v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Real estate securities, at fair value - $277,341 and $231,894 pledged as collateral, respectively $ 309,254 $ 260,304
Cash and cash equivalents 61,636 57,832
Restricted cash 20,526 18,489
Other assets - $0 and $319 pledged as collateral, respectively 58,449 58,900
Total Assets 7,935,584 8,711,530
Liabilities    
Securitized debt, at fair value [1] 6,355,237 7,177,923
Financing arrangements 891,015 826,394
Senior unsecured notes 96,858 96,458
Dividend payable 7,633 7,301
Other liabilities [2] 38,837 42,720
Total Liabilities 7,389,580 8,150,796
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 31,803 and 31,744 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 318 317
Additional paid-in capital 840,572 840,401
Retained earnings/(deficit) (515,358) (500,456)
Total Stockholders' Equity 546,004 560,734
Total Liabilities and Stockholders’ Equity 7,935,584 8,711,530
Investment, Affiliated Issuer    
Assets    
Investments in debt and equity of affiliates 55,005 61,333
Legacy WMC Commercial Loans    
Assets    
Commercial loans, at fair value - $49,254 and $55,376 pledged as collateral, respectively 49,254 55,376
Real Estate Securities    
Assets    
Real estate securities, at fair value - $277,341 and $231,894 pledged as collateral, respectively 309,254 260,304
Securitized Residential Mortgage Loans | Residential mortgage loans    
Assets    
Mortgage loans [1] 7,119,175 7,999,619
VIE, Not Primary Beneficiary | Residential mortgage loans    
Assets    
Mortgage loans $ 262,285 $ 199,677
[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.