v3.25.4
Equity Investments, at Fair Value - Schedule of Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheets:    
Residential loans $ 4,358,175 $ 3,841,738
Other assets 427,516 437,874
Total assets [1] 12,638,847 9,217,282
Other liabilities 205,501 147,612
Total liabilities [1] 11,208,410 7,806,148
Total Liabilities and Equity 12,638,847 9,217,282
Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Balance Sheets:    
Real estate, net 116,477 298,844
Residential loans 0 265,319
Other assets 2,178 40,969
Total assets 118,655 605,132
Mortgages payable on real estate, net 79,410 201,682
Other liabilities 2,319 264,979
Total liabilities 81,729 466,661
Members' equity 36,926 138,471
Total Liabilities and Equity $ 118,655 $ 605,132
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,367,560 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,881,273 and $3,477,211, respectively. See Note 7 for further discussion.