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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Investment securities available for sale, at fair value $ 5,109,601 $ 3,828,544
Equity investments, at fair value 91,440 113,492
Cash and cash equivalents 160,447 167,422
Real estate, net 610,661 623,407
Assets of disposal group held for sale 111,500 118,613
Other assets 367,657 437,874
Total Assets [1] 10,552,332 9,217,282
Liabilities:    
Senior unsecured notes ($137,418 at fair value and $98,966 at amortized cost, net as of June 30, 2025 and $60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024) 236,384 159,196
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 364,100 366,606
Liabilities of disposal group held for sale 92,151 97,065
Other liabilities 146,006 147,612
Total Liabilities [1] 9,155,677 7,806,148
Commitments and Contingencies (See Note 16)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 12,782 12,359
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,339,909 and 22,164,414 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively ($558,498 and $554,110 aggregate liquidation preference as of June 30, 2025 and December 31, 2024, respectively) 539,414 535,445
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,313,984 and 90,574,996 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 903 906
Additional paid-in capital 2,281,974 2,289,044
Accumulated other comprehensive loss 0 0
Accumulated deficit (1,441,088) (1,430,675)
Company's stockholders' equity 1,381,203 1,394,720
Non-controlling interests 2,670 4,055
Total equity 1,383,873 1,398,775
Total Liabilities and Equity 10,552,332 9,217,282
Preferred Stock, Series Shares    
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,339,909 and 22,164,414 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively ($558,498 and $554,110 aggregate liquidation preference as of June 30, 2025 and December 31, 2024, respectively) 539,414 535,445
Repurchase agreements    
Liabilities:    
Repurchase agreements 4,907,436 4,012,225
Collateralized Debt Obligations    
Liabilities:    
Collateralized debt obligations ($2,626,479 at fair value and $738,121 at amortized cost, net as of June 30, 2025 and $2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024) 3,364,600 2,978,444
Residential loans, at fair value    
ASSETS    
Residential loans, at fair value 4,026,027 3,841,738
Multi-family loans, at fair value    
ASSETS    
Multi-family loans, at fair value $ 74,999 $ 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 June 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,413,851 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,859,442 and $3,477,211, respectively. See Note 7 for further discussion.