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Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities Multi-family loans consist of the following as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
June 30, 2025December 31, 2024
Investment amount$78,808 $90,485 
Unrealized losses, net(3,809)(4,293)
   Total, at Fair Value$74,999 $86,192 
During the three and six months ended June 30, 2025 and 2024, the Company invested in subordinated securities issued by Freddie Mac-sponsored residential loan securitizations, resulting in the initial consolidation of the VIEs as shown below (dollar amounts in thousands):
For the Three and Six Months Ended June 30,
20252024
Residential loans, at fair value
$247,405 $285,057 
Collateralized debt obligations, at fair value
(235,226)(275,200)
Net investment
$12,179 $9,857 
The following tables present condensed statements of operations for non-Company-sponsored VIEs for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands). The following tables include 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 June 30,
20252024
Consolidated SLSTConsolidated Real EstateTotalConsolidated SLSTConsolidated Real EstateTotal
Interest income$11,890 $— $11,890 $9,154 $— $9,154 
Interest expense8,429 — 8,429 6,752 — 6,752 
Total net interest income3,461 — 3,461 2,402 — 2,402 
Income from real estate— 18,390 18,390 — 33,535 33,535 
Expenses related to real estate— 20,661 20,661 — 46,882 46,882 
Total net loss from real estate— (2,271)(2,271)— (13,347)(13,347)
Unrealized gains, net
5,521 — 5,521 542 — 542 
Gains on derivative instruments, net
— 60 60 — 329 329 
Impairment of real estate
— (3,615)(3,615)— (3,557)(3,557)
Other income
— 1 1 — 4 4 
Total other income (loss)
5,521 (3,554)1,967 542 (3,224)(2,682)
Net income (loss)
8,982 (5,825)3,157 2,944 (16,571)(13,627)
Net loss attributable to non-controlling interest in Consolidated VIEs— 4,106 4,106 — 8,494 8,494 
Net income (loss) attributable to Company
$8,982 $(1,719)$7,263 $2,944 $(8,077)$(5,133)

For the Six Months Ended June 30,
20252024
Consolidated SLSTConsolidated Real EstateTotalConsolidated SLSTConsolidated Real EstateTotal
Interest income$22,630 $— $22,630 $17,281 $— $17,281 
Interest expense15,393 — 15,393 12,553 — 12,553 
Total net interest income7,237 — 7,237 4,728 — 4,728 
Income from real estate— 36,876 36,876 — 68,628 68,628 
Expenses related to real estate— 40,688 40,688 — 98,643 98,643 
Total net loss from real estate— (3,812)(3,812)— (30,015)(30,015)
Unrealized gains, net
8,785 — 8,785 506 — 506 
Gains on derivative instruments, net
— 46 46 — 2,848 2,848 
Impairment of real estate
— (7,180)(7,180)— (35,771)(35,771)
Loss on reclassification of disposal group
— — — — (14,636)(14,636)
Other income
— 3 3 — 7 7 
Total other income (loss)
8,785 (7,131)1,654 506 (47,552)(47,046)
Net income (loss)
16,022 (10,943)5,079 5,234 (77,567)(72,333)
Net loss attributable to non-controlling interest in Consolidated VIEs— 9,196 9,196 — 30,652 30,652 
Net income (loss) attributable to Company
$16,022 $(1,747)$14,275 $5,234 $(46,915)$(41,681)
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 June 30, 2025 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.

Other VIEs
Financing VIEs
Consolidated SLSTConsolidated Real EstateTotal
Cash and cash equivalents$— $— $3,941 $3,941 
Residential loans, at fair value2,459,555 1,199,383 — 3,658,938 
Real estate, net held in Consolidated VIEs (1)
— — 473,586 473,586 
Assets of disposal group held for sale (2)
— — 111,000 111,000 
Other assets146,840 4,725 14,821 166,386 
Total assets$2,606,395 $1,204,108 $603,348 $4,413,851 
Collateralized debt obligations ($2,626,479 at fair value and $738,121 at amortized cost, net)
$2,332,703 $1,031,897 $— $3,364,600 
Mortgages payable on real estate, net in Consolidated VIEs (3)
— — 364,100 364,100 
Liabilities of disposal group held for sale (2)
— — 92,151 92,151 
Other liabilities19,831 9,883 8,877 38,591 
Total liabilities$2,352,534 $1,041,780 $465,128 $3,859,442 
Redeemable non-controlling interest in Consolidated VIEs (4)
$— $— $12,782 $12,782 
Non-controlling interest in Consolidated VIEs (5)
$— $— $2,545 $2,545 
Net investment (6)
$253,861 $162,328 $122,893 $539,082 

(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 VIEsConsolidated SLSTConsolidated Real EstateTotal
Cash and cash equivalents$— $— $4,151 $4,151 
Residential loans, at fair value2,243,800 965,672 — 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 assets154,426 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 liabilities16,162 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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
  June 30, 2025December 31, 2024
 Fair Value
Hierarchy Level		Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Assets:     
Cash and cash equivalentsLevel 1$160,447 $160,447 $167,422 $167,422 
Residential loansLevel 34,026,027 4,026,027 3,841,738 3,841,738 
Investment securities available for saleLevel 25,109,601 5,109,601 3,828,544 3,828,544 
Multi-family loansLevel 374,999 74,999 86,192 86,192 
Equity investmentsLevel 391,440 91,440 113,492 113,492 
Equity investments in disposal group held for sale
Level 3500 500 — — 
Derivative assetsLevel 2374 374 56 56 
Derivative assets in disposal group held for saleLevel 258 58 67 67 
Mortgage servicing rights
Level 3
19,449 19,449 21,003 21,003 
Financial Liabilities:     
Repurchase agreementsLevel 24,907,436 4,907,436 4,012,225 4,012,225 
Collateralized debt obligations:
Residential loan securitizations at amortized cost, netLevel 3738,121 722,483 842,764 818,482 
Residential loan securitizations at fair value
Level 2
1,526,481 1,526,481 1,253,332 1,253,332 
Consolidated SLSTLevel 31,031,897 1,031,897 811,591 811,591 
Non-Agency RMBS re-securitizationLevel 268,101 68,101 70,757 70,757 
Subordinated debenturesLevel 345,000 37,818 45,000 38,918 
Senior unsecured notes:
Senior unsecured notes at amortized cost, net
Level 298,966 97,633 98,886 98,632 
Senior unsecured notes at fair value
Level 2137,418 137,418 60,310 60,310 
Mortgages payable on real estateLevel 3364,100 354,180 366,606 347,915 
Mortgages payable on real estate in disposal group held for saleLevel 389,422 89,422 93,370 93,370 
Schedule of Redeemable Noncontrolling Interest in Consolidated VIEs
The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):

For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Beginning balance$13,382 $20,128 $12,359 $28,061 
Contributions— — — 39 
Distributions(63)(25)(750)(25)
Net loss attributable to redeemable non-controlling interest in Consolidated VIEs(4,099)(4,578)(7,726)(18,978)
Adjustment of redeemable non-controlling interest to estimated redemption value (1)
3,562 7,563 8,899 13,991 
Ending balance$12,782 $23,088 $12,782 $23,088 

(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 June 30, 2025 include a weighted average capitalization rate of 5.6% (ranges from 5.0% to 6.3%) and a weighted average discount rate of 14.7% (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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
June 30, 2025
Multi-family loansInvestment
securities
available for
sale, at fair value		Equity investments
Assets of disposal group held for sale
Other assets
Total
Non-Agency RMBS$— $21,283 $— $— $— $21,283 
Preferred equity investments in multi-family properties
74,999 — 54,324 — — 129,323 
Joint venture equity investments in multi-family properties (1)
— — — 500 — 500 
Other investments— — — — 2,000 2,000 
Maximum exposure$74,999 $21,283 $54,324 $500 $2,000 $153,106 



December 31, 2024
Multi-family loansInvestment
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 

(1)Transferred into assets of disposal group held for sale during the three months ended June 30, 2025.