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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Investment securities available for sale, at fair value $ 145,780 $ 200,844
Equity investments, at fair value 225,300 239,631
Cash and cash equivalents 303,762 289,602
Real estate, net 1,534,833 1,017,583
Other assets 268,442 215,019
Total Assets [1] 6,541,752 5,658,301
Liabilities:    
Convertible notes 0 137,898
Senior unsecured notes 96,870 96,704
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 1,083,371 709,356
Other liabilities 187,981 161,081
Total Liabilities [1] 4,238,390 3,226,519
Commitments and Contingencies
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 53,361 66,392
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 and 29,500,000 shares authorized as of March 31, 2022 and December 31, 2021, respectively, 22,284,994 shares issued and outstanding ($557,125 aggregate liquidation preference) 538,221 538,221
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 381,249,031 and 379,405,240 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 3,812 3,794
Additional paid-in capital 2,357,910 2,356,576
Accumulated other comprehensive (loss) income (410) 1,778
Accumulated deficit (681,915) (559,338)
Company's stockholders' equity 2,217,618 2,341,031
Non-controlling interest in consolidated variable interest entities 32,383 24,359
Total equity 2,250,001 2,365,390
Total Liabilities and Equity 6,541,752 5,658,301
Repurchase agreements    
Liabilities:    
Repurchase agreements 927,049 554,259
Collateralized Debt Obligations    
Liabilities:    
Collateralized debt obligations ($754,264 at fair value and $1,143,855 at amortized cost, net as of March 31, 2022 and $839,419 at fair value and $682,802 at amortized cost, net as of December 31, 2021) 1,898,119 1,522,221
Residential loans, at fair value    
ASSETS    
Residential loans, at fair value 3,953,427 3,575,601
Multi-family loans    
ASSETS    
Multi-family loans, at fair value $ 110,208 $ 120,021
[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 March 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $3,872,784 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,030,539 and $2,235,665, respectively. See Note 7 for further discussion.