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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ 221,676 $ 125,879 $ 113,720
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Gain) loss on extinguishment/defeasance of debt 4,392 73 (5,382)
Depreciation and amortization 41,959 40,332 39,447
Unrealized (gain) loss on derivative instruments (705) 3,432 (4,224)
Unrealized (gain) loss on equity securities 1,605 0 0
Unrealized (gain) loss on Agency interest-only securities (555) (1,405) 56
Unrealized (gain) loss on investment in mutual fund (156) (300) 14
Provision for loan losses 13,900 0 300
Amortization of equity based compensation 8,831 18,965 17,640
Amortization of deferred financing costs included in interest expense 10,906 7,856 7,459
Amortization of premium on mortgage loan financing (1,023) (1,025) (894)
Amortization of above- and below-market lease intangibles (1,739) (786) (108)
Amortization of premium/(accretion) of discount and other fees on loans (19,820) (11,180) (8,941)
Amortization of premium/(accretion) of discount and other fees on securities 3,124 5,241 6,422
Realized (gain) loss on sale of mortgage loan receivables held for sale (16,511) (54,046) (26,009)
Realized (gain) loss on real estate securities 5,808 (17,209) (7,724)
Realized gain on sale of real estate, net (95,881) (11,423) (20,636)
Realized gain on sale of derivative instruments (242) 199 24
Origination of mortgage loan receivables held for sale (1,297,221) (1,465,635) (1,128,651)
Purchases of mortgage loan receivables held for sale 0 0 (73,421)
Repayment of mortgage loan receivables held for sale 14,242 2,083 1,768
Proceeds from sales of mortgage loan receivables held for sale 1,292,442 [1] 1,375,733 [2] 1,440,195
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received (790) (89) (426)
Distributions from operations of investment in unconsolidated joint ventures 1,250 0 1,017
Deferred tax asset (liability) (7,525) 5,591 1,868
Payments pursuant to tax receivable agreement 0 (1,013) 0
Changes in operating assets and liabilities:      
Accrued interest receivable (1,339) (1,437) (1,662)
Other assets 3,369 (3,275) (4,340)
Accrued expenses and other liabilities 20,436 (4,576) (9,085)
Net cash provided by (used in) operating activities 200,433 11,985 338,427
Cash flows from investing activities:      
Purchase of derivative instruments (545) (300) (73)
Sale of derivative instruments 888 0 39
Purchases of real estate securities (770,039) (210,903) (977,062)
Repayment of real estate securities 109,446 138,413 684,143
Proceeds from sales of real estate securities 324,798 1,025,710 539,295
Proceeds from sale of FHLB stock 20,000 0 0
Origination of mortgage loan receivables held for investment (1,478,771) (1,407,669) (919,023)
Purchases of mortgage loan receivables held for investment 0 (94,079) 0
Repayment of mortgage loan receivables held for investment 1,411,862 404,584 [2] 649,914
Basis recovery of Agency interest-only securities 18,349 51,989 70,053
Capital contributions to investment in unconsolidated joint ventures (3,865) 0 0
Distributions received from investments in unconsolidated joint ventures in excess of income 0 0 48
Capitalization of interest on investment in unconsolidated joint ventures (1,507) (1,327) (867)
Capital contributions to investment in mutual fund 0 0 (10,001)
Purchases of real estate (122,707) (236,932) (62,495)
Capital improvements of real estate (7,782) (5,640) (10,640)
Proceeds from sale of real estate 157,008 [3] 29,519 72,953 [4]
Net cash provided by (used in) investing activities (342,865) (306,635) 36,284
Cash flows from financing activities:      
Deferred financing costs paid (3,509) (26,330) (5,927)
Proceeds from borrowings under debt obligations 5,806,914 10,080,341 12,359,830
Repayment of borrowings under debt obligations (5,681,604) (9,510,272) (12,689,064)
Cash dividends paid to Class A common shareholders (122,772) (100,076) (67,166)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (858) (18,125) (786)
Purchase of treasury stock 0 (2,588) (4,652)
Issuance of common stock 99,006 0 0
Common stock offering costs (499) 0 0
Net cash provided by (used in) financing activities 58,199 387,905 (448,077)
Net increase (decrease) in cash, cash equivalents and restricted cash (84,233) 93,255 (73,366)
Cash, cash equivalents and restricted cash at beginning of period 182,683 89,428 162,794
Cash, cash equivalents and restricted cash at end of period 98,450 182,683 89,428
Supplemental information:      
Cash paid for interest, net of amounts capitalized 183,215 130,795 115,246
Cash paid (received) for income taxes 9,839 (214) 8,775
Non-cash investing and financing activities:      
Securities and derivatives purchased, not settled (1,287) 380 (394)
Securities and derivatives sold, not settled 0 (10) 0
Origination of mortgage loans receivable held for investment 0 0 50,378
Repayment in transit of mortgage loans receivable held for investment (other assets) 106,204 0 (70,678)
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost 55,403 153,722 0
Proceeds from sale of real estate 1,421 0 0
Reduction in proceeds from sales of real estate 62,417 115,359 0
Assumption of debt obligations by real estate buyer/defeasance of debt and related costs (62,417) (115,359) 0
Exchange of noncontrolling interest for common stock 62,433 284,783 145,841
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock 428 2,203 980
Increase in amount payable pursuant to tax receivable agreement (86) 149 610
Rebalancing of ownership percentage between Company and Operating Partnership 5,480 3,524 (8,096)
Dividends declared, not paid 37,316 30,528 23,364
Stock dividends 0 17,319 64,100
Proceeds from sale of mortgage loans held for sale from prior years (400) (20,300)  
Proceeds from sale of real estate held-for-investment from prior years   (1,400) (6,500)
Cash, cash equivalents and restricted cash at end of period 182,683 89,428 162,794
Consolidated Joint Venture      
Cash flows from financing activities:      
Capital contributed by noncontrolling interests in consolidated joint ventures 7,604 7,479 0
Capital distributed to noncontrolling interests (25,730) (306) (757)
Operating Partnership      
Cash flows from financing activities:      
Capital contributed by noncontrolling interests in consolidated joint ventures 0 0 250
Capital distributed to noncontrolling interests $ (20,353) $ (42,218) $ (39,805)
[1] Includes cash proceeds received in 2018 that relate to 2017 sales of loans of $0.4 million.
[2] Includes cash proceeds received in 2017 that relate to 2016 sales of loans of $20.3 million.
[3] Includes cash proceeds received in 2018 that relate to 2017 sales of real estate of $1.4 million.
[4] Includes cash proceeds received in 2016 that relate to 2015 sales of real estate of $6.5 million.