Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Operating activities:
Net income (loss)	$ (107,234)	$ (7,620)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for losses	1,000	2,900
Share-based compensation expense	1,106	317
Depreciation and amortization	15,294	14,368
Amortization of deferred financing costs and debt discounts	3,321	2,191
Accretion of discounts on investments	289	(1,276)
(Gains) losses on assets	(2,529)	(1,979)
(Gains) losses on extinguishment of debt	(1,574)	(3,169)
Change in fair value of financial instruments	120,092	20,116
Other items	0	(8)
Changes in assets and liabilities:
Accrued interest receivable	(3,854)	(2,736)
Other assets	(5,372)	(7,724)
Accrued interest payable	(19,684)	(20,965)
Accounts payable and accrued expenses	2,907	264
Deferred taxes, borrowers escrows and other liabilities	3,583	5,283
Cash flow from operating activities	7,345	(38)
Investing activities:
Proceeds from sales of other securities	7,520	9,985
Purchase and origination of loans for investment	(242,474)	(57,553)
Principal repayments on loans	115,847	50,814
Investments in real estate	(7,029)	(24,808)
Proceeds from the dispositions of real estate	0	65,750
Business acquisition	0	(2,578)
(Increase) Decrease in restricted cash	186,345	(31,310)
Cash flow from investing activities	60,209	10,300
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(1,605)	(29,719)
Proceeds from loans payable on real estate	0	37,400
Repayments and repurchase of CDO notes payable	(95,741)	(20,913)
Proceeds from issuance of 7.0% convertible senior notes	0	115,000
Repayments and repurchase of 6.875% convertible senior notes	(3,582)	(119,320)
Proceeds from repurchase agreements	22,291	0
Repayments of repurchase agreements	(3,471)	0
Issuance (acquisition) of noncontrolling interests	0	3,582
Payments for deferred costs	(256)	(6,710)
Preferred share issuance, net of costs incurred	1,147	0
Common share issuance, net of costs incurred	41,535	17,874
Distributions paid to preferred shareholders	(6,836)	(6,828)
Distributions paid to common shareholders	(6,491)	(3,219)
Cash flow from financing activities	(53,009)	(12,853)
Net change in cash and cash equivalents	14,545	(2,591)
Cash and cash equivalents at the beginning of the period	29,720	27,230
Cash and cash equivalents at the end of the period	44,265	24,639
Supplemental cash flow information:
Cash paid for interest	13,735	18,624
Cash paid (refunds received) for taxes	(435)	51
Non-cash increase in investments in real estate from the conversion of loans	27,400	78,300
Non-cash decrease in indebtedness from conversion to shares or debt extinguishments	$ (1,574)	$ (5,788)