v3.25.4
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Investment securities available for sale: $ 6,904,781 $ 3,828,544  
Residential loans held for sale, at fair value 80,707 0  
Multi-family loans 55,476 86,192  
Equity investments 24,711 113,492  
Derivative assets: 722 56  
Mortgage servicing rights 20,893 21,003 $ 0
Assets of disposal group held for sale 0 67  
Total 11,445,465 7,891,092  
Liabilities carried at fair value      
Senior unsecured notes 260,852 60,310  
Total 3,409,009 2,195,990  
Derivative assets 722 56  
Variation Margin 48,759 9,120  
Interest rate caps      
Assets      
Derivative assets: 31 56  
IRLCs      
Assets      
Derivative assets: 691 0  
Interest rate swaps      
Assets      
Derivative assets: 0 0  
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Variation Margin 38,869 0  
U.S. Treasury futures      
Assets      
Derivative assets: 0 0  
Liabilities carried at fair value      
Variation Margin 0 0  
Commodity futures      
Assets      
Derivative assets: 0 0  
Liabilities carried at fair value      
Variation Margin 0    
Credit default swaps      
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Variation Margin 9,890 9,120  
Interest Rate Swaps, Credit Default Swaps, U.S. Treasury Futures      
Liabilities carried at fair value      
Variation Margin 36,100 45,000  
Interest Rate Swaps, Credit Default Swaps, U.S. Treasury Futures | Central Clearing House      
Liabilities carried at fair value      
Derivative liabilities: 59,400 19,900  
Derivative assets 23,300 64,900  
Agency RMBS      
Assets      
Investment securities available for sale: 6,633,476 3,136,812  
Non-Agency RMBS      
Assets      
Investment securities available for sale: 25,592 69,687  
U.S. Treasury securities      
Assets      
Investment securities available for sale: 245,713 622,045  
Residential loans      
Assets      
Residential loans: 583,963 632,266  
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary      
Assets      
Residential loans: 1,165,677 965,672  
Liabilities carried at fair value      
CDOs: 1,006,919 811,591  
Residential loans held in securitization trusts      
Assets      
Residential loans: 2,608,535 2,243,800  
Residential loan securitizations at fair value      
Liabilities carried at fair value      
CDOs: 2,075,962 1,253,332  
Non-Agency RMBS re-securitization      
Liabilities carried at fair value      
CDOs: 65,276 70,757  
Level 1      
Assets      
Residential loans held for sale, at fair value 0 0  
Multi-family loans 0 0  
Equity investments 0 0  
Mortgage servicing rights 0 0  
Assets of disposal group held for sale 0 0  
Total 0 0  
Liabilities carried at fair value      
Senior unsecured notes 0 0  
Total 0 0  
Level 1 | Interest rate caps      
Assets      
Derivative assets: 0 0  
Level 1 | IRLCs      
Assets      
Derivative assets: 0 0  
Level 1 | Interest rate swaps      
Assets      
Derivative assets: 0 0  
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Level 1 | U.S. Treasury futures      
Assets      
Derivative assets: 0 0  
Level 1 | Commodity futures      
Assets      
Derivative assets: 0 0  
Level 1 | Credit default swaps      
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Level 1 | Agency RMBS      
Assets      
Investment securities available for sale: 0 0  
Level 1 | Non-Agency RMBS      
Assets      
Investment securities available for sale: 0 0  
Level 1 | U.S. Treasury securities      
Assets      
Investment securities available for sale: 0 0  
Level 1 | Residential loans      
Assets      
Residential loans: 0 0  
Level 1 | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary      
Assets      
Residential loans: 0 0  
Liabilities carried at fair value      
CDOs: 0 0  
Level 1 | Residential loans held in securitization trusts      
Assets      
Residential loans: 0 0  
Level 1 | Residential loan securitizations at fair value      
Liabilities carried at fair value      
CDOs: 0 0  
Level 1 | Non-Agency RMBS re-securitization      
Liabilities carried at fair value      
CDOs: 0 0  
Level 2      
Assets      
Residential loans held for sale, at fair value 0 0  
Multi-family loans 0 0  
Equity investments 0 0  
Mortgage servicing rights 0 0  
Assets of disposal group held for sale 0 67  
Total 6,904,812 3,828,667  
Liabilities carried at fair value      
Senior unsecured notes 260,852 60,310  
Total 2,402,090 1,384,399  
Derivative assets 31 56  
Level 2 | Interest rate caps      
Assets      
Derivative assets: 31 56  
Level 2 | IRLCs      
Assets      
Derivative assets: 0 0  
Level 2 | Interest rate swaps      
Assets      
Derivative assets: 0 0  
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Level 2 | U.S. Treasury futures      
Assets      
Derivative assets: 0 0  
Level 2 | Commodity futures      
Assets      
Derivative assets: 0 0  
Level 2 | Credit default swaps      
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Level 2 | Derivative Asset      
Assets      
Assets of disposal group held for sale   100  
Level 2 | Agency RMBS      
Assets      
Investment securities available for sale: 6,633,476 3,136,812  
Level 2 | Non-Agency RMBS      
Assets      
Investment securities available for sale: 25,592 69,687  
Level 2 | U.S. Treasury securities      
Assets      
Investment securities available for sale: 245,713 622,045  
Level 2 | Residential loans      
Assets      
Residential loans: 0 0  
Level 2 | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary      
Assets      
Residential loans: 0 0  
Liabilities carried at fair value      
CDOs: 0 0  
Level 2 | Residential loans held in securitization trusts      
Assets      
Residential loans: 0 0  
Level 2 | Residential loan securitizations at fair value      
Liabilities carried at fair value      
CDOs: 2,075,962 1,253,332  
Level 2 | Non-Agency RMBS re-securitization      
Liabilities carried at fair value      
CDOs: 65,276 70,757  
Level 3      
Assets      
Residential loans held for sale, at fair value 80,707 0  
Multi-family loans 55,476 86,192  
Equity investments 24,711 113,492  
Mortgage servicing rights 20,893 21,003  
Assets of disposal group held for sale 0 0  
Total 4,540,653 4,062,425  
Liabilities carried at fair value      
Senior unsecured notes 0 0  
Total 1,006,919 811,591  
Level 3 | Interest rate caps      
Assets      
Derivative assets: 0 0  
Level 3 | IRLCs      
Assets      
Derivative assets: 691 0  
Level 3 | Interest rate swaps      
Assets      
Derivative assets: 0 0  
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Level 3 | U.S. Treasury futures      
Assets      
Derivative assets: 0 0  
Level 3 | Commodity futures      
Assets      
Derivative assets: 0 0  
Level 3 | Credit default swaps      
Liabilities carried at fair value      
Derivative liabilities: 0 0  
Level 3 | Agency RMBS      
Assets      
Investment securities available for sale: 0 0  
Level 3 | Non-Agency RMBS      
Assets      
Investment securities available for sale: 0 0  
Level 3 | U.S. Treasury securities      
Assets      
Investment securities available for sale: 0 0  
Level 3 | Residential loans      
Assets      
Residential loans: 583,963 632,266  
Level 3 | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary      
Assets      
Residential loans: 1,165,677 965,672  
Liabilities carried at fair value      
CDOs: 1,006,919 811,591  
Level 3 | Residential loans held in securitization trusts      
Assets      
Residential loans: 2,608,535 2,243,800  
Level 3 | Residential loan securitizations at fair value      
Liabilities carried at fair value      
CDOs: 0 0  
Level 3 | Non-Agency RMBS re-securitization      
Liabilities carried at fair value      
CDOs: $ 0 $ 0