Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
ASSETS
Investment securities, available for sale, at fair value (including $45,400 and $43,897 held in securitization trusts as of June 30, 2017 and December 31, 2016, respectively and pledged securities of $550,856 and $690,592, as of June 30, 2017 and December 31, 2016, respectively)		$ 740,903	$ 818,976
Multi-family loans held in securitization trusts, at fair value		8,468,104	6,939,844
Derivative assets		172,642	150,296
Receivable for securities sold		5,976	0
Cash and cash equivalents		75,391	83,554
Investment in unconsolidated entities		72,817	79,259
Mezzanine loan and preferred equity investments		100,207	100,150
Operating real estate held in consolidated variable interest entities, net		28,907	0
Real estate held for sale in consolidated variable interest entities		34,806	0
Goodwill		25,222	25,222
Receivables and other assets		165,896	156,092
Total Assets	[1]	10,406,574	8,951,631
Liabilities:
Financing arrangements, portfolio investments and residential mortgage loans		656,350	773,142
Securitized debt		109,972	158,867
Mortgages and notes payable in consolidated variable interest entities		55,849	1,588
Derivative liabilities		310	498
Payable for securities purchased		172,557	148,015
Accrued expenses and other liabilities		68,182	64,381
Subordinated debentures		45,000	45,000
Convertible notes		127,799	0
Total Liabilities	[1]	9,563,131	8,100,469
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 111,891,130 and 111,474,521 shares issued and outstanding as of June 30, and December 31, 2016, respectively		1,119	1,115
Additional paid-in capital		749,862	748,599
Accumulated other comprehensive income		8,358	1,639
Accumulated deficit		(80,217)	(62,537)
Company's stockholders' equity		838,381	848,075
Non-controlling interest in consolidated variable interest entities		5,062	3,087
Total equity		843,443	851,162
Total Liabilities and Stockholders' Equity		10,406,574	8,951,631
Assets of consolidated VIEs		8,880,785	7,330,872
Liabilities of consolidated VIEs		8,349,762	6,902,536
Series B Preferred Stock
Stockholders' Equity:
Preferred stock, value		72,397	72,397
Series C Preferred Stock
Stockholders' Equity:
Preferred stock, value		86,862	86,862
Financing arrangements, portfolio investments
Liabilities:
Financing arrangements, portfolio investments and residential mortgage loans		656,350	773,142
Financing arrangements, residential mortgage loans
Liabilities:
Financing arrangements, portfolio investments and residential mortgage loans		174,861	192,419
Residential collateralized debt obligations
Liabilities:
Collateralized debt obligations		82,313	91,663
Multi-family collateralized debt obligations, at fair value
Liabilities:
Collateralized debt obligations		8,069,938	6,624,896
Residential mortgage loans held in securitization trusts, net
ASSETS
Residential mortgage loans, net		85,911	95,144
Distressed residential mortgage loans, net (including $152,621 and $195,347 held in securitization trusts as of June 30, 2017 and December 31, 2016, respectively)
ASSETS
Residential mortgage loans, net		$ 429,792	$ 503,094

[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, 2017 and December 31, 2016, assets of consolidated VIEs totaled $8,880,785 and $7,330,872, respectively, and the liabilities of consolidated VIEs totaled $8,349,762 and $6,902,536, respectively. See Note 9 for further discussion.