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Consolidated balance sheets

In millions of USD, except per-share amounts
Q2 FY2026
As of Jun 30, 2026
Q1 FY2026
As of Mar 31, 2026
Q4 FY2025
As of Dec 31, 2025
Q3 FY2025
As of Sep 30, 2025
Q2 FY2025
As of Jun 30, 2025
Q1 FY2025
As of Mar 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q3 FY2024
As of Sep 30, 2024
Q2 FY2024
As of Jun 30, 2024
Q1 FY2024
As of Mar 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q3 FY2023
As of Sep 30, 2023
Q2 FY2023
As of Jun 30, 2023
Q1 FY2023
As of Mar 31, 2023
Q4 FY2022
As of Dec 31, 2022
Q3 FY2022
As of Sep 30, 2022
Q2 FY2022
As of Jun 30, 2022
Q1 FY2022
As of Mar 31, 2022
Q4 FY2021
As of Dec 31, 2021
Q3 FY2021
As of Sep 30, 2021
ASSETS
Investment securities available for sale, at fair value
Residential loans, at fair value
Residential loans
VIE, Primary Beneficiary
Total residential loans, at fair value
Residential loans held for sale, at fair value
Multi-family loans, at fair value
Equity investments, at fair value
Cash and cash equivalents
Real estate, net
Assets of disposal group held for sale
Goodwill
Other assets
VIE, Primary Beneficiary
Total Assets
LIABILITIES AND EQUITY
Liabilities:
Repurchase agreements and warehouse facilities
Repurchase agreements
Total repurchase agreements and warehouse facilities
Collateralized debt obligations ($3,240,220 at fair value and $341,636 at amortized cost, net as of June 30, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025)
Collateralized Debt Obligations
VIE, Primary Beneficiary
Total collateralized debt obligations ($3,240,220 at fair value and $341,636 at amortized cost, net as of June 30, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025)
Senior unsecured notes ($347,537 at fair value as of June 30, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025)
Subordinated debentures
Mortgages payable on real estate, net
Liabilities of disposal group held for sale
Other liabilities
VIE, Primary Beneficiary
Total Liabilities
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities
VIE, Primary Beneficiary
Total redeemable Non-Controlling Interest in Consolidated Variable Interest Entities
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)
Preferred Stock, Series Shares
Total 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)
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 89,879,786 and 90,303,863 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Company's stockholders' equity
Non-controlling interests
Equity
VIE, Primary Beneficiary
Total equity
Total Liabilities and Equity

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