v3.26.1
Debt Obligations - Schedule of Credit and Repurchase Facilities (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Mar. 31, 2026
Debt Obligations      
Debt Carrying Value $ 5,812,258 $ 5,149,651  
Collateral Carrying Value $ 8,140,225 7,170,756  
Wtd. Avg. Note Rate 5.94%    
Outstanding principal balance repaid $ 26,500 26,500  
Notes payable - real estate owned 270,410 222,965  
Mortgages      
Debt Obligations      
Notes payable - real estate owned $ 270,400 $ 223,000  
BTR CLO 1      
Debt Obligations      
Wtd. Avg. Note Rate 6.18% 6.29%  
Investment grade notes retained $ 41,000 $ 41,000  
Structured Business      
Debt Obligations      
Debt Carrying Value 5,452,981 4,759,255  
Collateral Carrying Value $ 7,764,755 6,765,147  
Wtd. Avg. Note Rate 5.98%    
Deferred financing fees $ 9,400 11,700  
Structured Business | $1.66B repurchase facility      
Debt Obligations      
Maximum borrowing capacity 1,660,000    
Debt Carrying Value 1,543,778 1,149,944  
Collateral Carrying Value $ 2,145,982 1,555,403  
Wtd. Avg. Note Rate 5.56%    
Structured Business | $1.55B joint repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 1,550,000    
Debt Carrying Value 1,569,336 882,635  
Collateral Carrying Value $ 2,268,747 1,468,161  
Wtd. Avg. Note Rate 5.91%    
Structured Business | $1.00B repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 1,000,000    
Debt Carrying Value 857,560 879,499  
Collateral Carrying Value $ 1,256,534 1,207,513  
Wtd. Avg. Note Rate 6.49%    
Expiration period after the lender provides written notice 6 months    
Line of credit facility, repurchase period 6 months    
Structured Business | $850M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 850,000    
Debt Carrying Value 341,017 443,880  
Collateral Carrying Value $ 599,935 725,309  
Wtd. Avg. Note Rate 6.51%    
Structured Business | $650M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 650,000    
Debt Carrying Value 212,203 462,694  
Collateral Carrying Value $ 251,274 549,069  
Wtd. Avg. Note Rate 6.27%    
Structured Business | $400M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 400,000    
Debt Carrying Value 45,167 66,479  
Collateral Carrying Value $ 84,664 125,099  
Wtd. Avg. Note Rate 7.00%    
Structured Business | $400M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 400,000    
Debt Carrying Value 242,775 291,342  
Collateral Carrying Value $ 335,775 383,195  
Wtd. Avg. Note Rate 6.03%    
Structured Business | $350M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 350,000    
Debt Carrying Value 147,823 127,199  
Collateral Carrying Value $ 248,081 238,422  
Wtd. Avg. Note Rate 5.63%    
Structured Business | $300M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 300,000   $ 300,000
Debt Carrying Value 65,442 0  
Collateral Carrying Value $ 85,637 0  
Wtd. Avg. Note Rate 6.74%    
Structured Business | $250M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 250,000    
Debt Carrying Value 66,455 73,052  
Collateral Carrying Value $ 99,072 113,121  
Wtd. Avg. Note Rate 6.68%    
Structured Business | $250M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 250,000    
Debt Carrying Value 62,345 98,186  
Collateral Carrying Value $ 78,500 126,340  
Wtd. Avg. Note Rate 5.19%    
Structured Business | $250M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 250,000    
Debt Carrying Value 124,489 78,963  
Collateral Carrying Value $ 163,248 102,758  
Wtd. Avg. Note Rate 6.24%    
Structured Business | $200M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 200,000    
Debt Carrying Value 71,316 41,114  
Collateral Carrying Value $ 96,696 59,147  
Wtd. Avg. Note Rate 6.29%    
Structured Business | $40M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 40,000    
Debt Carrying Value 15,574 15,532  
Collateral Carrying Value $ 24,610 24,610  
Wtd. Avg. Note Rate 6.09%    
Structured Business | $35M working capital facility      
Debt Obligations      
Maximum borrowing capacity $ 35,000    
Debt Carrying Value 35,000 35,000  
Collateral Carrying Value $ 0 0  
Wtd. Avg. Note Rate 6.65%    
Structured Business | $21M loan specific credit facility      
Debt Obligations      
Maximum borrowing capacity $ 21,000    
Debt Carrying Value 20,798 63,456  
Collateral Carrying Value $ 26,000 87,000  
Wtd. Avg. Note Rate 5.83%    
Structured Business | Repurchase facility - securities      
Debt Obligations      
Debt Carrying Value $ 31,903 50,280  
Collateral Carrying Value $ 0 0  
Wtd. Avg. Note Rate 5.07%    
Agency Business      
Debt Obligations      
Debt Carrying Value $ 359,277 390,396  
Collateral Carrying Value $ 375,470 405,609  
Wtd. Avg. Note Rate 5.29%    
Deferred financing fees $ 300 300  
Agency Business | $750M ASAP agreement      
Debt Obligations      
Maximum borrowing capacity 750,000    
Debt Carrying Value 21,996 91,965  
Collateral Carrying Value $ 22,154 92,733  
Wtd. Avg. Note Rate 4.87%    
Agency Business | $500M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 500,000    
Debt Carrying Value 99,050 89,427  
Collateral Carrying Value $ 100,571 89,573  
Wtd. Avg. Note Rate 5.15%    
Agency Business | $200M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 200,000   $ 200,000
Debt Carrying Value 168,609 101,802  
Collateral Carrying Value $ 170,438 102,409  
Wtd. Avg. Note Rate 5.10%    
Agency Business | $200M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 200,000    
Debt Carrying Value 4,379 42,887  
Collateral Carrying Value $ 4,578 43,096  
Wtd. Avg. Note Rate 4.95%    
Agency Business | $100M joint repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 100,000    
Debt Carrying Value 65,243 64,315  
Collateral Carrying Value $ 77,729 $ 77,798  
Wtd. Avg. Note Rate 6.15%