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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Investment securities available for sale, at fair value $ 4,646,812 $ 3,828,544
Equity investments, at fair value 93,999 113,492
Cash and cash equivalents 177,072 167,422
Real estate, net 617,305 623,407
Assets of disposal group held for sale 113,406 118,613
Other assets 354,971 437,874
Total Assets [1] 10,004,055 9,217,282
Liabilities:    
Senior unsecured notes ($139,761 at fair value and $99,087 at amortized cost, net as of March 31, 2025 and $60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024) 238,848 159,196
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 365,455 366,606
Liabilities of disposal group held for sale 91,153 97,065
Other liabilities 172,757 147,612
Total Liabilities [1] 8,585,743 7,806,148
Commitments and Contingencies (See Note 16)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 13,382 12,359
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, 90,529,421 and 90,574,996 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 905 906
Additional paid-in capital 2,284,569 2,289,044
Accumulated other comprehensive loss 0 0
Accumulated deficit (1,418,973) (1,430,675)
Company's stockholders' equity 1,401,946 1,394,720
Non-controlling interests 2,984 4,055
Total equity 1,404,930 1,398,775
Total Liabilities and Equity 10,004,055 9,217,282
Repurchase agreements    
Liabilities:    
Repurchase agreements 4,485,716 4,012,225
Collateralized Debt Obligations    
Liabilities:    
Collateralized debt obligations ($2,429,141 at fair value and $757,673 at amortized cost, net as of March 31, 2025 and $2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024) 3,186,814 2,978,444
Residential loans, at fair value    
ASSETS    
Residential loans, at fair value 3,913,268 3,841,738
Multi-family loans, at fair value    
ASSETS    
Multi-family loans, at fair value $ 87,222 $ 86,192
[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 March 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,222,979 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,679,092 and $3,477,211, respectively. See Note 7 for further discussion.