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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis | The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the consolidated balance sheets by their level in the fair value hierarchy as of December 31, 2025 and 2024 (amounts in thousands):
| December 31, 2025
| Total |  | Level I |  | Level II |  | Level III
Financial Assets: |  |  |  |  |  |  |
Loans under fair value option | $ | 2,323,543 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,323,543 |
RMBS | 88,283 |  |  | — |  |  | — |  |  | 88,283 |
CMBS | 32,522 |  |  | — |  |  | 4,325 |  |  | 28,197 |
Equity security | 628 |  |  | 628 |  |  | — |  |  | — |
Woodstar Fund investments | 1,727,499 |  |  | — |  |  | — |  |  | 1,727,499 |
Domestic servicing rights | 28,280 |  |  | — |  |  | — |  |  | 28,280 |
Derivative assets | 45,813 |  |  | — |  |  | 45,813 |  |  | — |
VIE assets | 34,493,164 |  |  | — |  |  | — |  |  | 34,493,164 |
Total | $ | 38,739,732 |  |  | $ | 628 |  |  | $ | 50,138 |  |  | $ | 38,688,966 |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 83,983 |  |  | $ | — |  |  | $ | 83,983 |  |  | $ | — |
VIE liabilities | 32,803,806 |  |  | — |  |  | 28,972,753 |  |  | 3,831,053 |
Total | $ | 32,887,789 |  |  | $ | — |  |  | $ | 29,056,736 |  |  | $ | 3,831,053 |
| December 31, 2024
| Total |  | Level I |  | Level II |  | Level III
Financial Assets: |  |  |  |  |  |  |
Loans under fair value option | $ | 2,516,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,516,008 |
RMBS | 93,806 |  |  | — |  |  | — |  |  | 93,806 |
CMBS | 27,345 |  |  | — |  |  | — |  |  | 27,345 |
Equity security | 5,146 |  |  | 5,146 |  |  | — |  |  | — |
Woodstar Fund investments | 2,073,533 |  |  | — |  |  | — |  |  | 2,073,533 |
Domestic servicing rights | 22,390 |  |  | — |  |  | — |  |  | 22,390 |
Derivative assets | 175,520 |  |  | — |  |  | 175,520 |  |  | — |
VIE assets | 38,937,576 |  |  | — |  |  | — |  |  | 38,937,576 |
Total | $ | 43,851,324 |  |  | $ | 5,146 |  |  | $ | 175,520 |  |  | $ | 43,670,658 |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 94,890 |  |  | $ | — |  |  | $ | 94,890 |  |  | $ | — |
VIE liabilities | 37,288,545 |  |  | — |  |  | 31,774,393 |  |  | 5,514,152 |
Total | $ | 37,383,435 |  |  | $ | — |  |  | $ | 31,869,283 |  |  | $ | 5,514,152 |
Schedule of Changes in Financial Assets and Liabilities Classified as Level III | The changes in financial assets and liabilities classified as Level III are as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):
|  | Loans at Fair Value |  | RMBS |  | CMBS |  | Woodstar Fund Investments |  | Domestic Servicing Rights |  | VIE Assets |  | VIE Liabilities |  | Total
January 1, 2024 balance |  | $ | 2,645,637 |  |  | $ | 102,368 |  |  | $ | 18,600 |  |  | $ | 2,012,833 |  |  | $ | 19,384 |  |  | $ | 43,786,356 |  |  | $ | (5,604,796) |  |  | $ | 42,980,382 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value / gain on sale |  | 75,880 |  |  | — |  |  | 439 |  |  | 60,700 |  |  | 3,006 |  |  | (6,765,427) |  |  | 511,836 |  |  | (6,113,566) |
Net accretion |  | — |  |  | 4,449 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,449 |
Included in OCI |  | — |  |  | (1,758) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,758) |
Purchases / Originations |  | 1,736,065 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,736,065 |
Sales |  | (1,496,638) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,496,638) |
Issuances |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,923) |  |  | (12,923) |
Cash repayments / receipts |  | (210,884) |  |  | (11,253) |  |  | (186) |  |  | — |  |  | — |  |  | — |  |  | (13,109) |  |  | (235,432) |
Transfers into Level III |  | — |  |  | — |  |  | 7,908 |  |  | — |  |  | — |  |  | — |  |  | (2,021,589) |  |  | (2,013,681) |
Transfers out of Level III |  | (234,052) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,553,614 |  |  | 1,319,562 |
Consolidation of VIEs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,808,141 |  |  | — |  |  | 2,808,141 |
Deconsolidation of VIEs |  | — |  |  | — |  |  | 584 |  |  | — |  |  | — |  |  | (891,494) |  |  | 72,815 |  |  | (818,095) |
December 31, 2024 balance |  | 2,516,008 |  |  | 93,806 |  |  | 27,345 |  |  | 2,073,533 |  |  | 22,390 |  |  | 38,937,576 |  |  | (5,514,152) |  |  | 38,156,506 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value / gain on sale |  | 184,440 |  |  | — |  |  | 1,724 |  |  | (346,034) |  |  | 5,890 |  |  | (6,660,301) |  |  | 476,902 |  |  | (6,337,379) |
Net accretion |  | — |  |  | 4,582 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,582 |
Included in OCI |  | — |  |  | (2,034) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,034) |
Purchases / Originations |  | 1,147,227 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,147,227 |
Sales |  | (1,198,805) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,198,805) |
Cash repayments / receipts |  | (224,490) |  |  | (8,071) |  |  | (872) |  |  | — |  |  | — |  |  | — |  |  | (91,199) |  |  | (324,632) |
Transfers into Level III |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (109,804) |  |  | (109,804) |
Transfers out of Level III |  | (100,837) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,407,162 |  |  | 1,306,325 |
Consolidation of VIEs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,278,350 |  |  | — |  |  | 2,278,350 |
Deconsolidation of VIEs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62,461) |  |  | 38 |  |  | (62,423) |
December 31, 2025 balance |  | $ | 2,323,543 |  |  | $ | 88,283 |  |  | $ | 28,197 |  |  | $ | 1,727,499 |  |  | $ | 28,280 |  |  | $ | 34,493,164 |  |  | $ | (3,831,053) |  |  | $ | 34,857,913 |
Amount of unrealized gains (losses) attributable to assets still held at December 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  | $ | 105,013 |  |  | $ | 4,582 |  |  | $ | 1,781 |  |  | $ | (346,034) |  |  | $ | 5,890 |  |  | $ | (6,660,301) |  |  | $ | 476,902 |  |  | $ | (6,412,167) |
Included in OCI |  | — |  |  | (2,034) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,034) |
Amount of unrealized (losses) gains attributable to assets still held at December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  | $ | (9,645) |  |  | $ | 4,449 |  |  | $ | 783 |  |  | $ | 60,700 |  |  | $ | 3,006 |  |  | $ | (6,765,427) |  |  | $ | 511,836 |  |  | $ | (6,194,298) |
Included in OCI |  | — |  |  | (1,758) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,758) |
Schedule of Fair Value of Financial Instruments not Carried at Fair Value | The following table presents the fair values of our financial instruments not carried at fair value on the consolidated balance sheets (amounts in thousands):
| December 31, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets not carried at fair value: |  |  |  |  |  |  |
Loans | $ | 18,862,712 |  |  | $ | 18,996,541 |  |  | $ | 15,437,013 |  |  | $ | 15,546,013 |
HTM debt securities | 179,567 |  |  | 146,442 |  |  | 406,961 |  |  | 382,394 |
Financial liabilities not carried at fair value: |  |  |  |  |  |  |
Secured financing agreements | $ | 12,678,948 |  |  | $ | 12,785,314 |  |  | $ | 11,151,557 |  |  | $ | 11,215,974 |
Securitized financing | 5,131,453 |  |  | 5,154,262 |  |  | 3,196,426 |  |  | 3,190,559 |
Unsecured senior notes | 4,283,836 |  |  | 4,438,777 |  |  | 2,994,682 |  |  | 3,017,102 |
Schedule of Quantitative Information for Level 3 Measurements for Assets and Liabilities Measured at Fair Value on Recurring Basis | The following is quantitative information about significant unobservable inputs in our Level III measurements for those assets and liabilities measured at fair value on a recurring basis (dollars in thousands):
| Carrying Value at December 31, 2025 |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) as of (1)
|  |  |  | December 31, 2025 |  | December 31, 2024
Loans under fair value option | $ | 2,323,543 |  |  | Discounted cash flow, market pricing |  | Coupon (d) |  | 2.8% - 10.8% (4.5%) |  | 2.8% - 10.5% (4.6%)
|  |  |  |  | Remaining contractual term (d) |  | 2.3 - 36.5 years (25.5 years) |  | 3.3 - 37.5 years (25.9 years)
|  |  |  |  | FICO score (a) |  | 585 - 829 (750) |  | 585 - 829 (750)
|  |  |  |  | LTV (b) |  | 1% - 100% (63%) |  | 4% - 93% (64%)
|  |  |  |  | Purchase price (d) |  | 80.0% - 106.8% (101.3%) |  | 80.0% - 106.8% (101.3%)
RMBS | 88,283 |  |  | Discounted cash flow |  | Constant prepayment rate (a) |  | 2.2% - 11.0% (4.6%) |  | 2.2% - 9.2% (4.5%)
|  |  |  |  | Constant default rate (b) |  | 0.7% - 7.5% (1.5%) |  | 0.8% - 3.3% (1.6%)
|  |  |  |  | Loss severity (b) |  | 0% - 81% (10%) |  | 0% - 62% (13%)
|  |  |  |  | Delinquency rate (c) |  | 7% - 24% (13%) |  | 8% - 25% (13%)
|  |  |  |  | Servicer advances (a) |  | 31% - 70% (49%) |  | 22% - 78% (51%)
CMBS | 28,197 |  |  | Discounted cash flow |  | Yield (b) |  | 0% - 63.9% (10.7%) |  | 0% - 58.5% (12.6%)
|  |  |  |  | Duration (c) |  | 0 - 6.7 years (1.3 years) |  | 0 - 6.7 years (2.2 years)
Woodstar Fund investments | 1,727,499 |  |  | Discounted cash flow |  | Discount rate - properties (b) |  | 7.0% - 7.8% (7.5%) |  | 6.5% - 7.3% (7.0%)
|  |  |  |  | Discount rate - debt (a) |  | 3.2% - 5.6% (4.9%) |  | 3.0% - 6.4% (4.7%)
|  |  |  |  | Terminal capitalization rate (b) |  | 5.0% - 5.8% (5.5%) |  | 4.8% - 5.5% (5.2%)
|  |  |  |  | Implied capitalization rate (b) |  | 4.99% (4.99%) |  | 4.43% (4.43%)
Domestic servicing rights | 28,280 |  |  | Discounted cash flow |  | Debt yield (a) |  | 9.00% (9.00%) |  | 8.50% (8.50%)
|  |  |  |  | Discount rate (b) |  | 15% (15%) |  | 15% (15%)
VIE assets | 34,493,164 |  |  | Discounted cash flow |  | Yield (b) |  | 0% - 420.1% (22.1%) |  | 0% - 753.1% (26.4%)
|  |  |  |  | Duration (c) |  | 0 - 8.0 years (3.3 years) |  | 0 - 9.0 years (2.6 years)
VIE liabilities | 3,831,053 |  |  | Discounted cash flow |  | Yield (b) |  | 0% - 420.1% (12.1%) |  | 0% - 753.1% (17.1%)
|  |  |  |  | Duration (c) |  | 0 - 8.0 years (2.9 years) |  | 0 - 9.0 years (2.0 years)
______________________________________________________________________________________________________________________ (1)Unobservable inputs were weighted by the relative carrying value of the instruments as of December 31, 2025 and 2024. Information about Uncertainty of Fair Value Measurements (a)Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement. (b)Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement. (c)Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) fair value measurement depending on the structural features of the security in question. (d)This unobservable input is not subject to variability as of the respective reporting dates.

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues and settlements (each type disclosed separately); and (3) transfers in and transfers out of level 3 (for example, transfers due to changes in the observability of significant inputs) by class of asset and liability. + References No definition available. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets and liabilities. This disclosure may include, but is not limited to, the fair value of the assets and liabilities, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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