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CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Multi-family CDOs, at fair value $ 3,577,459,000 $ 2,978,444,000  
Senior unsecured notes, carrying value $ 356,865,000 $ 159,196,000  
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 200,000,000 200,000,000  
Common stock, shares, issued (in shares) 90,307,776 90,574,996  
Common stock, shares outstanding (in shares) 90,307,776 90,574,996  
Assets [1] $ 12,401,862,000 $ 9,217,282,000  
Liabilities [1] 10,997,084,000 7,806,148,000  
VIE, Primary Beneficiary      
Multi-family CDOs, at fair value 235,226,000   $ 275,200,000
Assets 4,478,542,000 3,988,584,000  
Liabilities $ 3,981,131,000 $ 3,477,211,000  
Preferred Stock, Series Shares      
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01  
Preferred stock, shares authorized (in shares) 31,500,000 31,500,000  
Preferred stock, shares issued (in shares) 22,385,674 22,164,414  
Preferred stock, shares outstanding (in shares) 22,385,674 22,164,414  
Preferred Stock, aggregate liquidation preference $ 559,642,000 $ 554,110,000  
Collateralized debt obligations, at fair value      
Multi-family CDOs, at fair value 3,202,295,000 2,135,680,000  
Collateralized debt obligations, at fair value | VIE, Primary Beneficiary      
Multi-family CDOs, at fair value 3,202,295,000 842,764,000  
Collateralized debt obligations, at amortized cost, net      
Multi-family CDOs, at fair value 375,164,000 842,764,000  
Collateralized debt obligations, at amortized cost, net | VIE, Primary Beneficiary      
Multi-family CDOs, at fair value 375,164,000 2,135,680,000  
Senior unsecured notes at fair value      
Senior unsecured notes, carrying value 257,590,000 60,310,000  
Senior unsecured notes at amortized cost, net      
Senior unsecured notes, carrying value $ 99,275,000 $ 98,886,000  
[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.