v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Investment securities available for sale, at fair value $ 6,960,313 $ 6,904,781
Residential loans, at fair value 4,498,027 4,358,175
Residential loans held for sale 121,607 80,707
Multi-family loans, at fair value 55,910 55,476
Equity investments, at fair value 23,468 24,711
Cash and cash equivalents 208,915 210,333
Real estate, net 465,846 553,496
Goodwill 22,396 22,396
Other assets 433,859 428,772
Total Assets [1] 12,790,341 12,638,847
Liabilities:    
Repurchase agreements and warehouse facilities 7,019,017 6,753,417
Collateralized debt obligations ($3,115,903 at fair value and $353,041 at amortized cost, net as of March 31, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025) 3,468,944 3,511,802
Senior unsecured notes ($339,648 at fair value as of March 31, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025) 339,648 360,437
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 276,032 332,131
Other liabilities 183,883 205,623
Total Liabilities [1] 11,332,524 11,208,410
Commitments and Contingencies (See Note 15)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 4,078 3,016
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,385,674 shares issued and outstanding ($559,642 aggregate liquidation preference) 540,472 540,472
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 89,861,108 and 90,303,863 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 899 903
Additional paid-in capital 2,308,286 2,294,194
Accumulated deficit (1,393,196) (1,408,647)
Company's stockholders' equity 1,456,461 1,426,922
Non-controlling interests (2,722) 499
Total equity 1,453,739 1,427,421
Total Liabilities and Equity $ 12,790,341 $ 12,638,847
[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 March 31, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,238,982 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $3,775,241 and $3,881,273, respectively. See Note 7 for further discussion.