v3.26.1
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Assets carried at fair value        
Investment securities available for sale: $ 6,960,313 $ 6,904,781    
Residential loans held for sale 121,607 80,707    
Multi-family loans 55,910 55,476    
Equity investments 23,468 24,711    
Derivative assets:        
Total derivative assets 1,839 722    
Mortgage servicing rights 19,965 20,893 $ 20,297 $ 21,003
Total 11,681,129 11,445,465    
Liabilities carried at fair value        
Senior unsecured notes 339,648 260,852    
Derivative liabilities        
Derivative liabilities 1,523 0    
Total 3,457,074 3,409,009    
Derivative assets 1,839 722    
Variation Margin 4,816 48,759    
Interest rate caps        
Derivative assets:        
Total derivative assets 684 31    
IRLCs        
Derivative assets:        
Total derivative assets 1,155 691    
U.S. Treasury futures        
Derivative assets:        
Total derivative assets 0 0    
Derivative liabilities        
Variation Margin 0 0    
Commodity futures        
Derivative assets:        
Total derivative assets 0 0    
Derivative liabilities        
Variation Margin   0    
Interest rate swaps        
Derivative assets:        
Total derivative assets 0 0    
Derivative liabilities        
Derivative liabilities 0 0    
Variation Margin 2,179 38,869    
Credit default swaps        
Derivative liabilities        
Derivative liabilities 0 0    
Variation Margin 2,637 9,890    
TBAs        
Derivative assets:        
Total derivative assets (1,523)      
Derivative liabilities        
Derivative liabilities 1,523 0    
Variation Margin 0      
Interest Rate Swaps, Credit Default Swaps, U.S. Treasury Futures        
Derivative liabilities        
Variation Margin 20,500 36,100    
Interest Rate Swaps, Credit Default Swaps, U.S. Treasury Futures | Central Clearing House        
Derivative liabilities        
Derivative liabilities 26,600 59,400    
Derivative assets 47,100 23,300    
Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 6,629,977 6,633,476    
Non-Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 30,160 25,592    
U.S. Treasury securities        
Assets carried at fair value        
Investment securities available for sale: 300,176 245,713    
Residential loans        
Assets carried at fair value        
Residential loans: 761,251 583,963    
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary        
Assets carried at fair value        
Residential loans: 1,138,067 1,165,677    
Liabilities carried at fair value        
Consolidated SLST 983,717 1,006,919    
Residential loans held in securitization trusts        
Assets carried at fair value        
Residential loans: 2,598,709 2,608,535    
Residential loan securitizations        
Liabilities carried at fair value        
Consolidated SLST 2,068,484 2,075,962    
Non-Agency RMBS re-securitization        
Liabilities carried at fair value        
Consolidated SLST 63,702 65,276    
Level 1        
Assets carried at fair value        
Residential loans held for sale 0 0    
Multi-family loans 0 0    
Equity investments 0 0    
Derivative assets:        
Mortgage servicing rights 0 0    
Total 0 0    
Liabilities carried at fair value        
Senior unsecured notes 0 0    
Derivative liabilities        
Total 0 0    
Level 1 | Interest rate caps        
Derivative assets:        
Total derivative assets 0 0    
Level 1 | IRLCs        
Derivative assets:        
Total derivative assets 0 0    
Level 1 | U.S. Treasury futures        
Derivative assets:        
Total derivative assets 0 0    
Level 1 | Commodity futures        
Derivative assets:        
Total derivative assets 0 0    
Level 1 | Interest rate swaps        
Derivative liabilities        
Derivative liabilities 0 0    
Level 1 | Credit default swaps        
Derivative liabilities        
Derivative liabilities 0 0    
Level 1 | TBAs        
Derivative liabilities        
Derivative liabilities 0 0    
Level 1 | Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 0 0    
Level 1 | Non-Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 0 0    
Level 1 | U.S. Treasury securities        
Assets carried at fair value        
Investment securities available for sale: 0 0    
Level 1 | Residential loans        
Assets carried at fair value        
Residential loans: 0 0    
Level 1 | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary        
Assets carried at fair value        
Residential loans: 0 0    
Liabilities carried at fair value        
Consolidated SLST 0 0    
Level 1 | Residential loans held in securitization trusts        
Assets carried at fair value        
Residential loans: 0 0    
Level 1 | Residential loan securitizations        
Liabilities carried at fair value        
Consolidated SLST 0 0    
Level 1 | Non-Agency RMBS re-securitization        
Liabilities carried at fair value        
Consolidated SLST 0 0    
Level 2        
Assets carried at fair value        
Residential loans held for sale 0 0    
Multi-family loans 0 0    
Equity investments 0 0    
Derivative assets:        
Mortgage servicing rights 0 0    
Total 6,960,997 6,904,812    
Liabilities carried at fair value        
Senior unsecured notes 339,648 260,852    
Derivative liabilities        
Derivative liabilities 1,523 0    
Total 2,473,357 2,402,090    
Derivative assets 684 31    
Level 2 | Interest rate caps        
Derivative assets:        
Total derivative assets 684 31    
Level 2 | IRLCs        
Derivative assets:        
Total derivative assets 0 0    
Level 2 | U.S. Treasury futures        
Derivative assets:        
Total derivative assets 0 0    
Level 2 | Commodity futures        
Derivative assets:        
Total derivative assets 0 0    
Level 2 | Interest rate swaps        
Derivative liabilities        
Derivative liabilities 0 0    
Level 2 | Credit default swaps        
Derivative liabilities        
Derivative liabilities 0 0    
Level 2 | TBAs        
Derivative liabilities        
Derivative liabilities 1,523 0    
Level 2 | Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 6,629,977 6,633,476    
Level 2 | Non-Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 30,160 25,592    
Level 2 | U.S. Treasury securities        
Assets carried at fair value        
Investment securities available for sale: 300,176 245,713    
Level 2 | Residential loans        
Assets carried at fair value        
Residential loans: 0 0    
Level 2 | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary        
Assets carried at fair value        
Residential loans: 0 0    
Liabilities carried at fair value        
Consolidated SLST 0 0    
Level 2 | Residential loans held in securitization trusts        
Assets carried at fair value        
Residential loans: 0 0    
Level 2 | Residential loan securitizations        
Liabilities carried at fair value        
Consolidated SLST 2,068,484 2,075,962    
Level 2 | Non-Agency RMBS re-securitization        
Liabilities carried at fair value        
Consolidated SLST 63,702 65,276    
Level 3        
Assets carried at fair value        
Residential loans held for sale 121,607 80,707    
Multi-family loans 55,910 55,476    
Equity investments 23,468 24,711    
Derivative assets:        
Mortgage servicing rights 19,965 20,893    
Total 4,720,132 4,540,653    
Liabilities carried at fair value        
Senior unsecured notes 0 0    
Derivative liabilities        
Total 983,717 1,006,919    
Level 3 | Interest rate caps        
Derivative assets:        
Total derivative assets 0 0    
Level 3 | IRLCs        
Derivative assets:        
Total derivative assets 1,155 691    
Level 3 | U.S. Treasury futures        
Derivative assets:        
Total derivative assets 0 0    
Level 3 | Commodity futures        
Derivative assets:        
Total derivative assets 0 0    
Level 3 | Interest rate swaps        
Derivative liabilities        
Derivative liabilities 0 0    
Level 3 | Credit default swaps        
Derivative liabilities        
Derivative liabilities 0 0    
Level 3 | TBAs        
Derivative liabilities        
Derivative liabilities 0 0    
Level 3 | Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 0 0    
Level 3 | Non-Agency RMBS        
Assets carried at fair value        
Investment securities available for sale: 0 0    
Level 3 | U.S. Treasury securities        
Assets carried at fair value        
Investment securities available for sale: 0 0    
Level 3 | Residential loans        
Assets carried at fair value        
Residential loans: 761,251 583,963    
Level 3 | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary        
Assets carried at fair value        
Residential loans: 1,138,067 1,165,677    
Liabilities carried at fair value        
Consolidated SLST 983,717 1,006,919    
Level 3 | Residential loans held in securitization trusts        
Assets carried at fair value        
Residential loans: 2,598,709 2,608,535    
Level 3 | Residential loan securitizations        
Liabilities carried at fair value        
Consolidated SLST 0 0    
Level 3 | Non-Agency RMBS re-securitization        
Liabilities carried at fair value        
Consolidated SLST $ 0 $ 0