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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Investment securities available for sale, at fair value $ 7,343,161 $ 6,904,781
Residential loans, at fair value 4,788,939 4,358,175
Residential loans held for sale, at fair value 150,969 80,707
Multi-family loans, at fair value 36,868 55,476
Equity investments, at fair value 17,926 24,711
Cash and cash equivalents 262,360 210,333
Real estate, net 439,590 553,496
Goodwill 22,396 22,396
Other assets 461,966 428,772
Total Assets [1] 13,524,175 12,638,847
Liabilities:    
Repurchase agreements and warehouse facilities 7,460,119 6,753,417
Collateralized debt obligations ($3,463,270 at fair value and $328,681 at amortized cost, net as of September 30, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025) 3,791,951 3,511,802
Senior unsecured notes ($434,607 at fair value as of September 30, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025) 434,607 360,437
Subordinated debentures 45,000 45,000
Mortgages payable on real estate, net 274,923 332,131
Other liabilities 244,595 205,623
Total Liabilities [1] 12,251,195 11,208,410
Commitments and Contingencies (See Note 15)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 80 3,016
Stockholders' Equity:    
Preferred stock, par value $0.01 per share, 200,000,000 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, 90,304,746 and 90,303,863 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 903 903
Additional paid-in capital 2,308,848 2,294,194
Accumulated deficit (1,574,072) (1,408,647)
Company's stockholders' equity 1,276,151 1,426,922
Non-controlling interests (3,251) 499
Total equity 1,272,900 1,427,421
Total Liabilities and Equity $ 13,524,175 $ 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 September 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,441,415 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $4,101,990 and $3,881,273, respectively. See Note 7 for further discussion.