CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
ASSETS
Investment securities, available for sale, at fair value (including pledged securities of $639,683 and $702,684, respectively)		$ 724,720		$ 816,647
Investment securities, available for sale, at fair value held in securitization trusts		40,734	[1]	38,594	[2]
Multi-family loans held in securitization trusts, at fair value		7,105,336		8,365,514
Derivative assets		228,775		288,850
Cash and cash equivalents		61,959		75,598
Receivables and other assets		219,130		222,491
Total Assets	[3]	9,059,564		10,540,005
Liabilities:
Financing arrangements		577,413		651,965
Securitized debt		117,528		232,877
Derivative liabilities		1,500		1,463
Payable for securities purchased		227,969		283,537
Accrued expenses and other liabilities (including $1,745 and $6,317 to related parties, respectively)		59,527		74,692
Subordinated debentures		45,000		45,000
Total liabilities	[3]	$ 8,179,038		$ 9,722,078
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 109,401,721 and 105,094,565 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively		$ 1,094		$ 1,051
Additional paid-in capital		734,610		701,871
Accumulated other comprehensive (loss) income		(2,854)		10,015
(Accumulated deficit) retained earnings		(11,583)		32,593
Total stockholders' equity		880,526		817,927
Total Liabilities and Stockholders' Equity		9,059,564		10,540,005
Financing arrangements, portfolio investments
Liabilities:
Financing arrangements		577,413		651,965
Financing arrangements, residential mortgage loans
Liabilities:
Financing arrangements		214,490		238,949
Residential collateralized debt obligations
Liabilities:
Collateralized debt obligations		116,710		145,542
Multi-family collateralized debt obligations, at fair value
Liabilities:
Collateralized debt obligations		6,818,901		8,048,053
Residential mortgage loans held in securitization trusts (net)
ASSETS
Residential mortgage loans		119,921		149,614
Distressed residential mortgage loans held in securitization trusts (net)
ASSETS
Residential mortgage loans		114,214	[4]	221,591
Distressed residential mortgage loans (net)
ASSETS
Residential mortgage loans		444,775		361,106
Series B Preferred Stock
Stockholders' Equity:
Preferred stock, $0.01 par value, 7.75% Series B cumulative redeemable, $25 liquidation preference per share, 6,000,000 and 3,450,000 shares authorized as of December 31, 2015 and December 31, 2014, respectively, 3,000,000 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively		72,397		72,397
Series C Preferred Stock
Stockholders' Equity:
Preferred stock, $0.01 par value, 7.75% Series B cumulative redeemable, $25 liquidation preference per share, 6,000,000 and 3,450,000 shares authorized as of December 31, 2015 and December 31, 2014, respectively, 3,000,000 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively		$ 86,862		$ 0

[1] The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).

[2] The Company classified the multi-family CMBS issued by two K-Series securitizations and held by the Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).

[3] 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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,413,082 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,078,162 and $8,457,034, respectively. See Note 7 for further discussion.

[4] In December 2015, the Company repaid the Company’s outstanding notes from its distressed residential mortgage loan securitization transaction completed in December 2012 with an original principal amount of $38.7 million and outstanding principal balance at the time of repayment amounting to $5.5 million. With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated this financing transaction and the distressed residential loans serving as collateral on the notes were transferred back to the Company.