v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Multi-family CDOs, at fair value $ 3,468,944 $ 3,511,802
Senior unsecured notes, carrying value $ 339,648 $ 360,437
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 22,385,674
Preferred stock, shares outstanding (in shares) 22,385,674 22,385,674
Preferred Stock, aggregate liquidation preference $ 559,642 $ 559,642
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) 89,861,108 90,303,863
Common stock, shares outstanding (in shares) 89,861,108 90,303,863
Assets [1] $ 12,790,341 $ 12,638,847
Liabilities [1] 11,332,524 11,208,410
VIE, Primary Beneficiary    
Assets 4,238,982 4,367,560
Liabilities 3,775,241 3,881,273
Collateralized debt obligations, at fair value    
Multi-family CDOs, at fair value 3,115,903 3,148,157
Collateralized debt obligations, at fair value | VIE, Primary Beneficiary    
Multi-family CDOs, at fair value 3,115,903 363,645
Collateralized debt obligations, at amortized cost, net    
Multi-family CDOs, at fair value 353,041 363,645
Collateralized debt obligations, at amortized cost, net | VIE, Primary Beneficiary    
Multi-family CDOs, at fair value 353,041 3,148,157
Senior unsecured notes at fair value    
Senior unsecured notes, carrying value $ 339,648 260,852
Senior unsecured notes at amortized cost, net    
Senior unsecured notes, carrying value   $ 99,585
[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.