v3.26.1
Fair Value of Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of the Company's Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Financial Assets:        
Cash and cash equivalents $ 208,915 $ 210,333 $ 177,072  
Residential loans, carrying value 4,498,027 4,358,175    
Equity investments, carrying value 23,468 24,711    
Equity investment, estimated fair value 23,468 24,711    
Derivative asset, carrying value 1,839 722    
Mortgage servicing rights, fair value 19,965 20,893 $ 20,297 $ 21,003
Financial Liabilities:        
Repurchase agreements and warehouse facilities 7,019,017 6,753,417    
Collateralized debt obligations:        
Carrying Value 3,468,944 3,511,802    
Subordinated debentures, carrying value 45,000 45,000    
Derivative liability, carrying value 1,523 0    
Senior unsecured notes, carrying value 339,648 360,437    
Senior unsecured notes, estimated fair value 339,648 260,852    
Mortgages payable on real estate, carrying value 669,487      
VIE, Primary Beneficiary | Mortgages        
Collateralized debt obligations:        
Mortgages payable on real estate, carrying value 276,032 332,131    
Residential loan securitizations at amortized cost, net        
Collateralized debt obligations:        
Carrying Value 353,041 363,645    
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 353,041 3,148,157    
Consolidated SLST        
Collateralized debt obligations:        
Carrying Value 3,115,903 3,148,157    
Consolidated SLST | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 3,115,903 363,645    
Senior unsecured notes at amortized cost, net        
Collateralized debt obligations:        
Senior unsecured notes, carrying value   99,585    
Senior unsecured notes at fair value        
Collateralized debt obligations:        
Senior unsecured notes, carrying value 339,648 260,852    
Level 1        
Financial Assets:        
Cash and cash equivalents 208,915 210,333    
Cash and cash equivalents, estimated fair value 208,915 210,333    
Equity investment, estimated fair value 0 0    
Mortgage servicing rights, fair value 0 0    
Collateralized debt obligations:        
Senior unsecured notes, estimated fair value 0 0    
Level 2        
Financial Assets:        
Investment securities available for sale: 6,960,313 6,904,781    
Equity investment, estimated fair value 0 0    
Derivative asset, carrying value 684 31    
Derivative asset, estimated fair value 684 31    
Mortgage servicing rights, fair value 0 0    
Collateralized debt obligations:        
Derivative liability, carrying value 1,523 0    
Derivative liabilities, estimated fair value 1,523 0    
Senior unsecured notes, estimated fair value $ 339,648 $ 260,852    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities    
Level 2 | Repurchase agreements        
Financial Liabilities:        
Repurchase agreements and warehouse facilities $ 7,019,017 $ 6,753,417    
Level 2 | Residential loan securitizations at amortized cost, net        
Collateralized debt obligations:        
Residential loan securitizations at fair value, carrying value 2,068,484 2,075,962    
Residential loan securitizations at fair value 2,068,484 2,075,962    
Level 2 | Non-Agency RMBS re-securitization | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 63,702 65,276    
Collateralized debt obligations, fair value 63,702 65,276    
Level 2 | Senior unsecured notes at amortized cost, net        
Collateralized debt obligations:        
Senior unsecured notes, carrying value 0 99,585    
Senior unsecured notes, estimated fair value 0 99,465    
Level 2 | Senior unsecured notes at fair value        
Collateralized debt obligations:        
Senior unsecured notes, carrying value 339,648 260,852    
Senior unsecured notes, estimated fair value 339,648 260,852    
Level 3        
Financial Assets:        
Equity investments, carrying value 23,468 24,711    
Equity investment, estimated fair value 23,468 24,711    
Mortgage servicing rights, fair value 19,965 20,893    
Collateralized debt obligations:        
Subordinated debentures, carrying value 45,000 45,000    
Subordinated debentures, estimated fair value 39,355 40,526    
Senior unsecured notes, estimated fair value 0 0    
Level 3 | Mortgages        
Financial Assets:        
Mortgage servicing rights, carrying value 19,965 20,893    
Mortgage servicing rights, fair value 19,965 20,893    
Collateralized debt obligations:        
Mortgages payable on real estate, carrying value 276,032 332,131    
Mortgages payable on real estate, estimated fair value 269,948 325,301    
Level 3 | Residential loan securitizations at amortized cost, net        
Collateralized debt obligations:        
Carrying Value 353,041 363,645    
Collateralized debt obligations, fair value 336,430 349,037    
Level 3 | Consolidated SLST | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 983,717 1,006,919    
Collateralized debt obligations, fair value 983,717 1,006,919    
Level 3 | Total Residential loans        
Financial Assets:        
Residential loans, carrying value 4,498,027 4,358,175    
Residential mortgage loans at fair value 4,498,027 4,358,175    
Level 3 | Residential loans held for sale        
Financial Assets:        
Residential loans, carrying value 121,607 80,707    
Residential mortgage loans at fair value 121,607 80,707    
Level 3 | Multi-family loans, at fair value        
Financial Assets:        
Multi-family loans, carrying value 55,910 55,476    
Multi-family loans, estimated fair value 55,910 55,476    
Level 3 | IRLCs        
Financial Assets:        
Derivative asset, carrying value 1,155 691    
Derivative asset, estimated fair value $ 1,155 $ 691