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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
ASSETS    
Investment securities, available for sale, at fair value (including pledged securities of $1,076,187 and $690,592, as of December 31, 2017 and December 31, 2016, respectively and $47,922 and $43,897 held in securitization trusts as of December 31, 2017 and December 31, 2016, respectively) $ 1,413,081 $ 818,976
Multi-family loans held in securitization trusts, at fair value 9,657,421 6,939,844
Derivative assets 846 150,296
Cash and cash equivalents 95,191 83,554
Investment in unconsolidated entities 51,143 79,259
Preferred equity and mezzanine loan investments 138,920 100,150
Real estate held for sale in consolidated variable interest entities 64,202 0
Goodwill 25,222 25,222
Receivables and other assets 117,822 138,323
Total Assets [1] 12,056,285 8,951,631
Liabilities:    
Financing arrangements 1,276,918 773,142
Securitized debt 81,537 158,867
Mortgages and notes payable in consolidated variable interest entities 57,124 1,588
Derivative liabilities 0 498
Payable for securities purchased 0 148,015
Accrued expenses and other liabilities 82,126 64,381
Subordinated debentures 45,000 45,000
Convertible notes 128,749 0
Total liabilities [1] 11,080,284 8,100,469
Commitments and Contingencies
Stockholders' Equity:    
Common stock, $0.01 par value, 400,000,000 shares authorized, 111,909,909 and 111,474,521 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively 1,119 1,115
Additional paid-in capital 751,155 748,599
Accumulated other comprehensive income 5,553 1,639
Accumulated deficit (75,717) (62,537)
Company's stockholders' equity 971,865 848,075
Non-controlling interest in consolidated variable interest entities 4,136 3,087
Total equity 976,001 851,162
Total Liabilities and Stockholders' Equity 12,056,285 8,951,631
Series B Preferred Stock    
Stockholders' Equity:    
Preferred stock, issued 72,397 72,397
Series C Preferred Stock    
Stockholders' Equity:    
Preferred stock, issued 86,862 86,862
Series D Preferred Stock    
Stockholders' Equity:    
Preferred stock, issued 130,496 0
Financing arrangements, portfolio investments    
Liabilities:    
Financing arrangements 1,276,918 773,142
Residential mortgage loans held in securitization trusts    
Liabilities:    
Financing arrangements 149,063 192,419
Residential collateralized debt obligations    
Liabilities:    
Collateralized debt obligations 70,308 91,663
Multi-family collateralized debt obligations, at fair value    
Liabilities:    
Collateralized debt obligations 9,189,459 6,624,896
Residential mortgage loans held in securitization trusts, net    
ASSETS    
Residential mortgage loans 73,820 95,144
Residential mortgage loans, at fair value    
ASSETS    
Residential mortgage loans 87,153 17,769
Distressed residential mortgage loans, net (including $121,791 and $195,347 held in securitization trusts as of December 31, 2017 and December 31, 2016, respectively)    
ASSETS    
Residential mortgage loans $ 331,464 $ 503,094
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of December 31, 2017 and December 31, 2016, assets of consolidated VIEs totaled $10,041,468 and $7,330,872, respectively, and the liabilities of consolidated VIEs totaled $9,436,421 and $6,902,536, respectively. See Note 10 for further discussion.