CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investment securities available for sale, at fair value		$ 6,904,781	$ 3,828,544
Residential loans, at fair value		4,358,175	3,841,738
Residential loans held for sale, at fair value		80,707	0
Multi-family loans, at fair value		55,476	86,192
Equity investments, at fair value		24,711	113,492
Cash and cash equivalents		210,333	167,422
Real estate, net		553,496	623,407
Assets of disposal group held for sale		1,256	118,613
Goodwill		22,396	0
Other assets		427,516	437,874
Total assets	[1]	12,638,847	9,217,282
Liabilities:
Repurchase agreements and warehouse facilities		6,753,417	4,012,225
Collateralized debt obligations ($3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025 and $2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024)		3,511,802	2,978,444
Senior unsecured notes ($260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025 and $60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024)		360,437	159,196
Subordinated debentures		45,000	45,000
Mortgages payable on real estate, net		332,131	366,606
Liabilities of disposal group held for sale		122	97,065
Other liabilities		205,501	147,612
Total liabilities	[1]	11,208,410	7,806,148
Commitments and Contingencies (See Note 16)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities		3,016	12,359
Stockholders' Equity:
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,385,674 and 22,164,414 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively ($559,642 and $554,110 aggregate liquidation preference as of December 31, 2025 and December 31, 2024, respectively)		540,472	535,445
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,303,863 and 90,574,996 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		903	906
Additional paid-in capital		2,294,194	2,289,044
Accumulated other comprehensive loss		0	0
Accumulated deficit		(1,408,647)	(1,430,675)
Company's stockholders' equity		1,426,922	1,394,720
Non-controlling interests		499	4,055
Total equity		1,427,421	1,398,775
Total Liabilities and Equity		$ 12,638,847	$ 9,217,282

[1] Our 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 December 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,367,560 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,881,273 and $3,477,211, respectively. See Note 7 for further discussion.