Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2025

12. Other Assets and Other Liabilities

Other Assets

The following table presents the components of the Company's other assets as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):


	March 31, 2025		December 31, 2024
Restricted cash (1)	$	97,329	$	161,602
Accrued interest receivable	61,270		62,075
Real estate owned	50,619		47,651
Collections receivable from residential loan servicers	41,360		50,294
Other receivables	25,812		27,776
Mortgage servicing rights	20,297		21,003
Recoverable advances on residential loans	17,440		17,391
Other assets in consolidated multi-family properties	12,077		16,640
Receivables from derivative counterparties	8,124		11,059
Deferred tax assets	5,941		10,864
Operating lease right-of-use assets	5,168		5,460
Derivative assets (2)	3,530		56
Other	6,004		6,003
Total	$	354,971	$	437,874

(1)Restricted cash represents cash held by third parties including initial margin for derivative contracts and cash held by the Company's securitization trusts.

(2)Includes derivative assets held in Consolidated Real Estate VIEs.

Other Liabilities

The following table presents the components of the Company's other liabilities as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):


	March 31, 2025		December 31, 2024
Accrued interest payable	$	43,207	$	41,015
Securities purchased but not settled	38,402		—
Dividends and dividend equivalents payable	31,852		30,280
Unfunded commitments for residential and multi-family investments	12,594		14,001
Margin payable to derivative counterparties	8,610		8,137
Advanced remittances from residential loan servicers	6,668		7,029
Accrued expenses	6,430		11,141
Deferred revenue	6,118		5,817
Accrued expenses and other liabilities in consolidated multi-family properties	5,969		10,621
Operating lease liabilities	5,620		5,935
Deferred tax liabilities	4,353		9,282
Other	2,934		4,354
Total	$	172,757	$	147,612