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Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities Multi-family loans consist of the following as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
September 30, 2025December 31, 2024
Investment amount$72,313 $90,485 
Unrealized losses, net(3,666)(4,293)
   Total, at Fair Value$68,647 $86,192 
During the nine months ended September 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 Nine Months Ended September 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 nine months ended September 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 September 30,
20252024
Consolidated SLSTConsolidated Real EstateTotalConsolidated SLSTConsolidated Real EstateTotal
Interest income$14,306 $— $14,306 $11,002 $— $11,002 
Interest expense11,199 — 11,199 7,375 — 7,375 
Total net interest income3,107 — 3,107 3,627 — 3,627 
Income from real estate— 17,123 17,123 — 29,096 29,096 
Expenses related to real estate— 19,943 19,943 — 36,024 36,024 
Total net loss from real estate— (2,820)(2,820)— (6,928)(6,928)
Unrealized gains, net
2,440 — 2,440 6,753 — 6,753 
Gains (losses) on derivative instruments, net
— 8 8 — (179)(179)
Impairment of real estate
— — — — (8,402)(8,402)
Other income
— 138 138 — 16,266 16,266 
Total other income (loss)
2,440 146 2,586 6,753 7,685 14,438 
Net income (loss)
5,547 (2,674)2,873 10,380 757 11,137 
Net loss attributable to non-controlling interest in Consolidated VIEs— 5,035 5,035 — 2,383 2,383 
Net income attributable to Company
$5,547 $2,361 $7,908 $10,380 $3,140 $13,520 

For the Nine Months Ended September 30,
20252024
Consolidated SLSTConsolidated Real EstateTotalConsolidated SLSTConsolidated Real EstateTotal
Interest income$36,936 $— $36,936 $28,284 $— $28,284 
Interest expense26,592 — 26,592 19,928 — 19,928 
Total net interest income10,344 — 10,344 8,356 — 8,356 
Income from real estate— 53,999 53,999 — 97,725 97,725 
Expenses related to real estate— 60,631 60,631 — 134,667 134,667 
Total net loss from real estate— (6,632)(6,632)— (36,942)(36,942)
Unrealized gains, net
11,225 — 11,225 7,259 — 7,259 
Gains on derivative instruments, net
— 54 54 — 2,668 2,668 
Impairment of real estate
— (7,180)(7,180)— (44,173)(44,173)
Loss on reclassification of disposal group
— — — — (14,636)(14,636)
Other income
— 141 141 — 16,272 16,272 
Total other income (loss)
11,225 (6,985)4,240 7,259 (39,869)(32,610)
Net income (loss)
21,569 (13,617)7,952 15,615 (76,811)(61,196)
Net loss attributable to non-controlling interest in Consolidated VIEs— 14,231 14,231 — 33,034 33,034 
Net income (loss) attributable to Company
$21,569 $614 $22,183 $15,615 $(43,777)$(28,162)
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 September 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$— $— $3,147 $3,147 
Residential loans, at fair value2,660,626 1,182,599 — 3,843,225 
Real estate, net held in Consolidated VIEs (1)
— — 469,764 469,764 
Assets of disposal group held for sale (2)
— — 1,383 1,383 
Other assets140,124 4,648 16,251 161,023 
Total assets$2,800,750 $1,187,247 $490,545 $4,478,542 
Collateralized debt obligations ($3,202,295 at fair value and $375,164 at amortized cost, net)
$2,560,507 $1,016,952 $— $3,577,459 
Mortgages payable on real estate, net in Consolidated VIEs (3)
— — 362,747 362,747 
Liabilities of disposal group held for sale (2)
— — 78 78 
Other liabilities20,157 10,127 10,563 40,847 
Total liabilities$2,580,664 $1,027,079 $373,388 $3,981,131 
Redeemable non-controlling interest in Consolidated VIEs (4)
$— $— $13,713 $13,713 
Non-controlling interest in Consolidated VIEs (5)
$— $— $163 $163 
Net investment (6)
$220,086 $160,168 $103,281 $483,535 

(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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
  September 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$185,285 $185,285 $167,422 $167,422 
Investment securities available for saleLevel 26,838,715 6,838,715 3,828,544 3,828,544 
Residential loansLevel 34,151,647 4,151,647 3,841,738 3,841,738 
Residential loans held for sale
Level 3
105,036 105,036 — — 
Multi-family loansLevel 368,647 68,647 86,192 86,192 
Equity investmentsLevel 328,825 28,825 113,492 113,492 
Derivative assetsLevel 2229 229 56 56 
IRLCs
Level 3
2,383 2,383 — — 
Derivative assets in disposal group held for saleLevel 2— — 67 67 
Mortgage servicing rights
Level 3
21,896 21,896 21,003 21,003 
Financial Liabilities:     
Repurchase agreementsLevel 26,481,072 6,481,072 4,012,225 4,012,225 
Collateralized debt obligations:
Residential loan securitizations at amortized cost, netLevel 3375,164 359,892 842,764 818,482 
Residential loan securitizations at fair value
Level 2
2,118,581 2,118,581 1,253,332 1,253,332 
Consolidated SLSTLevel 31,016,952 1,016,952 811,591 811,591 
Non-Agency RMBS re-securitizationLevel 266,762 66,762 70,757 70,757 
Subordinated debenturesLevel 345,000 40,108 45,000 38,918 
Derivative liabilities
Level 2121 121 — — 
Senior unsecured notes:
Senior unsecured notes at amortized cost, net
Level 299,275 98,957 98,886 98,632 
Senior unsecured notes at fair value
Level 2257,590 257,590 60,310 60,310 
Mortgages payable on real estateLevel 3362,747 354,629 366,606 347,915 
Mortgages payable on real estate in disposal group held for saleLevel 3— — 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 nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Beginning balance$12,782 $23,088 $12,359 $28,061 
Contributions— 7 — 46 
Distributions(37)(4,934)(788)(4,959)
Net loss attributable to redeemable non-controlling interest in Consolidated VIEs(4,241)(565)(11,966)(19,543)
Adjustment of redeemable non-controlling interest to estimated redemption value (1)
5,209 4,230 14,108 18,221 
Ending balance$13,713 $21,826 $13,713 $21,826 

(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 September 30, 2025 include a weighted average capitalization rate of 5.6% (ranges from 5.0% to 6.5%) 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
September 30, 2025
Multi-family loansInvestment
securities
available for
sale, at fair value		Equity investments
Other assets
Total
Non-Agency RMBS$— $22,513 $— $— $22,513 
Preferred equity investments in multi-family properties
68,647 — 28,825 — 97,472 
Other investments— — — 2,000 2,000 
Maximum exposure$68,647 $22,513 $28,825 $2,000 $121,985 



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