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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Investment securities available for sale, at fair value $ 200,844 $ 724,726
Equity investments, at fair value 239,631 259,095
Cash and cash equivalents 289,602 293,183
Real estate, net 1,017,583 50,532
Other assets 198,416 115,292
Total assets [1] 5,641,698 4,655,587
Liabilities:    
Convertible notes 137,898 135,327
Senior unsecured notes 96,704 0
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 709,356 36,752
Other liabilities 144,478 101,746
Total liabilities [1] 3,209,916 2,348,014
Commitments and Contingencies
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 66,392 0
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 29,500,000 and 30,900,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively, 22,284,994 and 20,872,888 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively ($557,125 and $521,822 aggregate liquidation preference as of December 31, 2021 and December 31, 2020, respectively) 538,221 504,765
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 379,405,240 and 377,744,476 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively 3,794 3,777
Additional paid-in capital 2,356,576 2,342,934
Accumulated other comprehensive income 1,778 994
Accumulated deficit (559,338) (551,268)
Company's stockholders' equity 2,341,031 2,301,202
Non-controlling interest in consolidated variable interest entities 24,359 6,371
Total equity 2,365,390 2,307,573
Total Liabilities and Equity 5,641,698 4,655,587
Repurchase agreements    
Liabilities:    
Repurchase agreements 554,259 405,531
Collateralized debt obligations    
Liabilities:    
Collateralized debt obligations ($839,419 at fair value and $682,802 at amortized cost, net as of December 31, 2021 and $1,054,335 at fair value and $569,323 at amortized cost, net as of December 31, 2020) 1,522,221 1,623,658
Residential loans    
ASSETS    
Residential loans, at fair value 3,575,601 3,049,166
Multi-family loans    
ASSETS    
Multi-family loans, at fair value $ 120,021 $ 163,593
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,924,678 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $2,219,830 and $1,667,306, respectively. See Note 7 for further discussion.