Other Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets at March 31, 2025 and December 31, 2024 are summarized in the following table.

Table 15.1 – Components of Other Assets


(In Thousands)	March 31, 2025		December 31, 2024
Accrued interest receivable	$	127,071	$	115,832
Real estate owned	78,544		91,927
Investment receivable	40,862		69,793
Deferred tax asset	27,145		27,145
Margin receivable	23,805		28,313
Intangible assets	16,847		19,049
Operating lease right-of-use assets	11,183		9,167
Fixed assets and leasehold improvements (1)	4,251		4,674




Other (2)	38,035		49,817
Total Other Assets	$	367,743	$	415,717

(1)Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $13 million at March 31, 2025.

(2)Consists primarily of receivables related to escrow advances and joint ventures.

Schedule of Activity of Real Estate Owned (REO)

The following table summarizes the activity and carrying values of REO assets held at consolidated securitization entities during the three months ended March 31, 2025.

Table 15.2 – REO Activity


	Three Months Ended March 31, 2025
(In Thousands)	Bridge (1)		Securitized Re-Performing Loans		Securitized Term		Total
Balance at beginning of period	$	77,678	$	2,987	$	11,262	$	91,927
Transfers to REO	2,212		846		—		3,058
Liquidations (2)	(225)		(2,111)		(2,684)		(5,020)
Changes in fair value, net	(13,587)		634		—		(12,953)
Other (3)	1,532		—		—		1,532
Balance at End of Period	$	67,610	$	2,356	$	8,578	$	78,544

(1)Includes REO that were previously either unsecuritized Bridge loans or Bridge loans within consolidated securitization entities.

(2)For the three months ended March 31, 2025, REO market valuation adjustments and liquidations resulted in net valuation losses of $13 million, which were recorded in Investment fair value changes, net on our consolidated statements of income.

(3)Represents construction draws that were capitalized to the REO balance.

Schedule of Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at March 31, 2025 and December 31, 2024 are summarized in the following table.

Table 15.3 – Components of Accrued Expenses and Other Liabilities


(In Thousands)	March 31, 2025		December 31, 2024
Payable to non-controlling interests	$	130,255	$	123,258
Margin payable	120,187		20,340
Accrued interest payable	81,796		70,988
Accrued compensation	19,552		34,002
Operating lease liabilities	13,069		11,028
Accrued operating expenses	13,398		11,074
Accrued taxes payable	5,544		—
Current accounts payable	10,098		6,803
Unsettled trades	34,921		5,127
Guarantee obligations	2,447		2,806
Repurchase reserve	4,430		4,727
Bridge loan holdbacks (1)	2,148		2,148
Preferred stock dividends payable	1,478		1,478
Other	17,195		19,958
Total Accrued Expenses and Other Liabilities	$	456,518	$	313,737

(1)Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.