Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating activities:
Net income (loss)	$ (26,433)	$ (145,679)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for losses	2,000	1,000
Share-based compensation expense	2,629	1,466
Depreciation and amortization	25,483	17,188
Amortization of deferred financing costs and debt discounts	4,646	3,499
Accretion of discounts on investments	(1,986)	(5,086)
(Gains) losses on assets	5,375	(221)
(Gains) losses on extinguishment of debt	(2,421)	0
Change in fair value of financial instruments	49,210	175,777
Provision (benefit) for deferred taxes	(288)	0
Changes in assets and liabilities:
Accrued interest receivable	(7,196)	(4,618)
Other assets	(9,246)	(9,322)
Accrued interest payable	(10,298)	(12,710)
Accounts payable and accrued expenses	(6,824)	387
Deferred taxes, borrowers' escrows and other liabilities	12,578	(571)
Cash flow from operating activities	37,229	21,110
Investing activities:
Proceeds from sales of other securities	1,971	70,501
Purchase and origination of loans for investment	(462,991)	(251,085)
Principal repayments on loans	88,322	9,354
Sales of conduit loans	119,356	120,195
Investments in real estate	(133,596)	(11,511)
Proceeds from the disposition of real estate	3,820	0
(Increase) Decrease in restricted cash	34,739	(3,777)
Cash flow from investing activities	(348,379)	(66,323)
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(12,596)	(8,368)
Proceeds from secured credit facilities and loans payable on real estate	46,313	0
Repayments and repurchase of CDO notes payable	(131,200)	(72,910)
Proceeds from issuance of senior notes from CMBS transaction	155,001	0
Proceeds from issuance of 4.0% convertible senior notes	16,750	0
Proceeds from issuance of 7.625% senior unsecured notes	60,000	0
Proceeds from repurchase agreements	209,605	23,049
Repayments of repurchase agreements	(170,463)	(8,331)
Issuance (acquisition) of noncontrolling interests	49,428	196
Payments for deferred costs and convertible senior note hedges	(7,528)	(126)
Preferred share issuance, net of costs incurred	33,552	14,506
Common share issuance, net of costs incurred	85,051	76,749
Distributions paid to preferred shareholders	(11,291)	(4,840)
Distributions paid to common shareholders	(25,240)	(14,352)
Cash flow from financing activities	297,382	5,573
Net change in cash and cash equivalents	(13,768)	(39,640)
Cash and cash equivalents at the beginning of the period	88,847	100,041
Cash and cash equivalents at the end of the period	75,079	60,401
Supplemental cash flow information:
Cash paid for interest	17,727	15,962
Cash paid for taxes	62	265
Non-cash increase in investments in real estate from conversion of loans	28,700	36,950
Non-cash increase in non-controlling interests from property acquisition	1,986	1,618
Non-cash decrease in indebtedness from debt extinguishments	(2,421)	0
Non-cash increase in indebtedness from the assumption of debt from property acquisitions	111,986	0
Non-cash increase in other assets from business combination	$ 7,302	$ 0