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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Investment securities available for sale, at fair value $ 734,272 $ 99,559
Equity investments, at fair value 168,755 179,746
Cash and cash equivalents 232,497 244,718
Real estate, net 706,066 692,968
Assets of disposal group held for sale 965,599 1,151,784
Other assets 237,624 259,356
Total Assets [1] 6,279,047 6,240,745
Liabilities:    
Senior unsecured notes 97,742 97,384
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 397,075 394,707
Liabilities of disposal group held for sale 755,840 883,812
Other liabilities 97,794 115,991
Total Liabilities [1] 4,525,359 4,376,634
Commitments and Contingencies (See Note 15)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 34,571 63,803
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,227,954 and 22,284,994 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively ($555,699 and $557,125 aggregate liquidation preference as of June 30, 2023 and December 31, 2022, respectively) 536,983 538,351
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 91,250,399 and 91,193,688 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 913 912
Additional paid-in capital 2,298,669 2,282,691
Accumulated other comprehensive loss (1,762) (1,970)
Accumulated deficit (1,144,091) (1,052,768)
Company's stockholders' equity 1,690,712 1,767,216
Non-controlling interests 28,405 33,092
Total equity 1,719,117 1,800,308
Total Liabilities and Equity 6,279,047 6,240,745
Repurchase agreements    
Liabilities:    
Repurchase agreements 1,145,108 737,023
Collateralized Debt Obligations    
Liabilities:    
Collateralized debt obligations ($617,168 at fair value and $1,369,632 at amortized cost, net as of June 30, 2023 and $634,495 at fair value and $1,468,222 at amortized cost, net as of December 31, 2022) 1,986,800 2,102,717
Residential loans, at fair value    
ASSETS    
Residential loans, at fair value 3,136,812 3,525,080
Multi-family loans    
ASSETS    
Multi-family loans, at fair value $ 97,422 $ 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 June 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $4,005,742 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,163,136 and $3,403,257, respectively. See Note 7 for further discussion.