As discussed in Note 2, the Company has interests in entities that it has determined to be VIEs. The following table summarizes the assets and liabilities of the Company's consolidated VIEs that are included on the Company's Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025. See Note 13 and Note 16 for additional information on the Company's consolidated VIEs.


(In thousands)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	2,017	$	603
Restricted cash	28,296		134,685
Securities, at fair value	53,680		53,087
Loans, at fair value	6,118,827		5,614,700
Forward MSR-related investments, at fair value	30,691		30,691
Investments in unconsolidated entities, at fair value	116,719		101,112
Real estate owned	78,223		54,571
Investment related receivables	55,535		46,519
Other assets	1,318		3,071
Total Assets	$	6,485,306	$	6,039,039
Liabilities
Repurchase agreements	$	1,810,180	$	1,819,906
Other secured borrowings	164,377		29,220
Other secured borrowings, at fair value	3,125,332		2,945,578
Interest payable	6,588		6,386
Accrued expenses and other liabilities	1,129		2,427
Total Liabilities	5,107,606		4,803,517
Total Stockholders' Equity	1,362,083		1,214,765
Non-controlling interests	15,617		20,757
Total Equity	1,377,700		1,235,522
Total Liabilities and Equity	$	6,485,306	$	6,039,039