Annual report pursuant to Section 13 and 15(d)

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details)

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REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details)
 12 Months Ended
Dec. 31, 2016
USD ($)
security
Dec. 31, 2015
USD ($)
security
Dec. 31, 2014
USD ($)
Jun. 30, 2016
USD ($)
Investment [Line Items]        
Other Than Temporary Impairment - Amortized Cost Basis $ 0 $ (3,010,000) $ (4,174,000)  
Amortized Cost Basis 782,000      
Real estate securities 1,950,000 59,034,000    
Realized/unrealized (gain) loss on investments 685,000 (22,264,000) (69,593,000)  
Total outstanding face amount of fixed rate securities 619,800,000 168,500,000    
Total outstanding face amount of floating rate securities 4,000,000 41,400,000    
Debt Investments        
Investment [Line Items]        
Outstanding Face Amount 698,503,000 765,703,000    
Debt Investments | Unlevered real estate securities        
Investment [Line Items]        
Outstanding Face Amount 4,000,000 107,242,000    
Total Securities, Pledged as Collateral (F)        
Investment [Line Items]        
Outstanding Face Amount 619,808,000 102,660,000    
Before Impairment - Amortized Cost Basis 650,432,000 105,940,000    
Other Than Temporary Impairment - Amortized Cost Basis (23,128,000) 0    
Amortized Cost Basis 627,304,000 105,940,000    
Gains-Gross Unrealized 0 23,000    
Losses- Gross Unrealized 0 0    
Real estate securities $ 627,304,000 $ 105,963,000    
Number of Securities | security 15 3    
Weighted Average Rating AAA      
Total Securities, Available-for-Sale        
Investment [Line Items]        
Before Impairment - Amortized Cost Basis $ 2,303,000 $ 109,466,000    
Other Than Temporary Impairment - Amortized Cost Basis (1,521,000) (83,686,000)    
Amortized Cost Basis 782,000 25,780,000    
Gains-Gross Unrealized 1,168,000 33,362,000    
Losses- Gross Unrealized 0 (108,000)    
Real estate securities $ 1,950,000 $ 59,034,000    
Number of Securities | security 2 30    
Real Estate Securities | Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income | Reclassification from AOCI into net income        
Investment [Line Items]        
Realized/unrealized (gain) loss on investments $ 23,128,000 $ 0 $ 0  
CMBS | Total Securities, Available-for-Sale        
Investment [Line Items]        
Outstanding Face Amount   67,669,000    
Before Impairment - Amortized Cost Basis   78,416,000    
Other Than Temporary Impairment - Amortized Cost Basis   (55,372,000)    
Amortized Cost Basis   23,044,000    
Gains-Gross Unrealized   16,673,000    
Losses- Gross Unrealized   (33,000)    
Real estate securities   $ 39,684,000    
Number of Securities | security   16    
Weighted Average Rating   B    
Weighted Average Coupon (as percent)   4.97%    
Weighted Average (as percent)   14.78%    
Weighted Average Life (Years)   2 years 1 month 6 days    
Weighted Average Principal Subordination (as percent)   26.10%    
ABS - Non-Agency RMBS | Total Securities, Available-for-Sale        
Investment [Line Items]        
Outstanding Face Amount 4,000,000 $ 16,477,000    
Before Impairment - Amortized Cost Basis 2,303,000 23,403,000    
Other Than Temporary Impairment - Amortized Cost Basis (1,521,000) (20,667,000)    
Amortized Cost Basis 782,000 2,736,000    
Gains-Gross Unrealized 1,168,000 6,958,000    
Losses- Gross Unrealized 0 (75,000)    
Real estate securities $ 1,950,000 $ 9,619,000    
Number of Securities | security 1 9    
Weighted Average Rating C CC    
Weighted Average Coupon (as percent) 1.15% 1.89%    
Weighted Average (as percent) 25.45% 11.95%    
Weighted Average Life (Years) 9 years 11 years    
Weighted Average Principal Subordination (as percent) 27.90% 9.70%    
ABS-Small Business Loans | Total Securities, Available-for-Sale        
Investment [Line Items]        
Outstanding Face Amount   $ 8,464,000    
Before Impairment - Amortized Cost Basis   7,647,000    
Other Than Temporary Impairment - Amortized Cost Basis   (7,647,000)    
Amortized Cost Basis   0    
Gains-Gross Unrealized   0    
Losses- Gross Unrealized   0    
Real estate securities   $ 0    
Number of Securities | security   1    
Weighted Average Rating   C    
Weighted Average Coupon (as percent)   6.69%    
Weighted Average (as percent)   0.00%    
Weighted Average Principal Subordination (as percent)   0.00%    
Debt securities | Total Securities, Available-for-Sale        
Investment [Line Items]        
Outstanding Face Amount $ 4,000,000 $ 107,242,000    
Before Impairment - Amortized Cost Basis 2,303,000 109,466,000    
Other Than Temporary Impairment - Amortized Cost Basis (1,521,000) (83,686,000)    
Amortized Cost Basis 782,000 25,780,000    
Gains-Gross Unrealized 1,168,000 33,362,000    
Losses- Gross Unrealized 0 (108,000)    
Real estate securities $ 1,950,000 $ 59,034,000    
Number of Securities | security 1 28    
Weighted Average Rating C CCC+    
Weighted Average Coupon (as percent) 1.15% 4.20%    
Weighted Average (as percent) 25.45% 14.48%    
Weighted Average Life (Years) 9 years 4 years    
CDO        
Investment [Line Items]        
Outstanding Face Amount       $ 0
CDO | Total Securities, Available-for-Sale        
Investment [Line Items]        
Outstanding Face Amount   $ 14,632,000    
Before Impairment - Amortized Cost Basis   0    
Other Than Temporary Impairment - Amortized Cost Basis   0    
Amortized Cost Basis   0    
Gains-Gross Unrealized   9,731,000    
Losses- Gross Unrealized   0    
Real estate securities   $ 9,731,000    
Number of Securities | security   2    
Weighted Average Rating   C    
Weighted Average Coupon (as percent)   1.80%    
Weighted Average (as percent)   0.00%    
Weighted Average Life (Years)   7 years 2 months    
Weighted Average Principal Subordination (as percent)   25.10%    
Non-consolidated CDO Securities        
Investment [Line Items]        
Outstanding Face Amount $ 0      
Non-consolidated CDO Securities | Debt Investments | Unlevered real estate securities        
Investment [Line Items]        
Outstanding Face Amount 0      
Number of Securities | security   8    
Face amount of excluded real estate securities   $ 116,000,000    
Equity Securities | Total Securities, Available-for-Sale        
Investment [Line Items]        
Before Impairment - Amortized Cost Basis 0 0    
Other Than Temporary Impairment - Amortized Cost Basis 0 0    
Amortized Cost Basis 0 0    
Gains-Gross Unrealized 0 0    
Losses- Gross Unrealized 0 0    
Real estate securities $ 0 $ 0    
Number of Securities | security 1 2    
FNMA/FHLMC (A) | Total Securities, Pledged as Collateral (F)        
Investment [Line Items]        
Outstanding Face Amount $ 619,808,000 $ 102,660,000    
Before Impairment - Amortized Cost Basis 650,432,000 105,940,000    
Other Than Temporary Impairment - Amortized Cost Basis (23,128,000) 0    
Amortized Cost Basis 627,304,000 105,940,000    
Gains-Gross Unrealized 0 23,000    
Losses- Gross Unrealized 0 0    
Real estate securities $ 627,304,000 $ 105,963,000    
Number of Securities | security 15 3    
Weighted Average Rating AAA AAA    
Weighted Average Coupon (as percent) 3.28% 3.50%    
Weighted Average (as percent) 2.65% 2.99%    
Weighted Average Life (Years) 8 years 5 months 6 days 7 years 9 months