Consolidated VIEs

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated VIEs

Consolidated VIEs

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 Condensed Consolidated Balance Sheet as of September 30, 2025 and December 31, 2024. See Note 13 and Note 16 for additional information on the Company's consolidated VIEs.

(In thousands)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	667	$	1,333
Restricted cash	19,164		14,958
Securities, at fair value	54,056		60,227
Loans, at fair value	4,698,242		4,460,201
Forward MSR-related investments, at fair value	31,930		30,395
Investments in unconsolidated entities, at fair value	107,679		102,152
Real estate owned	36,485		34,575
Investment related receivables	27,857		24,974
Other assets	2,581		365
Total Assets	$	4,978,661	$	4,729,180
Liabilities
Repurchase agreements	$	1,697,333	$	1,779,853
Other secured borrowings	39,013		34,771
Other secured borrowings, at fair value	2,213,994		1,934,309
Interest payable	4,458		4,078
Accrued expenses and other liabilities	745		648
Total Liabilities	3,955,543		3,753,659
Total Stockholders' Equity	1,008,716		967,496
Non-controlling interests	14,402		8,025
Total Equity	1,023,118		975,521
Total Liabilities and Equity	$	4,978,661	$	4,729,180