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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
Investment securities were comprised of the following as of December 31, 2025 and 2024 (amounts in thousands):
Carrying Value as of
December 31, 2025December 31, 2024
RMBS, available-for-sale$88,283 $93,806 
RMBS, fair value option (1)404,688 421,122 
CMBS, fair value option (1), (2)1,284,863 1,225,024 
HTM debt securities, amortized cost net of credit loss allowance of $37,369 and $24,463
179,567 406,961 
Equity security, fair value628 5,146 
Subtotal—Investment securities
1,958,029 2,152,059 
VIE eliminations (1)(1,657,029)(1,618,801)
Total investment securities$301,000 $533,258 
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(1)Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.
(2)Includes $146.5 million and $148.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2025 and 2024, respectively.
Schedule of Purchases, Sales and Principal Collections for all Investment Securities
Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands):
RMBS,
available-for-sale		RMBS, fair
value option		CMBS, fair
value option		HTM
Securities
Equity Security
Securitization
VIEs (1)		Total
Year Ended December 31, 2025
Purchases/fundings
$— $— $172,906 
(2)
$73,308 $— $(164,593)$81,621 
Sales and redemptions
— — 4,193 — 5,063 — 9,256 
Principal collections8,071 39,372 92,071 295,408 — (130,571)304,351 
Year Ended December 31, 2024
Purchases/fundings$— $— $187,531 $80,798 $— $(179,623)$88,706 
Sales and redemptions
— — 12,923 — 3,690 (12,923)3,690 
Principal collections11,253 45,182 13,386 262,722 — (58,383)274,160 
Year Ended December 31, 2023
Purchases/fundings
$— $— $48,011 $11,578 $— $(48,011)$11,578 
Sales and redemptions
549 — — — 2,493 — 3,042 
Principal collections9,475 53,332 117,100 80,083 — (169,642)90,348 
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(1)Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated statements of cash flows.
(2)There was an additional $3.4 million of CMBS purchased from a consolidated partnership that is eliminated in consolidation.
Schedule of Investments in Available-for-Sale RMBS
The tables below summarize various attributes of our investments in available-for-sale RMBS as of December 31, 2025 and 2024 (amounts in thousands):
Unrealized Gains or (Losses)
Recognized in AOCI
Amortized
Cost		Credit
Loss
Allowance		Net
Basis		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Fair Value
Adjustment		Fair Value
December 31, 2025
RMBS$76,723 $— $76,723 $13,340 $(1,780)$11,560 $88,283 
December 31, 2024
RMBS$80,212 $— $80,212 $15,163 $(1,569)$13,594 $93,806 
Weighted Average Coupon (1)WAL 
(Years) (2)
December 31, 2025
RMBS4.5 %7.5
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(1)Calculated using the December 31, 2025 SOFR rate of 3.688% for floating rate securities.
(2)Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
Schedule of Gross Unrealized Losses and Estimated Fair Value of Securities With No Recorded Allowance for Credit Loss
The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of December 31, 2025 and 2024, and for which an allowance for credit losses has not been recorded (amounts in thousands):
Estimated Fair ValueUnrealized Losses
Securities with a
loss less than
12 months		Securities with a
loss greater than
12 months		Securities with a
loss less than
12 months		Securities with a
loss greater than
12 months
As of December 31, 2025
RMBS$480 $10,943 $— $(1,780)
As of December 31, 2024
RMBS$2,076 $9,742 $(178)$(1,391)
Schedule of Investments in HTM Securities
The table below summarizes our investments in HTM debt securities as of December 31, 2025 and 2024 (amounts in thousands):
Amortized
Cost Basis		Credit Loss
Allowance		Net Carrying
Amount		Gross Unrealized
Holding Gains		Gross Unrealized
Holding Losses		Fair Value
December 31, 2025
CMBS$92,629 $(13)$92,616 $603 $(11,436)$81,783 
Preferred interests82,844 (27,166)55,678 — (22,942)32,736 
Infrastructure bonds41,463 (10,190)31,273 650 — 31,923 
Total$216,936 $(37,369)$179,567 $1,253 $(34,378)$146,442 
December 31, 2024
CMBS$357,012 $(85)$356,927 $315 $(21,326)$335,916 
Preferred interests47,069 (14,308)32,761 — (3,568)29,193 
Infrastructure bonds27,343 (10,070)17,273 21 (9)17,285 
Total$431,424 $(24,463)$406,961 $336 $(24,903)$382,394 
Schedule of Activity in Credit Loss Allowance for HTM Debt Securities
The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total HTM
Credit Loss
Allowance
Credit loss allowance at December 31, 2022
$172 $— $3,010 $3,182 
Credit loss (reversal) provision, net
(8)2,898 7,071 9,961 
Credit loss allowance at December 31, 2023
164 2,898 10,081 13,143 
Credit loss (reversal) provision, net
(79)11,410 (11)11,320 
Credit loss allowance at December 31, 2024
85 14,308 10,070 24,463 
Credit loss (reversal) provision, net
(72)12,858 120 12,906 
Credit loss allowance at December 31, 2025
$13 $27,166 $10,190 $37,369 
Schedule of Maturities of our HTM Debt Securities
The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2025 (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total
Less than one year$25,453 $23,994 $— $49,447 
One to three years— 15,359 6,437 21,796 
Three to five years67,163 16,325 4,938 88,426 
Thereafter— — 19,898 19,898 
Total$92,616 $55,678 $31,273 $179,567