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Fair Value (Tables)

12 Months Ended

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.

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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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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