v3.25.4
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Assets and Liabilities of Consolidated VIEs (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents $ 210,333 $ 167,422 $ 187,107  
Assets of disposal group held for sale 1,256 118,613    
Other assets 427,516 437,874    
Total assets [1] 12,638,847 9,217,282    
Collateralized debt obligations 3,511,802 2,978,444    
Liabilities of disposal group held for sale 122 97,065    
Other liabilities 205,501 147,612    
Total liabilities [1] 11,208,410 7,806,148    
Non-controlling interest in Consolidated VIEs 499 4,055    
Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations 3,148,157 2,135,680    
Residential loan securitizations at amortized cost, net        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations 363,645 842,764    
VIE, Primary Beneficiary        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Real estate, net held in Consolidated VIEs 553,496 623,407    
Total assets 4,367,560 3,988,584    
Collateralized debt obligations 235,226 275,200    
Total liabilities 3,881,273 3,477,211    
Redeemable non-controlling interest in Consolidated VIEs 3,016 12,359 $ 28,061 $ 63,803
VIE, Primary Beneficiary | Financing And Other VIEs        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 3,853 4,151    
Residential loans, at fair value 3,774,212 3,209,472    
Real estate, net held in Consolidated VIEs 424,655 481,161    
Assets of disposal group held for sale 1,256 118,613    
Other assets 163,584 175,187    
Total assets 4,367,560 3,988,584    
Collateralized debt obligations 3,511,802 2,978,444    
Mortgages payable, net in consolidated variable interest entities 332,131 366,606    
Liabilities of disposal group held for sale 122 97,065    
Other liabilities 37,218 35,096    
Total liabilities 3,881,273 3,477,211    
Redeemable non-controlling interest in Consolidated VIEs 3,016 12,359    
Non-controlling interest in Consolidated VIEs 374 3,930    
Net investment 482,897 495,084    
VIE, Primary Beneficiary | Financing VIE's        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 0 0    
Residential loans, at fair value 2,608,535 2,243,800    
Real estate, net held in Consolidated VIEs 0 0    
Assets of disposal group held for sale 0 0    
Other assets 132,428 154,426    
Total assets 2,740,963 2,398,226    
Collateralized debt obligations 2,504,883 2,166,853    
Mortgages payable, net in consolidated variable interest entities 0 0    
Liabilities of disposal group held for sale 0 0    
Other liabilities 17,317 16,162    
Total liabilities 2,522,200 2,183,015    
Redeemable non-controlling interest in Consolidated VIEs 0 0    
Non-controlling interest in Consolidated VIEs 0 0    
Net investment 218,763 215,211    
VIE, Primary Beneficiary | Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 0 0    
Residential loans, at fair value 1,165,677 965,672    
Real estate, net held in Consolidated VIEs 0 0    
Assets of disposal group held for sale 0 0    
Other assets 4,489 4,065    
Total assets 1,170,166 969,737    
Collateralized debt obligations 1,006,919 811,591    
Mortgages payable, net in consolidated variable interest entities 0 0    
Liabilities of disposal group held for sale 0 0    
Other liabilities 10,368 8,313    
Total liabilities 1,017,287 819,904    
Redeemable non-controlling interest in Consolidated VIEs 0 0    
Non-controlling interest in Consolidated VIEs 0 0    
Net investment 152,879 149,833    
VIE, Primary Beneficiary | Consolidated Real Estate        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 3,853 4,151    
Residential loans, at fair value 0 0    
Real estate, net held in Consolidated VIEs 424,655 481,161    
Assets of disposal group held for sale 1,256 118,613    
Other assets 26,667 16,696    
Total assets 456,431 620,621    
Collateralized debt obligations 0 0    
Mortgages payable, net in consolidated variable interest entities 332,131 366,606    
Liabilities of disposal group held for sale 122 97,065    
Other liabilities 9,533 10,621    
Total liabilities 341,786 474,292    
Redeemable non-controlling interest in Consolidated VIEs 3,016 12,359    
Non-controlling interest in Consolidated VIEs 374 3,930    
Net investment 111,255 130,040    
VIE, Primary Beneficiary | Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations 3,148,157 2,135,680    
VIE, Primary Beneficiary | Residential loan securitizations at amortized cost, net        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations $ 363,645 $ 842,764    
[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.