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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
ASSETS    
Investment securities, available for sale, at fair value $ 1,512,252 $ 1,413,081
Multi-family loans held in securitization trusts, at fair value 11,679,847 9,657,421
Derivative assets 10,263 10,101
Cash and cash equivalents 103,724 95,191
Investment in unconsolidated entities 73,466 51,143
Preferred equity and mezzanine loan investments 165,555 138,920
Real estate held for sale in consolidated variable interest entities 29,704 64,202
Goodwill 25,222 25,222
Receivables and other assets 114,821 108,567
Total Assets [1] 14,737,638 12,056,285
Liabilities:    
Financing arrangements 1,543,577 1,276,918
Securitized debt 42,335 81,537
Mortgages and notes payable in consolidated variable interest entities 31,227 57,124
Accrued expenses and other liabilities 101,228 82,126
Subordinated debentures 45,000 45,000
Convertible notes 130,762 128,749
Total liabilities [1] 13,557,345 11,080,284
Commitments and Contingencies
Stockholders' Equity:    
Common stock, $0.01 par value, 400,000,000 shares authorized, 155,589,528 and 111,909,909 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively 1,556 1,119
Additional paid-in capital 1,013,391 751,155
Accumulated other comprehensive (loss) income (22,135) 5,553
Accumulated deficit (103,178) (75,717)
Company's stockholders' equity 1,179,389 971,865
Non-controlling interest in consolidated variable interest entities 904 4,136
Total equity 1,180,293 976,001
Total Liabilities and Stockholders' Equity 14,737,638 12,056,285
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 130,496 130,496
Financing arrangements, portfolio investments    
Liabilities:    
Financing arrangements 1,543,577 1,276,918
Residential mortgage loans held in securitization trusts    
Liabilities:    
Financing arrangements 587,928 149,063
Residential collateralized debt obligations    
Liabilities:    
Collateralized debt obligations 53,040 70,308
Multi-family collateralized debt obligations, at fair value    
Liabilities:    
Collateralized debt obligations 11,022,248 9,189,459
Residential mortgage loans held in securitization trusts, net    
ASSETS    
Residential mortgage loans 56,795 73,820
Distressed and other residential mortgage loans, at fair value    
ASSETS    
Residential mortgage loans 737,523 87,153
Distressed residential mortgage loans, net (including $88,096 and $121,791 held in securitization trusts as of December 31, 2018 and December 31, 2017, respectively)    
ASSETS    
Residential mortgage loans $ 228,466 $ 331,464
[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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $11,984,374 and $10,041,468, respectively, and the liabilities of consolidated VIEs totaled $11,191,736 and $9,436,421, respectively. See Note 10 for further discussion.