v3.26.1
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Schedule of Assets and Liabilities of Consolidated Real Estate VIE's (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents $ 208,915 $ 210,333 $ 177,072  
Other assets 433,859 428,772    
Total Assets [1] 12,790,341 12,638,847    
Carrying Value 3,468,944 3,511,802    
Other liabilities 183,883 205,623    
Total Liabilities [1] 11,332,524 11,208,410    
Non-controlling interest in Consolidated VIEs (2,722) 499    
Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value 3,115,903 3,148,157    
Residential loan securitizations at amortized cost, net        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value 353,041 363,645    
VIE, Primary Beneficiary        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Real estate, net held in Consolidated VIEs 465,846 553,496    
Total Assets 4,238,982 4,367,560    
Total Liabilities 3,775,241 3,881,273    
Redeemable non-controlling interest in Consolidated VIEs 4,078 3,016 $ 13,382 $ 12,359
VIE, Primary Beneficiary | Financing And Other VIEs        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 3,914 3,853    
Residential loans, at fair value 3,736,776 3,774,212    
Real estate, net held in Consolidated VIEs 344,507 424,655    
Other assets 153,785 164,840    
Total Assets 4,238,982 4,367,560    
Carrying Value 3,468,944 3,511,802    
Mortgages payable on real estate, net in Consolidated VIEs 276,032 332,131    
Other liabilities 30,265 37,340    
Total Liabilities 3,775,241 3,881,273    
Redeemable non-controlling interest in Consolidated VIEs 4,078 3,016    
Non-controlling interest in Consolidated VIEs (2,847) 374    
Net investment 462,510 482,897    
VIE, Primary Beneficiary | Financing VIEs        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 0 0    
Residential loans, at fair value 2,598,709 2,608,535    
Real estate, net held in Consolidated VIEs 0 0    
Other assets 106,105 132,428    
Total Assets 2,704,814 2,740,963    
Carrying Value 2,485,227 2,504,883    
Mortgages payable on real estate, net in Consolidated VIEs 0 0    
Other liabilities 14,720 17,317    
Total Liabilities 2,499,947 2,522,200    
Redeemable non-controlling interest in Consolidated VIEs 0 0    
Non-controlling interest in Consolidated VIEs 0 0    
Net investment 204,867 218,763    
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 1,138,067 1,165,677    
Real estate, net held in Consolidated VIEs 0 0    
Other assets 4,374 4,489    
Total Assets 1,142,441 1,170,166    
Carrying Value 983,717 1,006,919    
Mortgages payable on real estate, net in Consolidated VIEs 0 0    
Other liabilities 10,693 10,368    
Total Liabilities 994,410 1,017,287    
Redeemable non-controlling interest in Consolidated VIEs 0 0    
Non-controlling interest in Consolidated VIEs 0 0    
Net investment 148,031 152,879    
VIE, Primary Beneficiary | Consolidated Real Estate        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 3,914 3,853    
Residential loans, at fair value 0 0    
Real estate, net held in Consolidated VIEs 344,507 424,655    
Other assets 43,306 27,923    
Total Assets 391,727 456,431    
Carrying Value 0 0    
Mortgages payable on real estate, net in Consolidated VIEs 276,032 332,131    
Other liabilities 4,852 9,655    
Total Liabilities 280,884 341,786    
Redeemable non-controlling interest in Consolidated VIEs 4,078 3,016    
Non-controlling interest in Consolidated VIEs (2,847) 374    
Net investment 109,612 111,255    
VIE, Primary Beneficiary | Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value 3,115,903 363,645    
VIE, Primary Beneficiary | Residential loan securitizations at amortized cost, net        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value $ 353,041 $ 3,148,157    
[1] Our condensed 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 March 31, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,238,982 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $3,775,241 and $3,881,273, respectively. See Note 7 for further discussion.