v3.26.1
Fair Value - Level III (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Changes in financial assets classified as Level III    
Balance at the beginning of the period $ 34,857,913 $ 38,156,506
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale (1,801,762) (1,099,605)
Net accretion $ 1,052 $ 1,075
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Available-for-sale securities Available-for-sale securities
Included in OCI $ (679) $ (867)
Purchases / Originations 232,810 231,109
Sales (182,087) (297,319)
Issuances (3,865)  
Cash repayments / receipts (83,492) (118,786)
Transfers into Level III (64,161) (7,595)
Transfers out of Level III (12,195) 1,341,388
Deconsolidation of VIEs (116,124) (62,423)
Balance at the end of the period 32,827,410 38,143,483
Amount of unrealized gains (losses) attributable to assets    
Included in earnings (1,810,921) (1,117,823)
Included in OCI (679) (867)
Loans under fair value option    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 2,323,543 2,516,008
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale (12,668) 58,404
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 232,810 231,109
Sales (182,087) (297,319)
Issuances 0  
Cash repayments / receipts (38,077) (54,628)
Transfers into Level III 28 0
Transfers out of Level III (12,198) (6,938)
Deconsolidation of VIEs 0 0
Balance at the end of the period 2,311,351 2,446,636
Amount of unrealized gains (losses) attributable to assets    
Included in earnings (22,879) 39,054
Included in OCI 0 0
RMBS    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 88,283 93,806
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 0 0
Net accretion 1,052 1,075
Included in OCI (679) (867)
Purchases / Originations 0 0
Sales 0 0
Issuances 0  
Cash repayments / receipts (1,939) (2,073)
Transfers into Level III 0 0
Transfers out of Level III 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 86,717 91,941
Amount of unrealized gains (losses) attributable to assets    
Included in earnings 1,052 1,075
Included in OCI (679) (867)
CMBS    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 28,197 27,345
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 81 (29)
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Issuances 0  
Cash repayments / receipts (366) (45)
Transfers into Level III 4,325 0
Transfers out of Level III 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 32,237 27,271
Amount of unrealized gains (losses) attributable to assets    
Included in earnings 81 28
Included in OCI 0 0
Woodstar Fund investments    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 1,727,499 2,073,533
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 1,934 (8,035)
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Issuances 0  
Cash repayments / receipts 0 0
Transfers into Level III 0 0
Transfers out of Level III 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 1,729,433 2,065,498
Amount of unrealized gains (losses) attributable to assets    
Included in earnings 1,934 (8,035)
Included in OCI 0 0
Domestic servicing rights    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 28,280 22,390
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale (537) 753
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Issuances 0  
Cash repayments / receipts 0 0
Transfers into Level III 0 0
Transfers out of Level III 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 27,743 23,143
Amount of unrealized gains (losses) attributable to assets    
Included in earnings (537) 753
Included in OCI 0 0
VIE Assets    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 34,493,164 38,937,576
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale (1,976,708) (1,404,497)
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Issuances 0  
Cash repayments / receipts 0 0
Transfers into Level III 0 0
Transfers out of Level III 0 0
Deconsolidation of VIEs (116,644) (62,461)
Balance at the end of the period 32,399,812 37,470,618
Amount of unrealized gains (losses) attributable to assets    
Included in earnings (1,976,708) (1,404,497)
Included in OCI 0 0
VIE Liabilities    
Changes in financial assets classified as Level III    
Balance at the beginning of the period (3,831,053) (5,514,152)
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 186,136 253,799
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Issuances (3,865)  
Cash repayments / receipts (43,110) (62,040)
Transfers into Level III (68,514) (7,595)
Transfers out of Level III 3 1,348,326
Deconsolidation of VIEs 520 38
Balance at the end of the period (3,759,883) (3,981,624)
Amount of unrealized gains (losses) attributable to assets    
Included in earnings 186,136 253,799
Included in OCI $ 0 $ 0