v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Multi-family CDOs, at fair value $ 3,791,951 $ 3,511,802  
Senior unsecured notes, carrying value $ 434,607 $ 360,437  
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01  
Preferred stock, shares authorized (in shares) 200,000,000 200,000,000  
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) 90,304,746 90,303,863  
Common stock, shares outstanding (in shares) 90,304,746 90,303,863  
Assets $ 13,524,175 [1] $ 12,638,847 [1] $ 12,401,862
Liabilities [1] 12,251,195 11,208,410  
VIE, Primary Beneficiary      
Assets 4,441,415 4,367,560  
Liabilities 4,101,990 3,881,273  
Collateralized debt obligations, at fair value      
Multi-family CDOs, at fair value 3,463,270 3,148,157  
Collateralized debt obligations, at fair value | VIE, Primary Beneficiary      
Multi-family CDOs, at fair value 3,463,270 3,148,157  
Collateralized debt obligations, at amortized cost, net      
Multi-family CDOs, at fair value 328,681 363,645  
Collateralized debt obligations, at amortized cost, net | VIE, Primary Beneficiary      
Multi-family CDOs, at fair value 328,681 363,645  
Senior unsecured notes at fair value      
Senior unsecured notes, carrying value $ 434,607 260,852  
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 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.