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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Assets:    
Cash and cash equivalents $ 130,063,658 $ 50,417,745
Restricted cash (includes $75,112,146 and $216,405,894 from consolidated VIEs, respectively) 76,252,399 218,100,529
Loans and investments, net (includes $718,010,449 and $968,600,472 from consolidated VIEs, respectively) 1,468,566,061 1,459,475,650
Available-for-sale securities, at fair value 823,050 2,499,709
Investments in equity affiliates 24,368,379 4,869,066
Real estate owned, net (includes $38,760,450 and $80,732,144 from consolidated VIEs, respectively) 71,888,049 84,925,641
Real estate held-for-sale, net 11,241,531 14,381,733
Due from related party (includes $30,794 and $0 from consolidated VIEs, respectively) 2,499,584 36,515
Other assets (includes $11,920,558 and $14,949,956 from consolidated VIEs, respectively) 47,343,262 45,716,002
Total assets 1,833,045,973 1,880,422,590
Liabilities and Equity:    
Credit facilities and repurchase agreements 322,737,195 180,386,200
Collateralized loan obligations (includes $500,250,000 and $458,250,000 from consolidated VIEs, respectively) 500,250,000 458,250,000
Collateralized debt obligations (includes $79,262,601 and $331,395,126 from consolidated VIEs, respectively) 79,262,601 331,395,126
Senior unsecured notes 97,860,025 97,860,025
Junior subordinated notes to subsidiary trust issuing preferred securities 160,108,568 159,833,260
Notes payable 2,300,000 1,300,000
Mortgage note payable - real estate owned 27,155,000 21,865,136
Mortgage note payable - real estate held-for-sale   9,119,221
Due to related party 1,991,665 2,653,333
Due to borrowers (includes $960,164 and $0 from consolidated VIEs, respectively) 36,694,858 32,972,606
Other liabilities (includes $1,572,454 and $7,385,474 from consolidated VIEs, respectively) 48,463,621 49,332,212
Total liabilities $ 1,276,823,533 $ 1,344,967,119
Commitments and contingencies    
Equity:    
Preferred stock; 8.25% Series A; 7.75% Series B; 8.50% Series C $ 89,295,905 $ 89,295,905
Common stock, $0.01 par value: 500,000,000 shares authorized; 53,613,283 and 53,128,075 shares issued, respectively; 50,962,516 and 50,477,308 shares outstanding, respectively 536,132 531,280
Additional paid-in capital 632,303,190 629,880,774
Treasury stock, at cost - 2,650,767 shares (17,100,916) (17,100,916)
Accumulated deficit (141,187,730) (152,483,322)
Accumulated other comprehensive loss (7,624,141) (14,668,250)
Total equity 556,222,440 535,455,471
Total liabilities and equity $ 1,833,045,973 $ 1,880,422,590