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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Investment securities available for sale, at fair value $ 2,241,340 $ 2,013,817
Equity investments, at fair value 137,943 147,116
Cash and cash equivalents 226,939 187,107
Real estate, net 1,154,221 1,131,819
Assets of disposal group held for sale 146,363 426,017
Other assets 344,999 315,357
Total Assets [1] 7,446,815 7,401,328
Liabilities:    
Senior unsecured notes 98,299 98,111
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 850,743 784,421
Liabilities of disposal group held for sale 122,318 386,024
Other liabilities 110,751 118,016
Total Liabilities [1] 5,927,481 5,773,202
Commitments and Contingencies (See Note 15)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 20,128 28,061
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,164,414 shares issued and outstanding ($554,110 aggregate liquidation preference) 535,445 535,445
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 91,231,039 and 90,675,403 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 912 907
Additional paid-in capital 2,289,452 2,297,081
Accumulated other comprehensive loss 0 (4)
Accumulated deficit (1,340,553) (1,253,817)
Company's stockholders' equity 1,485,256 1,579,612
Non-controlling interests 13,950 20,453
Total equity 1,499,206 1,600,065
Total Liabilities and Equity 7,446,815 7,401,328
Repurchase agreements    
Liabilities:    
Repurchase agreements 2,512,008 2,471,113
Collateralized Debt Obligations    
Liabilities:    
Collateralized debt obligations ($1,079,768 at fair value and $1,108,594 at amortized cost, net as of March 31, 2024 and $593,737 at fair value and $1,276,780 at amortized cost, net as of December 31, 2023) 2,188,362 1,870,517
Residential loans, at fair value    
ASSETS    
Residential loans, at fair value 3,103,105 3,084,303
Multi-family loans    
ASSETS    
Multi-family loans, at fair value $ 91,905 $ 95,792
[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, 2024 and December 31, 2023, assets of consolidated VIEs totaled $3,829,183 and $3,816,777, respectively, and the liabilities of consolidated VIEs totaled $3,192,392 and $3,076,818, respectively. See Note 7 for further discussion.