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Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Assets and Liabilities of Consolidated VIE's

The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of March 31, 2025 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.

									Other VIEs
			Financing VIEs												Consolidated SLST						Consolidated Real Estate						Total
Cash and cash equivalents			$	—											$	—					$	3,929					$	3,929
Residential loans, at fair value			2,508,456												959,250						—						3,467,706
Real estate, net held in Consolidated VIEs (1)			—												—						477,189						477,189
Assets of disposal group held for sale (2)			—												—						113,406						113,406
Other assets			144,394												3,932						12,423						160,749
Total assets			$	2,652,850											$	963,182					$	606,947					$	4,222,979
Collateralized debt obligations ($2,429,141 at fair value and $757,673 at amortized cost, net)			$	2,381,541											$	805,273					$	—					$	3,186,814
Mortgages payable on real estate, net in Consolidated VIEs (3)			—												—						365,455						365,455
Liabilities of disposal group held for sale (2)			—												—						91,153						91,153
Other liabilities			21,158												8,543						5,969						35,670
Total liabilities			$	2,402,699											$	813,816					$	462,577					$	3,679,092
Redeemable non-controlling interest in Consolidated VIEs (4)			$	—											$	—					$	13,382					$	13,382
Non-controlling interest in Consolidated VIEs (5)			$	—											$	—					$	2,859					$	2,859
Net investment (6)			$	250,151											$	149,366					$	128,129					$	527,646

(1)Included in real estate, net in the accompanying condensed consolidated balance sheets.

(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9).

(3)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.

(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below.

(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.

(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.

The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2024 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.

									Other VIEs
			Financing VIEs						Consolidated SLST						Consolidated Real Estate						Total
Cash and cash equivalents			$	—					$	—					$	4,151					$	4,151
Residential loans, at fair value			2,243,800						965,672						—						3,209,472
Real estate, net held in Consolidated VIEs (1)			—						—						481,161						481,161
Assets of disposal group held for sale (2)			—						—						118,613						118,613
Other assets			154,426						4,065						16,696						175,187
Total assets			$	2,398,226					$	969,737					$	620,621					$	3,988,584
Collateralized debt obligations ($2,135,680 at fair value and $842,764 at amortized cost, net)			$	2,166,853					$	811,591					$	—					$	2,978,444
Mortgages payable on real estate, net in Consolidated VIEs (3)			—						—						366,606						366,606
Liabilities of disposal group held for sale (2)			—						—						97,065						97,065
Other liabilities			16,162						8,313						10,621						35,096
Total liabilities			$	2,183,015					$	819,904					$	474,292					$	3,477,211
Redeemable non-controlling interest in Consolidated VIEs (4)			$	—					$	—					$	12,359					$	12,359
Non-controlling interest in Consolidated VIEs (5)			$	—					$	—					$	3,930					$	3,930
Net investment (6)			$	215,211					$	149,833					$	130,040					$	495,084

(1)Included in real estate, net in the accompanying condensed consolidated balance sheets.

(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9).

(3)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.

(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below.

(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.

(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

									March 31, 2025												December 31, 2024
			Fair Value Hierarchy Level						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Financial Assets:
Cash and cash equivalents			Level 1						$	177,072					$	177,072					$	167,422					$	167,422
Residential loans			Level 3						3,913,268						3,913,268						3,841,738						3,841,738
Investment securities available for sale			Level 2						4,646,812						4,646,812						3,828,544						3,828,544
Multi-family loans			Level 3						87,222						87,222						86,192						86,192
Equity investments			Level 3						93,999						93,999						113,492						113,492
Derivative assets			Level 2						3,530						3,530						56						56
Derivative assets in disposal group held for sale			Level 2						222						222						67						67
Mortgage servicing rights			Level 3						20,297						20,297						21,003						21,003
Financial Liabilities:
Repurchase agreements			Level 2						4,485,716						4,485,716						4,012,225						4,012,225
Collateralized debt obligations:
Residential loan securitizations at amortized cost, net			Level 3						757,673						740,808						842,764						818,482
Residential loan securitizations at fair value			Level 2						1,554,353						1,554,353						1,253,332						1,253,332
Consolidated SLST			Level 3						805,273						805,273						811,591						811,591
Non-Agency RMBS re-securitization			Level 2						69,515						69,515						70,757						70,757
Subordinated debentures			Level 3						45,000						38,976						45,000						38,918
Senior unsecured notes:
Senior unsecured notes at amortized cost, net			Level 2						99,087						99,488						98,886						98,632
Senior unsecured notes at fair value			Level 2						139,761						139,761						60,310						60,310
Mortgages payable on real estate			Level 3						365,455						353,914						366,606						347,915
Mortgages payable on real estate in disposal group held for sale			Level 3						89,364						89,364						93,370						93,370

Schedule of Variable Interest Entities

Multi-family loans consist of the following as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

			March 31, 2025						December 31, 2024
Investment amount			$	91,096					$	90,485
Unrealized losses, net			(3,874)						(4,293)
Total, at Fair Value			$	87,222					$	86,192

The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation.

						For the Three Months Ended March 31,
						2025																		2024
						Consolidated SLST						Consolidated Real Estate						Total						Consolidated SLST						Consolidated Real Estate						Total
Interest income						$	10,740					$	—					$	10,740					$	8,127					$	—					$	8,127
Interest expense						6,964						—						6,964						5,801						—						5,801
Total net interest income						3,776						—						3,776						2,326						—						2,326
Income from real estate						—						18,486						18,486						—						35,093						35,093
Expenses related to real estate						—						20,027						20,027						—						51,761						51,761
Total net loss from real estate						—						(1,541)						(1,541)						—						(16,668)						(16,668)
Unrealized gains (losses), net						3,264						—						3,264						(36)						—						(36)
(Losses) gains on derivative instruments, net						—						(15)						(15)						—						2,518						2,518
Impairment of real estate						—						(3,565)						(3,565)						—						(32,214)						(32,214)
Loss on reclassification of disposal group						—						—						—						—						(14,636)						(14,636)
Other income						—						1						1						—						3						3
Total other income (loss)						3,264						(3,579)						(315)						(36)						(44,329)						(44,365)
Net income (loss)						7,040						(5,120)						1,920						2,290						(60,997)						(58,707)
Net loss attributable to non-controlling interest in Consolidated VIEs						—						5,090						5,090						—						22,158						22,158
Net income (loss) attributable to Company						$	7,040					$	(30)					$	7,010					$	2,290					$	(38,839)					$	(36,549)

Schedule of Redeemable Noncontrolling Interest in Consolidated VIEs

The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):

			For the Three Months Ended March 31,
			2025						2024
Beginning balance			$	12,359					$	28,061
Contributions			—						39
Distributions			(687)						—
Net loss attributable to redeemable non-controlling interest in Consolidated VIEs			(3,627)						(14,400)
Adjustment of redeemable non-controlling interest to estimated redemption value (1)			5,337						6,428
Ending balance			$	13,382					$	20,128

(1)The Company determines the fair value of the redeemable non-controlling interest utilizing market assumptions and discounted cash flows. The Company applies a discount rate to the estimated future cash flows from the multi-family apartment properties held by the applicable Consolidated VIEs that are allocatable to the redeemable non-controlling interest. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. Significant unobservable inputs utilized in the estimation of fair value of redeemable non-controlling interest as of March 31, 2025 include a weighted average capitalization rate of 5.6% (ranges from 5.0% to 6.3%) and a weighted average discount rate of 14.8% (ranges from 13.6% to 15.6%).

Schedule of Classification and Carrying Value of Unconsolidated VIEs

The following tables present the classification and carrying value of unconsolidated VIEs as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

			March 31, 2025
			Multi-family loans						Investment securities available for sale, at fair value						Equity investments						Other assets						Total
Non-Agency RMBS			$	—					$	22,126					$	—					$	—					$	22,126
Preferred equity investments in multi-family properties			87,222						—						53,251						—						140,473
Joint venture equity investments in multi-family properties			—						—						1,111						—						1,111
Other investments			—						—						—						2,000						2,000
Maximum exposure			$	87,222					$	22,126					$	54,362					$	2,000					$	165,710

			December 31, 2024
			Multi-family loans						Investment securities available for sale, at fair value						Equity investments						Other assets						Total
Non-Agency RMBS			$	—					$	22,892					$	—					$	—					$	22,892
Preferred equity investments in multi-family properties			86,192						—						73,436						—						159,628
Joint venture equity investments in multi-family properties			—						—						1,338						—						1,338
Other investments			—						—						—						2,000						2,000
Maximum exposure			$	86,192					$	22,892					$	74,774					$	2,000					$	185,858

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Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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