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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Investment securities available for sale, at fair value $ 3,828,544 $ 2,013,817
Equity investments, at fair value 113,492 147,116
Cash and cash equivalents 167,422 187,107
Real estate, net 623,407 1,131,819
Assets of disposal group held for sale 118,613 426,017
Other assets 437,874 315,357
Total assets [1] 9,217,282 7,401,328
Liabilities:    
Senior unsecured notes ($60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024 and $98,111 at amortized cost, net as of December 31, 2023) 159,196 98,111
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 366,606 784,421
Liabilities of disposal group held for sale 97,065 386,024
Total 147,612 118,016
Total liabilities [1] 7,806,148 5,773,202
Commitments and Contingencies (See Note 16)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 12,359 28,061
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,164,414 shares issued and outstanding ($554,110 aggregate liquidation preference) 535,445 535,445
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,574,996 and 90,675,403 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 906 907
Additional paid-in capital 2,289,044 2,297,081
Accumulated other comprehensive loss 0 (4)
Accumulated deficit (1,430,675) (1,253,817)
Company's stockholders' equity 1,394,720 1,579,612
Non-controlling interests 4,055 20,453
Total equity 1,398,775 1,600,065
Total Liabilities and Equity 9,217,282 7,401,328
Repurchase agreements    
Liabilities:    
Repurchase agreements 4,012,225 2,471,113
Collateralized debt obligations    
Liabilities:    
Collateralized debt obligations ($2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024 and $593,737 at fair value and $1,276,780 at amortized cost, net as of December 31, 2023) 2,978,444 1,870,517
Residential loans    
ASSETS    
Residential loans, at fair value 3,841,738 3,084,303
Multi-family loans    
ASSETS    
Multi-family loans, at fair value $ 86,192 $ 95,792
[1] 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, 2024 and December 31, 2023, assets of consolidated VIEs totaled $3,988,584 and $3,816,777, respectively, and the liabilities of consolidated VIEs totaled $3,477,211 and $3,076,818, respectively. See Note 7 for further discussion.