Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets at June 30, 2025 and December 31, 2024 are summarized in the following table.

Table 15.1 – Components of Other Assets


(In Thousands)	June 30, 2025		December 31, 2024
Accrued interest receivable	$	130,629	$	115,832
Margin receivable	81,699		28,313
Real estate owned	72,340		91,927
Investment receivable	61,259		69,793
Deferred tax asset	27,145		27,145
Intangible assets	14,645		19,049
Operating lease right-of-use assets	10,383		9,167
Fixed assets and leasehold improvements (1)	4,919		4,674




Other (2)	45,555		49,817
Total Other Assets	$	448,574	$	415,717

(1)Fixed assets and leasehold improvements had a basis of $19 million and accumulated depreciation of $14 million at June 30, 2025.

(2)Consists primarily of receivables related to escrow advances, prepaid assets and other receivables.

Schedule of Activity of Real Estate Owned (REO)

The following table summarizes the activity and carrying values of REO assets held at consolidated securitization entities during the three and six months ended June 30, 2025.

Table 15.2 – REO Activity


	Three Months Ended June 30, 2025
(In Thousands)	Bridge (1)		Sequoia		Securitized Re-Performing Loans		Securitized Term		Total
Balance at beginning of period	$	67,610	$	—	$	2,356	$	8,578	$	78,544
Transfers to REO	8,327		1,984		1,242		—		11,553
Liquidations (2)	(7,565)		—		(923)		(831)		(9,319)
Changes in fair value, net	(8,534)		—		96		—		(8,438)

Balance at End of Period	$	59,838	$	1,984	$	2,771	$	7,747	$	72,340


	Six Months Ended June 30, 2025
(In Thousands)	Bridge (1)		Sequoia		Securitized Re-Performing Loans		Securitized Term		Total
Balance at beginning of period	$	77,678	$	—	$	2,987	$	11,262	$	91,927
Transfers to REO	12,071		1,984		2,088		—		16,143
Liquidations (2)	(7,790)		—		(3,033)		(3,515)		(14,338)
Changes in fair value, net	(22,121)		—		729		—		(21,392)

Balance at End of Period	$	59,838	$	1,984	$	2,771	$	7,747	$	72,340

(1)Includes REO that were previously either legacy unsecuritized bridge loans or bridge loans within consolidated securitization entities.

(2)For the three and six months ended June 30, 2025, REO market valuation adjustments and liquidations resulted in net valuation losses of $8 million and $21 million, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income.

Schedule of Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at June 30, 2025 and December 31, 2024 are summarized in the following table.

Table 15.3 – Components of Accrued Expenses and Other Liabilities


(In Thousands)	June 30, 2025		December 31, 2024
Payable to non-controlling interests	$	150,958	$	123,258
Margin payable	138,685		20,340
Accrued interest payable	83,139		70,988
Accrued compensation	26,160		34,002
Operating lease liabilities	12,344		11,028
Accrued operating expenses	13,908		11,074
Accrued taxes payable	8,154		—
Current accounts payable	9,345		6,803
Unsettled trades	7,799		5,127
Guarantee obligations	2,053		2,806
Repurchase reserve	4,305		4,727
Bridge loan holdbacks (1)	2,116		2,148
Preferred stock dividends payable	1,478		1,478
Other	20,213		19,958
Total Accrued Expenses and Other Liabilities	$	480,657	$	313,737

(1)Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.