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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Real estate securities, at fair value - $231,894 and $165,393 pledged as collateral, respectively $ 260,304 $ 201,360
Investments in debt and equity of affiliates 61,333 46,841
Cash and cash equivalents 57,832 118,662
Restricted cash 18,489 19,906
Other assets - $319 and $0 pledged as collateral, respectively 58,900 41,940
Total Assets 8,711,530 6,913,609
Liabilities    
Securitized debt, at fair value [1] 7,177,923 5,491,967
Financing arrangements 826,394 742,108
Senior unsecured notes 96,458 95,721
Dividend payable 7,301 5,632
Other liabilities [2] 42,720 34,758
Total Liabilities 8,150,796 6,370,186
Commitments and Contingencies (Note 12)
Stockholders' Equity    
Preferred stock - $227,991 aggregate liquidation preference 220,472 220,472
Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 31,744 and 29,640 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 317 296
Additional paid-in capital 840,401 824,380
Retained earnings/(deficit) (500,456) (501,725)
Total Stockholders' Equity 560,734 543,423
Total Liabilities & Stockholders' Equity 8,711,530 6,913,609
Investment, Affiliated Issuer    
Assets    
Investments in debt and equity of affiliates 61,333 46,841
Residential Mortgage | Securitized Residential Mortgage Loans    
Assets    
Mortgage loans [1] 7,999,619 6,197,678
Residential Mortgage | VIE, Not Primary Beneficiary    
Assets    
Mortgage loans 199,677 220,217
Commercial Loans    
Assets    
Commercial loans, at fair value - $55,376 and $67,005 pledged as collateral, respectively 55,376 67,005
Real Estate Securities    
Assets    
Real estate securities, at fair value - $231,894 and $165,393 pledged as collateral, respectively $ 260,304 $ 201,360
[1] These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. The "Securitized debt, at fair value" is collateralized by the "Securitized residential mortgage loans, at fair value" held within the securitization trusts. See Note 3 and Note 6 for additional details.
[2] Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.