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Other Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of Components of Other Assets | Other assets at June 30, 2025 and December 31, 2024 are summarized in the following table. Table 15.1 – Components of Other Assets
(In Thousands) |  | June 30, 2025 |  | December 31, 2024
Accrued interest receivable |  | $ | 130,629 |  |  | $ | 115,832 |
Margin receivable |  | 81,699 |  |  | 28,313 |
Real estate owned |  | 72,340 |  |  | 91,927 |
Investment receivable |  | 61,259 |  |  | 69,793 |
Deferred tax asset |  | 27,145 |  |  | 27,145 |
Intangible assets |  | 14,645 |  |  | 19,049 |
Operating lease right-of-use assets |  | 10,383 |  |  | 9,167 |
Fixed assets and leasehold improvements (1) |  | 4,919 |  |  | 4,674 |
Other (2) |  | 45,555 |  |  | 49,817 |
Total Other Assets |  | $ | 448,574 |  |  | $ | 415,717 |
(1)Fixed assets and leasehold improvements had a basis of $19 million and accumulated depreciation of $14 million at June 30, 2025. (2)Consists primarily of receivables related to escrow advances, prepaid assets and other receivables.
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 and six months ended June 30, 2025. Table 15.2 – REO Activity
|  | Three Months Ended June 30, 2025
(In Thousands) |  | Bridge (1) |  | Sequoia |  | Securitized Re-Performing Loans |  | Securitized Term |  | Total
Balance at beginning of period |  | $ | 67,610 |  |  | $ | — |  |  | $ | 2,356 |  |  | $ | 8,578 |  |  | $ | 78,544 |
Transfers to REO |  | 8,327 |  |  | 1,984 |  |  | 1,242 |  |  | — |  |  | 11,553 |
Liquidations (2) |  | (7,565) |  |  | — |  |  | (923) |  |  | (831) |  |  | (9,319) |
Changes in fair value, net |  | (8,534) |  |  | — |  |  | 96 |  |  | — |  |  | (8,438) |
Balance at End of Period |  | $ | 59,838 |  |  | $ | 1,984 |  |  | $ | 2,771 |  |  | $ | 7,747 |  |  | $ | 72,340 |
|  | Six Months Ended June 30, 2025
(In Thousands) |  | Bridge (1) |  | Sequoia |  | Securitized Re-Performing Loans |  | Securitized Term |  | Total
Balance at beginning of period |  | $ | 77,678 |  |  | $ | — |  |  | $ | 2,987 |  |  | $ | 11,262 |  |  | $ | 91,927 |
Transfers to REO |  | 12,071 |  |  | 1,984 |  |  | 2,088 |  |  | — |  |  | 16,143 |
Liquidations (2) |  | (7,790) |  |  | — |  |  | (3,033) |  |  | (3,515) |  |  | (14,338) |
Changes in fair value, net |  | (22,121) |  |  | — |  |  | 729 |  |  | — |  |  | (21,392) |
Balance at End of Period |  | $ | 59,838 |  |  | $ | 1,984 |  |  | $ | 2,771 |  |  | $ | 7,747 |  |  | $ | 72,340 |
(1)Includes REO that were previously either legacy unsecuritized bridge loans or bridge loans within consolidated securitization entities. (2)For the three and six months ended June 30, 2025, REO market valuation adjustments and liquidations resulted in net valuation losses of $8 million and $21 million, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income.
Schedule of Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at June 30, 2025 and December 31, 2024 are summarized in the following table. Table 15.3 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | June 30, 2025 |  | December 31, 2024
Payable to non-controlling interests |  | $ | 150,958 |  |  | $ | 123,258 |
Margin payable |  | 138,685 |  |  | 20,340 |
Accrued interest payable |  | 83,139 |  |  | 70,988 |
Accrued compensation |  | 26,160 |  |  | 34,002 |
Operating lease liabilities |  | 12,344 |  |  | 11,028 |
Accrued operating expenses |  | 13,908 |  |  | 11,074 |
Accrued taxes payable |  | 8,154 |  |  | — |
Current accounts payable |  | 9,345 |  |  | 6,803 |
Unsettled trades |  | 7,799 |  |  | 5,127 |
Guarantee obligations |  | 2,053 |  |  | 2,806 |
Repurchase reserve |  | 4,305 |  |  | 4,727 |
Bridge loan holdbacks (1) |  | 2,116 |  |  | 2,148 |
Preferred stock dividends payable |  | 1,478 |  |  | 1,478 |
Other |  | 20,213 |  |  | 19,958 |
Total Accrued Expenses and Other Liabilities |  | $ | 480,657 |  |  | $ | 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.

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