Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate held for use:
Land	$ 267,244	$ 220,800
Rental residential properties	1,138,624	926,320
Real estate owned	141,937	289,141
Total real estate held for use	1,547,805	1,436,261
Less: accumulated depreciation	(48,877)	(27,541)
Total real estate held for use, net	1,498,928	1,408,720
Real estate assets held for sale	134,748	133,327
Mortgage loans at fair value	0	460,444
Mortgage loans held for sale	67,738	108,036
Cash and cash equivalents	161,864	106,276
Restricted cash	40,003	22,947
Accounts receivable, net	18,387	34,931
Prepaid expenses and other assets	8,377	10,166
Total assets	1,930,045	2,284,847
Liabilities:
Repurchase and loan agreements	1,128,873	1,220,972
Other secured borrowings	0	144,099
Accounts payable and accrued liabilities	56,667	51,442
Related party payables	4,933	5,266
Total liabilities	1,190,473	1,421,779
Commitments and contingencies (Note 7)
Equity:
Common stock, $0.01 par value, 200,000,000 authorized shares; 53,359,440 shares issued and outstanding as of June 30, 2017 and 53,667,631 shares issued and outstanding as of December 31, 2016	534	537
Additional paid-in capital	1,179,756	1,182,245
Accumulated deficit	(440,718)	(319,714)
Total equity	739,572	863,068
Total liabilities and equity	$ 1,930,045	$ 2,284,847