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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
ASSETS    
Investment securities available for sale, at fair value $ 448,093 $ 724,726
Equity investments, at fair value 255,014 259,095
Cash and cash equivalents 408,785 293,183
Operating real estate, net 270,606 50,532
Other assets 136,692 115,292
Total Assets [1] 4,912,809 4,655,587
Liabilities:    
Convertible notes 137,240 135,327
Senior unsecured notes 96,540 0
Subordinated debentures 45,000 45,000
Mortgages payable on operating real estate, net 200,720 36,752
Other liabilities 121,256 101,746
Total Liabilities [1] 2,550,390 2,348,014
Commitments and Contingencies
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 32,050,000 and 30,900,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively, 22,441,081 and 20,872,888 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively ($561,027 and $521,822 aggregate liquidation preference as of September 30, 2021 and December 31, 2020, respectively) 542,232 504,765
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 379,286,475 and 377,744,476 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively 3,793 3,777
Additional paid-in capital 2,353,483 2,342,934
Accumulated other comprehensive income 2,041 994
Accumulated deficit (543,756) (551,268)
Company's stockholders' equity 2,357,793 2,301,202
Non-controlling interest in consolidated variable interest entities 4,626 6,371
Total equity 2,362,419 2,307,573
Total Liabilities and Stockholders' Equity 4,912,809 4,655,587
Repurchase agreements    
Liabilities:    
Repurchase agreements 334,556 405,531
Collateralized Debt Obligations    
Liabilities:    
Collateralized debt obligations ($904,976 at fair value and $710,102 at amortized cost, net as of September 30, 2021 and $1,054,335 at fair value and $569,323 at amortized cost, net as of December 31, 2020) 1,615,078 1,623,658
Residential loans, at fair value    
ASSETS    
Residential loans, at fair value 3,273,807 3,049,166
Multi-family loans    
ASSETS    
Multi-family loans, at fair value $ 119,812 $ 163,593
[1] Our condensed 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 September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,217,348 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,793,066 and $1,667,306, respectively. See Note 7 for further discussion.