Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
|
Sep. 30, 2025 |
Jun. 30, 2025 |
Dec. 31, 2024 |
Sep. 30, 2024 |
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
$ 6,838,715,000
|
|
$ 3,828,544,000
|
|
| Residential loans held for sale |
105,036,000
|
|
0
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
9,508,000
|
|
64,950,000
|
|
| Mortgage servicing rights |
21,896,000
|
$ 19,449,000
|
21,003,000
|
$ 0
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
121,000
|
|
0
|
|
| Derivative assets |
2,612,000
|
|
56,000
|
|
| Variation Margin |
67,495,000
|
|
9,120,000
|
|
| Interest rate caps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
150,000
|
|
56,000
|
|
| IRLCs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
2,383,000
|
|
|
|
| Interest rate swaps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
3,402,000
|
|
63,942,000
|
|
| Derivative liabilities |
|
|
|
|
| Variation Margin |
52,662,000
|
|
0
|
|
| Futures |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
3,494,000
|
|
952,000
|
|
| Derivative liabilities |
|
|
|
|
| Variation Margin |
4,565,000
|
|
0
|
|
| Credit default swaps |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Variation Margin |
10,268,000
|
|
9,120,000
|
|
| TBAs |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Variation Margin |
0
|
|
|
|
| Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
6,628,003,000
|
|
3,136,812,000
|
|
| U.S. Treasury securities |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
182,538,000
|
|
622,045,000
|
|
| Fair Value, Measurements, Recurring |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans held for sale |
105,036,000
|
|
0
|
|
| Equity investments |
28,825,000
|
|
113,492,000
|
|
| Derivative assets: |
|
|
|
|
| Total |
11,217,378,000
|
|
7,891,092,000
|
|
| Derivative liabilities |
|
|
|
|
| Total |
3,460,006,000
|
|
2,195,990,000
|
|
| Fair Value, Measurements, Recurring | Assets of disposal group held for sale |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Assets of disposal group held for sale |
0
|
|
67,000
|
|
| Fair Value, Measurements, Recurring | Senior unsecured notes |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Senior unsecured notes |
257,590,000
|
|
60,310,000
|
|
| Fair Value, Measurements, Recurring | Interest rate caps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
150,000
|
|
56,000
|
|
| Fair Value, Measurements, Recurring | Options |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
79,000
|
|
0
|
|
| Fair Value, Measurements, Recurring | IRLCs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
2,383,000
|
|
0
|
|
| Fair Value, Measurements, Recurring | Interest rate swaps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Fair Value, Measurements, Recurring | Futures |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Fair Value, Measurements, Recurring | Credit default swaps |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Fair Value, Measurements, Recurring | TBAs |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
121,000
|
|
0
|
|
| Fair Value, Measurements, Recurring | Interest Rate Swaps, Credit Default Swaps, U.S. Treasury Futures |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Variation Margin |
64,100,000
|
|
45,000,000
|
|
| Fair Value, Measurements, Recurring | Interest Rate Swaps, Credit Default Swaps, U.S. Treasury Futures | Central Clearing House |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
71,000,000
|
|
19,900,000
|
|
| Derivative assets |
6,900,000
|
|
64,900,000
|
|
| Fair Value, Measurements, Recurring | Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
6,628,003,000
|
|
3,136,812,000
|
|
| Fair Value, Measurements, Recurring | Non-Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
28,174,000
|
|
69,687,000
|
|
| Fair Value, Measurements, Recurring | U.S. Treasury securities |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
182,538,000
|
|
622,045,000
|
|
| Fair Value, Measurements, Recurring | Residential loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
308,422,000
|
|
632,266,000
|
|
| Fair Value, Measurements, Recurring | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
1,182,599,000
|
|
965,672,000
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
1,016,952,000
|
|
811,591,000
|
|
| Fair Value, Measurements, Recurring | Residential loans held in securitization trusts |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
2,660,626,000
|
|
2,243,800,000
|
|
| Fair Value, Measurements, Recurring | Multi-family loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Multi-family loans |
68,647,000
|
|
86,192,000
|
|
| Fair Value, Measurements, Recurring | MSRs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Mortgage servicing rights |
21,896,000
|
|
21,003,000
|
|
| Fair Value, Measurements, Recurring | Residential loan securitizations |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
2,118,581,000
|
|
1,253,332,000
|
|
| Fair Value, Measurements, Recurring | Non-Agency RMBS re-securitization |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
66,762,000
|
|
70,757,000
|
|
| Level 1 | Fair Value, Measurements, Recurring |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans held for sale |
0
|
|
0
|
|
| Equity investments |
0
|
|
0
|
|
| Derivative assets: |
|
|
|
|
| Total |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Total |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Assets of disposal group held for sale |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Assets of disposal group held for sale |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Senior unsecured notes |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Senior unsecured notes |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Interest rate caps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Options |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | IRLCs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Futures |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Credit default swaps |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | TBAs |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | U.S. Treasury securities |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Residential loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
0
|
|
0
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Multi-family loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Multi-family loans |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | MSRs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Mortgage servicing rights |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Residential loan securitizations |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
0
|
|
0
|
|
| Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS re-securitization |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans held for sale |
0
|
|
0
|
|
| Equity investments |
0
|
|
0
|
|
| Derivative assets: |
|
|
|
|
| Total |
6,838,944,000
|
|
3,828,667,000
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
121,000
|
|
0
|
|
| Total |
2,443,054,000
|
|
1,384,399,000
|
|
| Derivative assets |
229,000
|
|
56,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Assets of disposal group held for sale |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Assets of disposal group held for sale |
0
|
|
67,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Senior unsecured notes |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Senior unsecured notes |
257,590,000
|
|
60,310,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Interest rate caps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
150,000
|
|
56,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Options |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
79,000
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | IRLCs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Futures |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Credit default swaps |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | TBAs |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
121,000
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Derivative Asset |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Assets of disposal group held for sale |
|
|
100,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
6,628,003,000
|
|
3,136,812,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
28,174,000
|
|
69,687,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | U.S. Treasury securities |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
182,538,000
|
|
622,045,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Residential loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
0
|
|
0
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Multi-family loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Multi-family loans |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | MSRs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Mortgage servicing rights |
0
|
|
0
|
|
| Level 2 | Fair Value, Measurements, Recurring | Residential loan securitizations |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
2,118,581,000
|
|
1,253,332,000
|
|
| Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS re-securitization |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
66,762,000
|
|
70,757,000
|
|
| Level 3 | MSRs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Mortgage servicing rights |
21,896,000
|
|
|
|
| Level 3 | Fair Value, Measurements, Recurring |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans held for sale |
105,036,000
|
|
0
|
|
| Equity investments |
28,825,000
|
|
113,492,000
|
|
| Derivative assets: |
|
|
|
|
| Total |
4,378,434,000
|
|
4,062,425,000
|
|
| Derivative liabilities |
|
|
|
|
| Total |
1,016,952,000
|
|
811,591,000
|
|
| Level 3 | Fair Value, Measurements, Recurring | Assets of disposal group held for sale |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Assets of disposal group held for sale |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Senior unsecured notes |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Senior unsecured notes |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Interest rate caps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Options |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | IRLCs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
2,383,000
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Interest rate swaps |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Futures |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Interest rate caps |
0
|
|
0
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Credit default swaps |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | TBAs |
|
|
|
|
| Derivative liabilities |
|
|
|
|
| Derivative liabilities |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | U.S. Treasury securities |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Investment securities available for sale: |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Residential loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
308,422,000
|
|
632,266,000
|
|
| Level 3 | Fair Value, Measurements, Recurring | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
1,182,599,000
|
|
965,672,000
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
1,016,952,000
|
|
811,591,000
|
|
| Level 3 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Residential loans: |
2,660,626,000
|
|
2,243,800,000
|
|
| Level 3 | Fair Value, Measurements, Recurring | Multi-family loans |
|
|
|
|
| Assets carried at fair value |
|
|
|
|
| Multi-family loans |
68,647,000
|
|
86,192,000
|
|
| Level 3 | Fair Value, Measurements, Recurring | MSRs |
|
|
|
|
| Derivative assets: |
|
|
|
|
| Mortgage servicing rights |
21,896,000
|
|
21,003,000
|
|
| Level 3 | Fair Value, Measurements, Recurring | Residential loan securitizations |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
0
|
|
0
|
|
| Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS re-securitization |
|
|
|
|
| Liabilities carried at fair value |
|
|
|
|
| Consolidated SLST |
$ 0
|
|
$ 0
|
|