v3.25.4
Net Interest Income (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total interest income $ 601,948 $ 401,280 $ 258,660
Total interest expense 452,647 317,425 192,134
Total net interest income 149,301 83,855 66,526
Senior unsecured notes      
Senior unsecured notes 24,998 9,308 6,476
Subordinated debentures      
Subordinated debentures 3,802 4,236 4,154
Investment securities available for sale      
Investment securities available for sale 316,737 163,977 57,514
Residential loans      
Interest income 34,347 50,266 54,188
Consolidated SLST | VIE, Primary Beneficiary      
Interest income 50,970 39,194 34,061
Interest expense 37,547 26,491 24,506
Residential loans held in securitization trusts      
Interest income 179,178 129,905 97,492
Total Residential loans      
Interest income 264,495 219,365 185,741
Residential loans held for sale      
Interest income 5,244 0 0
Multi-family loans, at fair value      
Interest income 8,528 10,589 10,519
Other      
Other 6,944 7,349 4,886
Repurchase agreements and warehouse facilities      
Interest expense 253,960 183,285 91,814
Residential loan securitizations      
Interest expense 127,333 91,884 65,184
Non-Agency RMBS re-securitization      
Interest expense 5,007 2,221 0
Total collateralized debt obligations      
Interest expense $ 169,887 $ 120,596 $ 89,690