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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Investment securities available for sale, at fair value $ 6,838,715 $ 3,828,544
Residential loans, at fair value 4,151,647 3,841,738
Residential loans held for sale 105,036 0
Multi-family loans, at fair value 68,647 86,192
Equity investments, at fair value 28,825 113,492
Cash and cash equivalents 185,285 167,422
Real estate, net 601,748 623,407
Assets of disposal group held for sale 1,383 118,613
Goodwill 22,396 0
Other assets 398,180 437,874
Total Assets [1] 12,401,862 9,217,282
Liabilities:    
Repurchase agreements and warehouse facilities 6,481,072 4,012,225
Collateralized debt obligations ($3,202,295 at fair value and $375,164 at amortized cost, net as of September 30, 2025 and $2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024) 3,577,459 2,978,444
Senior unsecured notes ($257,590 at fair value and $99,275 at amortized cost, net as of September 30, 2025 and $60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024) 356,865 159,196
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 362,747 366,606
Liabilities of disposal group held for sale 78 97,065
Other liabilities 173,863 147,612
Total Liabilities [1] 10,997,084 7,806,148
Commitments and Contingencies (See Note 16)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 13,713 12,359
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,385,674 and 22,164,414 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively ($559,642 and $554,110 aggregate liquidation preference as of September 30, 2025 and December 31, 2024, respectively) 540,472 535,445
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,307,776 and 90,574,996 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 903 906
Additional paid-in capital 2,279,204 2,289,044
Accumulated other comprehensive loss 0 0
Accumulated deficit (1,429,802) (1,430,675)
Company's stockholders' equity 1,390,777 1,394,720
Non-controlling interests 288 4,055
Total equity 1,391,065 1,398,775
Total Liabilities and Equity $ 12,401,862 $ 9,217,282
[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 September 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,478,542 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,981,131 and $3,477,211, respectively. See Note 7 for further discussion.