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Fair Value - Level III (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Changes in financial assets classified as Level III    
Balance at the beginning of the period $ 38,156,506 $ 42,980,382
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale (6,337,379) (6,113,566)
Net accretion $ 4,582 $ 4,449
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 $ (2,034) $ (1,758)
Purchases / Originations 1,147,227 1,736,065
Sales (1,198,805) (1,496,638)
Cash repayments / receipts (324,632) (235,432)
Transfers into Level III (109,804) (2,013,681)
Transfers out of Level III 1,306,325 1,319,562
Consolidation of VIEs 2,278,350 2,808,141
Deconsolidation of VIEs (62,423) (818,095)
Balance at the end of the period 34,857,913 38,156,506
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings (6,412,167) (6,194,298)
Included in OCI (2,034) (1,758)
Level III    
Total realized and unrealized gains (losses):    
Issuances   (12,923)
Loans at Fair Value    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 2,516,008 2,645,637
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 184,440 75,880
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 1,147,227 1,736,065
Sales (1,198,805) (1,496,638)
Cash repayments / receipts (224,490) (210,884)
Transfers into Level III 0 0
Transfers out of Level III (100,837) (234,052)
Consolidation of VIEs 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 2,323,543 2,516,008
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings 105,013 (9,645)
Included in OCI 0 0
Loans at Fair Value | Level III    
Total realized and unrealized gains (losses):    
Issuances   0
RMBS    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 93,806 102,368
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 0 0
Net accretion 4,582 4,449
Included in OCI (2,034) (1,758)
Purchases / Originations 0 0
Sales 0 0
Cash repayments / receipts (8,071) (11,253)
Transfers into Level III 0 0
Transfers out of Level III 0 0
Consolidation of VIEs 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 88,283 93,806
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings 4,582 4,449
Included in OCI (2,034) (1,758)
RMBS | Level III    
Total realized and unrealized gains (losses):    
Issuances   0
CMBS    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 27,345 18,600
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 1,724 439
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Cash repayments / receipts (872) (186)
Transfers into Level III 0 7,908
Transfers out of Level III 0 0
Consolidation of VIEs 0 0
Deconsolidation of VIEs 0 584
Balance at the end of the period 28,197 27,345
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings 1,781 783
Included in OCI 0 0
CMBS | Level III    
Total realized and unrealized gains (losses):    
Issuances   0
Woodstar Fund investments    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 2,073,533 2,012,833
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale (346,034) 60,700
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Cash repayments / receipts 0 0
Transfers into Level III 0 0
Transfers out of Level III 0 0
Consolidation of VIEs 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 1,727,499 2,073,533
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings (346,034) 60,700
Included in OCI 0 0
Woodstar Fund investments | Level III    
Total realized and unrealized gains (losses):    
Issuances   0
Domestic servicing rights, at fair value    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 22,390 19,384
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 5,890 3,006
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Cash repayments / receipts 0 0
Transfers into Level III 0 0
Transfers out of Level III 0 0
Consolidation of VIEs 0 0
Deconsolidation of VIEs 0 0
Balance at the end of the period 28,280 22,390
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings 5,890 3,006
Included in OCI 0 0
Domestic servicing rights, at fair value | Level III    
Total realized and unrealized gains (losses):    
Issuances   0
VIE assets    
Changes in financial assets classified as Level III    
Balance at the beginning of the period 38,937,576 43,786,356
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale (6,660,301) (6,765,427)
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Cash repayments / receipts 0 0
Transfers into Level III 0 0
Transfers out of Level III 0 0
Consolidation of VIEs 2,278,350 2,808,141
Deconsolidation of VIEs (62,461) (891,494)
Balance at the end of the period 34,493,164 38,937,576
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings (6,660,301) (6,765,427)
Included in OCI 0 0
VIE assets | Level III    
Total realized and unrealized gains (losses):    
Issuances   0
VIE liabilities    
Changes in financial assets classified as Level III    
Balance at the beginning of the period (5,514,152) (5,604,796)
Total realized and unrealized gains (losses):    
Change in fair value / gain on sale 476,902 511,836
Net accretion 0 0
Included in OCI 0 0
Purchases / Originations 0 0
Sales 0 0
Cash repayments / receipts (91,199) (13,109)
Transfers into Level III (109,804) (2,021,589)
Transfers out of Level III 1,407,162 1,553,614
Consolidation of VIEs 0 0
Deconsolidation of VIEs 38 72,815
Balance at the end of the period (3,831,053) (5,514,152)
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]    
Included in earnings 476,902 511,836
Included in OCI $ 0 0
VIE liabilities | Level III    
Total realized and unrealized gains (losses):    
Issuances   $ (12,923)