Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities:
Net income (loss)	$ (42,895)	$ (156,814)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for losses	3,500	1,500
Share-based compensation expense	3,777	2,562
Depreciation and amortization	38,719	25,972
Amortization of deferred financing costs and debt discounts	7,728	5,860
Accretion of discounts on investments	(4,719)	(5,666)
(Gains) losses on assets	5,350	(30)
(Gains) losses on extinguishment of debt	(2,421)
Change in fair value of financial instruments	59,433	200,436
Provision (benefit) for deferred taxes	(2,634)
Changes in assets and liabilities:
Accrued interest receivable	(7,882)	(4,311)
Other assets	(15,626)	(7,038)
Accrued interest payable	(14,580)	(20,998)
Accounts payable and accrued expenses	21,611	8,118
Deferred taxes, borrowers' escrows and other liabilities	14,918	(4,920)
Cash flow from operating activities	64,279	44,671
Investing activities:
Proceeds from sales of other securities	8,973	96,991
Purchase and origination of loans for investment	(695,919)	(419,661)
Principal repayments on loans	134,521	50,851
Sales of conduit loans	238,988	281,959
Investments in real estate	(238,648)	(46,725)
Proceeds from the disposition of real estate	3,821	3,139
(Increase) Decrease in restricted cash	19,627	(60,662)
Cash flow from investing activities	(528,637)	(94,108)
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(25,589)	(9,268)
Proceeds from secured credit facilities and loans payable on real estate	102,318
Repayments and repurchase of CDO notes payable	(174,397)	(135,947)
Proceeds from issuance of senior notes from CMBS transaction	155,001	101,250
Proceeds from issuance of 4.0% convertible senior notes	16,750
Proceeds from issuance of senior unsecured notes	131,905
Proceeds from repurchase agreements	357,550	156,781
Repayments of repurchase agreements	(236,129)	(138,780)
Issuance (acquisition) of noncontrolling interests	115,728	29,322
Payments for deferred costs and convertible senior note hedges	(12,313)	(1,864)
Preferred share issuance, net of costs incurred	33,639	21,879
Common share issuance, net of costs incurred	85,037	78,873
Distributions paid to preferred shareholders	(17,244)	(12,843)
Distributions paid to common shareholders	(39,978)	(23,384)
Cash flow from financing activities	492,278	66,019
Net change in cash and cash equivalents	27,920	16,582
Cash and cash equivalents at the beginning of the period	88,847	100,041
Cash and cash equivalents at the end of the period	116,767	116,623
Supplemental cash flow information:
Cash paid for interest	29,129	26,494
Cash paid (refunds received) for taxes	191	509
Non-cash increase in investments in real estate from conversion of loans	35,180	51,974
Non-cash increase in non-controlling interests from property acquisition	3,362	1,618
Non-cash decrease in indebtedness from debt extinguishments	(2,421)
Non-cash increase in indebtedness from the assumption of debt from property acquisitions	129,660
Non-cash increase in other assets from business combination	$ 7,302