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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Investment securities available for sale, at fair value $ 202,571 $ 99,559
Equity investments, at fair value 191,148 179,746
Cash and cash equivalents 227,753 244,718
Real estate, net 705,906 692,968
Assets of disposal group held for sale 1,150,379 1,151,784
Other assets 222,327 259,356
Total Assets [1] 6,170,249 6,240,745
Liabilities:    
Senior unsecured notes 97,561 97,384
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 397,316 394,707
Liabilities of disposal group held for sale 896,983 883,812
Other liabilities 92,691 115,991
Total Liabilities [1] 4,346,957 4,376,634
Commitments and Contingencies (See Note 15)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 54,352 63,803
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,265,817 and 22,284,994 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively ($556,645 and $557,125 aggregate liquidation preference as of March 31, 2023 and December 31, 2022, respectively) 537,889 538,351
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 91,180,096 and 91,193,688 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively 912 912
Additional paid-in capital 2,279,131 2,282,691
Accumulated other comprehensive loss (1,379) (1,970)
Accumulated deficit (1,079,047) (1,052,768)
Company's stockholders' equity 1,737,506 1,767,216
Non-controlling interests 31,434 33,092
Total equity 1,768,940 1,800,308
Total Liabilities and Equity 6,170,249 6,240,745
Preferred Stock, Series Shares    
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,265,817 and 22,284,994 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively ($556,645 and $557,125 aggregate liquidation preference as of March 31, 2023 and December 31, 2022, respectively) 537,889 538,351
Repurchase agreements    
Liabilities:    
Repurchase agreements 787,902 737,023
Collateralized Debt Obligations    
Liabilities:    
Collateralized debt obligations ($638,513 at fair value and $1,390,991 at amortized cost, net as of March 31, 2023 and $634,495 at fair value and $1,468,222 at amortized cost, net as of December 31, 2022) 2,029,504 2,102,717
Residential loans, at fair value    
ASSETS    
Residential loans, at fair value 3,374,856 3,525,080
Multi-family loans    
ASSETS    
Multi-family loans, at fair value $ 95,309 $ 87,534
[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, 2023 and December 31, 2022, assets of consolidated VIEs totaled $4,258,823 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,340,459 and $3,403,257, respectively. See Note 7 for further discussion.