v3.25.2
Fair Value - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financial assets:    
Loans and investments, net $ 11,333,023 $ 11,033,997
Loans held-for-sale, net 361,138 438,233
Securities held-to-maturity, net 156,920 157,154
Financial liabilities:    
Credit and repurchase facilities 4,721,622 3,559,490
Securitized debt 3,510,865 4,622,489
Senior unsecured notes 1,238,174 1,236,147
Convertible senior unsecured notes 287,258 285,853
Junior subordinated notes 145,085 144,686
Mortgage notes payable — real estate owned 184,618 74,897
Level 1    
Financial assets:    
Loans and investments, net 0  
Loans held-for-sale, net 0  
Capitalized mortgage servicing rights, net 0  
Securities held-to-maturity, net 0  
Financial liabilities:    
Credit and repurchase facilities 0  
Securitized debt 0  
Senior unsecured notes 1,177,250  
Convertible senior unsecured notes 0  
Junior subordinated notes 0  
Mortgage notes payable — real estate owned 0  
Level 2    
Financial assets:    
Loans and investments, net 0  
Loans held-for-sale, net 366,062  
Capitalized mortgage servicing rights, net 0  
Securities held-to-maturity, net 0  
Financial liabilities:    
Credit and repurchase facilities 329,484  
Securitized debt 0  
Senior unsecured notes 0  
Convertible senior unsecured notes 286,925  
Junior subordinated notes 0  
Mortgage notes payable — real estate owned 0  
Level 3    
Financial assets:    
Loans and investments, net 11,381,419  
Loans held-for-sale, net 3,480  
Capitalized mortgage servicing rights, net 484,774  
Securities held-to-maturity, net 152,805  
Financial liabilities:    
Credit and repurchase facilities 4,382,179  
Securitized debt 3,520,999  
Senior unsecured notes 0  
Convertible senior unsecured notes 0  
Junior subordinated notes 110,541  
Mortgage notes payable — real estate owned 183,686  
Carrying Value    
Financial assets:    
Loans and investments, net 11,333,023 11,033,997
Loans held-for-sale, net 361,447 435,759
Capitalized mortgage servicing rights, net 348,326  
Securities held-to-maturity, net 156,920 157,154
Financial liabilities:    
Credit and repurchase facilities 4,721,622 3,559,490
Securitized debt 3,510,865 4,622,489
Senior unsecured notes 1,238,174 1,236,147
Convertible senior unsecured notes 287,258 285,853
Junior subordinated notes 145,085 144,686
Mortgage notes payable — real estate owned 184,618 74,897
Fair Value    
Financial assets:    
Loans and investments, net 11,381,419 11,122,205
Loans held-for-sale, net 369,542 449,339
Capitalized mortgage servicing rights, net 484,774  
Securities held-to-maturity, net 152,805 144,508
Financial liabilities:    
Credit and repurchase facilities 4,711,663 3,592,120
Securitized debt 3,520,999 4,616,409
Senior unsecured notes 1,177,250 1,160,154
Convertible senior unsecured notes 286,925 287,500
Junior subordinated notes 110,541 109,099
Mortgage notes payable — real estate owned $ 183,686 $ 74,495