7,565,459
Additions during period:
Purchases	8,762,553	2,983,295	2,987,775
Accretion of purchase discount	11,234	19,940	19,686
Change in realized and unrealized gains (losses)	638,557	4,096	10,214
Deductions during period:
Repayments of principal	(1,052,812)	(182,163)	(175,664)
Collection of interest	(11,429)	(21,754)	(26,081)
Transfer to REO	(6,105)	(7,998)	(7,228)
Cost of mortgages sold	(213,871)	(109,000)	(176,470)
Provision for loan loss	2,780	(1,235)	1,739
Change in realized and unrealized gains (losses)	0	(85,115)	(270)
Amortization of premium	(57,984)	(49,567)	(42,034)
Balance at end of period	$ 20,780,548	$ 12,707,625	$ 10,157,126
Original loan amount $0 - $99,999 | Distressed residential mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,355
Carrying Value	$ 62,833			62,833
Principal Amount of Loans Subject to Delinquent Principal or Interest				12,942
Deductions during period:
Balance at end of period	$ 62,833
Original loan amount $0 - $99,999 | Distressed residential mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.99%
Original loan amount $0 - $99,999 | Distressed residential mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	14.99%
Original loan amount $0 - $99,999 | First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,482
Carrying Value	$ 84,154			84,154
Principal Amount of Loans Subject to Delinquent Principal or Interest				6,901
Deductions during period:
Balance at end of period	$ 84,154
Original loan amount $0 - $99,999 | First mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.38%
Original loan amount $0 - $99,999 | First mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.50%
Original loan amount $0 - $99,999 | Second mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	701
Carrying Value	$ 32,827			32,827
Principal Amount of Loans Subject to Delinquent Principal or Interest				595
Deductions during period:
Balance at end of period	$ 32,827
Original loan amount $0 - $99,999 | Second mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.75%
Original loan amount $0 - $99,999 | Second mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.00%
Original loan amount $100,000 - $199,999 | Distressed residential mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	577
Carrying Value	$ 62,926			62,926
Principal Amount of Loans Subject to Delinquent Principal or Interest				13,302
Deductions during period:
Balance at end of period	$ 62,926
Original loan amount $100,000 - $199,999 | Distressed residential mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Original loan amount $100,000 - $199,999 | Distressed residential mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.48%
Original loan amount $100,000 - $199,999 | First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2,769
Carrying Value	$ 328,284			328,284
Principal Amount of Loans Subject to Delinquent Principal or Interest				29,491
Deductions during period:
Balance at end of period	$ 328,284
Original loan amount $100,000 - $199,999 | First mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.50%
Original loan amount $100,000 - $199,999 | First mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.38%
Original loan amount $100,000 - $199,999 | Second mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	74
Carrying Value	$ 9,549			9,549
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Deductions during period:
Balance at end of period	$ 9,549
Original loan amount $100,000 - $199,999 | Second mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.25%
Original loan amount $100,000 - $199,999 | Second mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.13%
Original loan amount $200,000 - $299,999 | Distressed residential mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	139
Carrying Value	$ 27,775			27,775
Principal Amount of Loans Subject to Delinquent Principal or Interest				7,914
Deductions during period:
Balance at end of period	$ 27,775
Original loan amount $200,000 - $299,999 | Distressed residential mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Original loan amount $200,000 - $299,999 | Distressed residential mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.44%
Original loan amount $200,000 - $299,999 | First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,484
Carrying Value	$ 301,835			301,835
Principal Amount of Loans Subject to Delinquent Principal or Interest				29,612
Deductions during period:
Balance at end of period	$ 301,835
Original loan amount $200,000 - $299,999 | First mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.25%
Original loan amount $200,000 - $299,999 | First mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Original loan amount $200,000 - $299,999 | Second mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	18
Carrying Value	$ 4,137			4,137
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Deductions during period:
Balance at end of period	$ 4,137
Original loan amount $200,000 - $299,999 | Second mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.25%
Original loan amount $200,000 - $299,999 | Second mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.63%
Original loan amount over $299,999 | Distressed residential mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	112
Carrying Value	$ 49,222			49,222
Principal Amount of Loans Subject to Delinquent Principal or Interest				16,477
Deductions during period:
Balance at end of period	$ 49,222
Original loan amount over $299,999 | Distressed residential mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Original loan amount over $299,999 | Distressed residential mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.75%
Original loan amount over $299,999 | First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,701
Carrying Value	$ 668,673			668,673
Principal Amount of Loans Subject to Delinquent Principal or Interest				56,318
Deductions during period:
Balance at end of period	$ 668,673
Original loan amount over $299,999 | First mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Original loan amount over $299,999 | First mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Original loan amount over $299,999 | Second mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Carrying Value	$ 295			295
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Deductions during period:
Balance at end of period	$ 295
Original loan amount over $299,999 | Second mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.88%
Original loan amount over $299,999 | Second mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.88%
Residential loans and loans held for sale | Other mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	14
Carrying Value	$ 2,406			2,406
Principal Amount of Loans Subject to Delinquent Principal or Interest				413
Deductions during period:
Balance at end of period	$ 2,406
Residential loans and loans held for sale | Other mortgage loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.36%
Residential loans and loans held for sale | Other mortgage loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.63%
First mortgage loans | Residential mortgage loans held in securitization trust, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	8,103
Carrying Value	$ 1,328,886			1,328,886
Deductions during period:
Balance at end of period	$ 1,328,886
First mortgage loans | Residential mortgage loans held in securitization trust, at fair value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.38%
First mortgage loans | Residential mortgage loans held in securitization trust, at fair value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.50%
First mortgage loans | Multifamily | Multi-family loans held in securitization trusts, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	828
Carrying Value	$ 17,816,746			17,816,746
Principal Amount of Loans Subject to Delinquent Principal or Interest				$ 0
Deductions during period:
Balance at end of period	$ 17,816,746
First mortgage loans | Multifamily | Multi-family loans held in securitization trusts, at fair value | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.04%
First mortgage loans | Multifamily | Multi-family loans held in securitization trusts, at fair value | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.76%

Uncategorized Items - nymt-1231

Label	Element	Value
Common Stock [Member]
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 22,382,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	31,118,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	58,274,000
Preferred Stock [Member]
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	5,925,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	10,175,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 5,985,000