Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating activities:
Net income (loss)	$ (145,679)	$ (107,234)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for losses	1,000	1,000
Share-based compensation expense	1,466	1,106
Depreciation and amortization	17,188	15,294
Amortization of deferred financing costs and debt discounts	3,499	3,321
Accretion of discounts on investments	(5,086)	289
(Gains) losses on assets	(221)	(2,529)
(Gains) losses on extinguishment of debt	0	(1,574)
Change in fair value of financial instruments	175,777	120,092
Changes in assets and liabilities:
Accrued interest receivable	(4,618)	(3,854)
Other assets	(9,322)	(5,372)
Accrued interest payable	(12,710)	(19,684)
Accounts payable and accrued expenses	387	2,907
Deferred taxes, borrowers' escrows and other liabilities	(571)	3,583
Cash flow from operating activities	21,110	7,345
Investing activities:
Proceeds from sales of other securities	70,501	7,520
Purchase and origination of loans for investment	(251,085)	(242,474)
Principal repayments on loans	9,354	115,847
Sales of conduit loans	120,195	0
Investments in real estate	(11,511)	(7,029)
(Increase) Decrease in restricted cash	(3,777)	186,345
Cash flow from investing activities	(66,323)	60,209
Financing activities:
Repayments on secured credit facility and loans payable on real estate	(8,368)	(1,605)
Repayments and repurchase of CDO notes payable	(72,910)	(95,741)
Repayments and repurchase of 6.875% convertible senior notes	0	(3,582)
Proceeds from repurchase agreements	23,049	22,291
Repayments of repurchase agreements	(8,331)	(3,471)
Issuance (acquisition) of noncontrolling interests	196	0
Payments for deferred costs	(126)	(256)
Preferred share issuance, net of costs incurred	14,506	1,147
Common share issuance, net of costs incurred	76,749	41,535
Distributions paid to preferred shareholders	(4,840)	(6,836)
Distributions paid to common shareholders	(14,352)	(6,491)
Cash flow from financing activities	5,573	(53,009)
Net change in cash and cash equivalents	(39,640)	14,545
Cash and cash equivalents at the beginning of the period	100,041	29,720
Cash and cash equivalents at the end of the period	60,401	44,265
Supplemental cash flow information:
Cash paid for interest	15,962	13,735
Cash paid (refunds received) for taxes	265	(435)
Non-cash increase in investments in real estate from conversion of loans	36,950	27,400
Non-cash decrease in indebtedness from conversion to shares or debt extinguishments	0	(1,574)
Non-cash increase in non-controlling interests from property acquisition	$ 1,618	$ 0