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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
ASSETS    
Investment securities, available for sale, at fair value $ 2,006,140 $ 1,512,252
Investments in unconsolidated entities 189,965 73,466
Preferred equity and mezzanine loan investments 180,045 165,555
Derivative assets 15,878 10,263
Cash and cash equivalents 118,763 103,724
Real estate held for sale in consolidated variable interest entities 0 29,704
Goodwill 25,222 25,222
Receivables and other assets 169,214 114,821
Total Assets [1] 23,483,369 14,737,638
Liabilities:    
Financing arrangements 2,352,102 1,543,577
Convertible notes 132,955 130,762
Subordinated debentures 45,000 45,000
Mortgages and notes payable in consolidated variable interest entities 0 31,227
Securitized debt 0 42,335
Accrued expenses and other liabilities 177,260 101,228
Total liabilities [1] 21,278,340 13,557,345
Commitments and Contingencies
Stockholders' Equity:    
Preferred stock, issued 504,765 289,755
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 291,371,039 and 155,589,528 shares issued and outstanding, respectively 2,914 1,556
Additional paid-in capital 1,821,785 1,013,391
Accumulated other comprehensive income (loss) 25,132 (22,135)
Accumulated deficit (148,863) (103,178)
Company's stockholders' equity 2,205,733 1,179,389
Non-controlling interest in consolidated variable interest entities (704) 904
Total equity 2,205,029 1,180,293
Total Liabilities and Stockholders' Equity 23,483,369 14,737,638
Repurchase agreements    
Liabilities:    
Financing arrangements 3,105,416 2,131,505
Multi-family collateralized debt obligations, at fair value    
Liabilities:    
Collateralized debt obligations 16,724,451 11,022,248
Residential collateralized debt obligations, at fair value    
Liabilities:    
Collateralized debt obligations 1,052,829 0
Residential collateralized debt obligations    
Liabilities:    
Collateralized debt obligations 40,429 53,040
Distressed and other residential mortgage loans, at fair value    
ASSETS    
Distressed and other residential mortgage loans, net 1,429,754 737,523
Distressed and other residential mortgage loans    
ASSETS    
Distressed and other residential mortgage loans, net 202,756 285,261
Multi-family loans held in securitization trusts, at fair value    
ASSETS    
Loans held in securitization trusts, at fair value 17,816,746 11,679,847
Residential mortgage loans held in securitization trust, at fair value    
ASSETS    
Loans held in securitization trusts, at fair value $ 1,328,886 $ 0
[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, 2019 and December 31, 2018, assets of consolidated VIEs totaled $19,270,384 and $11,984,374, respectively, and the liabilities of consolidated VIEs totaled $17,878,314 and $11,191,736, respectively. See Note 9 for further discussion.