v3.26.3
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
Sep. 30, 2026
Jun. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Cash and cash equivalents $ 262,360   $ 210,333 $ 185,285    
Investment securities available for sale, at fair value 7,343,161   6,904,781      
Other assets 461,966   428,772      
Total Assets 13,524,175 [1]   12,638,847 [1] 12,401,862    
Carrying Value 3,791,951   3,511,802      
Other liabilities 244,595   205,623      
Total Liabilities [1] 12,251,195   11,208,410      
Non-controlling interest in Consolidated VIEs (3,251)   499      
Consolidated SLST            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Carrying Value 3,463,270   3,148,157      
Residential loan securitizations at amortized cost, net            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Carrying Value 328,681   363,645      
VIE, Primary Beneficiary            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Real estate, net held in Consolidated VIEs 439,590   553,496      
Total Assets 4,441,415   4,367,560      
Total Liabilities 4,101,990   3,881,273      
Redeemable non-controlling interest in Consolidated VIEs 80 $ 2,529 3,016 $ 13,713 $ 12,782 $ 12,359
VIE, Primary Beneficiary | Financing And Other VIEs            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Cash and cash equivalents 3,718   3,853      
Investment securities available for sale, at fair value 11,927          
Residential loans, at fair value 4,007,181   3,774,212      
Real estate, net held in Consolidated VIEs 338,243   424,655      
Other assets 80,346   164,840      
Total Assets 4,441,415   4,367,560      
Carrying Value 3,791,951   3,511,802      
Mortgages payable on real estate, net in Consolidated VIEs 274,923   332,131      
Other liabilities 35,116   37,340      
Total Liabilities 4,101,990   3,881,273      
Redeemable non-controlling interest in Consolidated VIEs 80   3,016      
Non-controlling interest in Consolidated VIEs (3,376)   374      
Net investment 342,721   482,897      
VIE, Primary Beneficiary | Financing VIEs            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Cash and cash equivalents 0   0      
Investment securities available for sale, at fair value 11,927          
Residential loans, at fair value 2,959,623   2,608,535      
Real estate, net held in Consolidated VIEs 0   0      
Other assets 63,691   132,428      
Total Assets 3,035,241   2,740,963      
Carrying Value 2,876,253   2,504,883      
Mortgages payable on real estate, net in Consolidated VIEs 0   0      
Other liabilities 14,238   17,317      
Total Liabilities 2,890,491   2,522,200      
Redeemable non-controlling interest in Consolidated VIEs 0   0      
Non-controlling interest in Consolidated VIEs 0   0      
Net investment 144,750   218,763      
VIE, Primary Beneficiary | Consolidated SLST            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Cash and cash equivalents 0   0      
Investment securities available for sale, at fair value 0          
Residential loans, at fair value 1,047,558   1,165,677      
Real estate, net held in Consolidated VIEs 0   0      
Other assets 4,198   4,489      
Total Assets 1,051,756   1,170,166      
Carrying Value 915,698   1,006,919      
Mortgages payable on real estate, net in Consolidated VIEs 0   0      
Other liabilities 12,642   10,368      
Total Liabilities 928,340   1,017,287      
Redeemable non-controlling interest in Consolidated VIEs 0   0      
Non-controlling interest in Consolidated VIEs 0   0      
Net investment 123,416   152,879      
VIE, Primary Beneficiary | Consolidated Real Estate            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Cash and cash equivalents 3,718   3,853      
Investment securities available for sale, at fair value 0          
Residential loans, at fair value 0   0      
Real estate, net held in Consolidated VIEs 338,243   424,655      
Other assets 12,457   27,923      
Total Assets 354,418   456,431      
Carrying Value 0   0      
Mortgages payable on real estate, net in Consolidated VIEs 274,923   332,131      
Other liabilities 8,236   9,655      
Total Liabilities 283,159   341,786      
Redeemable non-controlling interest in Consolidated VIEs 80   3,016      
Non-controlling interest in Consolidated VIEs (3,376)   374      
Net investment 74,555   111,255      
VIE, Primary Beneficiary | Consolidated SLST            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Carrying Value 3,463,270   3,148,157      
VIE, Primary Beneficiary | Residential loan securitizations at amortized cost, net            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Carrying Value $ 328,681   $ 363,645      
[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 September 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,441,415 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $4,101,990 and $3,881,273, respectively. See Note 7 for further discussion.