v3.25.2
Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($)
$ in Thousands
1 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2025
Jan. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
May 31, 2025
Mar. 31, 2025
Debt Obligations            
Debt Carrying Value     $ 4,721,622 $ 3,559,490    
Collateral Carrying Value     $ 6,588,030 5,087,957    
Wtd. Avg. Note Rate     6.66%      
Outstanding principal balance repaid     $ 26,600 26,600    
Securitized debt     3,510,865 4,622,489    
Mortgage notes payable — real estate owned     184,618 74,897    
Mortgages            
Debt Obligations            
Mortgage notes payable — real estate owned     $ 184,600 74,900    
BTR CLO 1            
Debt Obligations            
Maximum borrowing capacity         $ 200,000  
Wtd. Avg. Note Rate     6.98%      
Securitized debt     $ 482,655   41,000  
Structured Business            
Debt Obligations            
Debt Carrying Value     4,392,138 3,136,829    
Collateral Carrying Value     $ 6,236,336 4,652,502    
Wtd. Avg. Note Rate     6.73%      
Deferred financing fees     $ 8,100 8,600    
Structured Business | $1.9B joint repurchase facility            
Debt Obligations            
Maximum borrowing capacity     1,900,000      
Debt Carrying Value     810,567 657,690    
Collateral Carrying Value     $ 1,332,963 1,104,791    
Wtd. Avg. Note Rate     6.79%      
Structured Business | $1.15B repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 1,150,000     $ 1,150,000
Debt Carrying Value     1,076,935 0    
Collateral Carrying Value     $ 1,368,645 0    
Wtd. Avg. Note Rate     6.26%      
Structured Business | $1B repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 1,000,000      
Debt Carrying Value     153,704 215,459    
Collateral Carrying Value     $ 233,399 336,193    
Wtd. Avg. Note Rate     6.84%      
Structured Business | $1B repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 1,000,000      
Debt Carrying Value     751,531 781,812    
Collateral Carrying Value     $ 1,023,366 1,055,321    
Wtd. Avg. Note Rate     7.21%      
Expiration period after the lender provides written notice     6 months      
Line of credit facility, repurchase period     6 months      
Structured Business | $750M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 750,000      
Debt Carrying Value     412,846 202,798    
Collateral Carrying Value     $ 636,680 362,695    
Wtd. Avg. Note Rate     6.77%      
Structured Business | $650M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 650,000      
Debt Carrying Value     445,556 499,017    
Collateral Carrying Value     $ 601,201 678,017    
Wtd. Avg. Note Rate     6.92%      
Structured Business | $400M credit facility            
Debt Obligations            
Maximum borrowing capacity   $ 400,000 $ 400,000      
Debt Carrying Value     103,271 138,695    
Collateral Carrying Value     $ 199,848 237,123    
Wtd. Avg. Note Rate     7.68%      
Debt instrument extension term   1 year        
Structured Business | $400M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 400,000      
Debt Carrying Value     106,016 74,896    
Collateral Carrying Value     $ 154,525 109,920    
Wtd. Avg. Note Rate     6.87%      
Structured Business | $350M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 350,000      
Debt Carrying Value     129,852 134,189    
Collateral Carrying Value     $ 204,185 203,135    
Wtd. Avg. Note Rate     6.46%      
Structured Business | $250M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 250,000      
Debt Carrying Value     34,245 0    
Collateral Carrying Value     $ 65,007 0    
Wtd. Avg. Note Rate     7.52%      
Length of extension option     1 year      
Structured Business | $250M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 250,000      
Debt Carrying Value     134,223 0    
Collateral Carrying Value     $ 169,615 0    
Wtd. Avg. Note Rate     5.94%      
Structured Business | $200M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 200,000      
Debt Carrying Value     5,271 155,676    
Collateral Carrying Value     $ 7,753 214,441    
Wtd. Avg. Note Rate     6.97%      
Structured Business | $150M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 150,000   $ 150,000  
Debt Carrying Value     78,526 108,696    
Collateral Carrying Value     $ 100,265 145,148    
Wtd. Avg. Note Rate     7.15%      
Structured Business | $110M loan specific credit facilities            
Debt Obligations            
Maximum borrowing capacity     $ 110,000      
Debt Carrying Value     83,855 133,965    
Collateral Carrying Value     $ 114,274 181,108    
Wtd. Avg. Note Rate     6.64%      
Structured Business | $40M credit facility            
Debt Obligations            
Maximum borrowing capacity     $ 40,000      
Debt Carrying Value     15,459 15,387    
Collateral Carrying Value     $ 24,610 24,610    
Wtd. Avg. Note Rate     6.76%      
Structured Business | $35M working capital facility            
Debt Obligations            
Maximum borrowing capacity     $ 35,000      
Debt Carrying Value     0 0    
Collateral Carrying Value     $ 0 0    
Wtd. Avg. Note Rate     0.00%      
Structured Business | Repurchase facility - securities            
Debt Obligations            
Debt Carrying Value     $ 50,281 18,549    
Collateral Carrying Value     $ 0 0    
Wtd. Avg. Note Rate     5.74%      
Structured Business | $500M credit facility, performing loans            
Debt Obligations            
Maximum borrowing capacity     $ 500,000      
Structured Business | $250M credit facility, nonperforming loans            
Debt Obligations            
Maximum borrowing capacity     250,000      
Agency Business            
Debt Obligations            
Debt Carrying Value     329,484 422,661    
Collateral Carrying Value     $ 351,694 435,455    
Wtd. Avg. Note Rate     5.79%      
Deferred financing fees     $ 400 200    
Agency Business | $750M ASAP agreement            
Debt Obligations            
Maximum borrowing capacity     750,000      
Debt Carrying Value     82,302 62,196    
Collateral Carrying Value     $ 82,918 62,372    
Wtd. Avg. Note Rate     5.47%      
Agency Business | $500M repurchase facility (12)            
Debt Obligations            
Maximum borrowing capacity     $ 500,000      
Debt Carrying Value     15,131 40,872    
Collateral Carrying Value     $ 15,134 41,165    
Wtd. Avg. Note Rate     5.80%      
Agency Business | $500M repurchase facility (12) | Subsequent event            
Debt Obligations            
Maximum borrowing capacity $ 1,000,000          
Agency Business | $200M credit facility            
Debt Obligations            
Maximum borrowing capacity     $ 200,000      
Debt Carrying Value     69,728 141,169    
Collateral Carrying Value     $ 69,973 141,971    
Wtd. Avg. Note Rate     5.85%      
Agency Business | $200M credit facility            
Debt Obligations            
Maximum borrowing capacity     $ 200,000      
Debt Carrying Value     104,507 137,762    
Collateral Carrying Value     $ 105,816 138,793    
Wtd. Avg. Note Rate     5.80%      
Agency Business | $100M joint repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 100,000      
Debt Carrying Value     57,816 28,611    
Collateral Carrying Value     $ 77,853 38,962    
Wtd. Avg. Note Rate     6.17%      
Agency Business | $100M joint repurchase facility | Subsequent event            
Debt Obligations            
Debt instrument extension term 1 year          
Agency Business | $50M credit facility            
Debt Obligations            
Maximum borrowing capacity     $ 50,000      
Debt Carrying Value     0 11,723    
Collateral Carrying Value     $ 0 11,723    
Wtd. Avg. Note Rate     5.80%      
Agency Business | $1M repurchase facility            
Debt Obligations            
Maximum borrowing capacity     $ 1,000      
Debt Carrying Value     0 328    
Collateral Carrying Value     $ 0 $ 469    
Wtd. Avg. Note Rate     6.85%      
Agency Business | Joint Repurchase Facility 2 Billion            
Debt Obligations            
Maximum borrowing capacity     $ 2,000,000      
Agency Business | Joint Repurchase Facility 2 Billion | Subsequent event            
Debt Obligations            
Maximum borrowing capacity $ 1,500,000