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Debt Obligations - Schedule of Credit and Repurchase Facilities (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Obligations    
Debt Carrying Value $ 4,967,952 $ 5,149,651
Collateral Carrying Value $ 6,905,211 7,170,756
Wtd. Avg. Note Rate 6.07%  
Outstanding principal balance repaid $ 6,000 26,500
Notes payable - real estate owned 253,189 222,965
Mortgages    
Debt Obligations    
Notes payable - real estate owned $ 253,200 $ 223,000
BTR CLO 1    
Debt Obligations    
Wtd. Avg. Note Rate 6.22% 6.29%
Investment grade notes retained $ 41,000 $ 41,000
Structured Business    
Debt Obligations    
Debt Carrying Value 4,543,087 4,759,255
Collateral Carrying Value $ 6,463,033 6,765,147
Wtd. Avg. Note Rate 6.15%  
Deferred financing fees $ 9,600 11,700
Structured Business | $1.4B joint repurchase facility    
Debt Obligations    
Maximum borrowing capacity 1,400,000  
Debt Carrying Value 1,031,189 882,635
Collateral Carrying Value $ 1,569,762 1,468,161
Wtd. Avg. Note Rate 6.36%  
Structured Business | $1.22B repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 1,220,000  
Debt Carrying Value 1,175,995 1,149,944
Collateral Carrying Value $ 1,633,307 1,555,403
Wtd. Avg. Note Rate 5.66%  
Structured Business | $1B repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 1,000,000  
Debt Carrying Value 774,998 879,499
Collateral Carrying Value $ 1,082,767 1,207,513
Wtd. Avg. Note Rate 6.47%  
Expiration period after the lender provides written notice 6 months  
Line of credit facility, repurchase period 6 months  
Structured Business | $850M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 850,000  
Debt Carrying Value 356,589 443,880
Collateral Carrying Value $ 624,309 725,309
Wtd. Avg. Note Rate 6.50%  
Structured Business | $650M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 650,000  
Debt Carrying Value 381,913 462,694
Collateral Carrying Value $ 456,439 549,069
Wtd. Avg. Note Rate 6.19%  
Structured Business | $400M credit facility    
Debt Obligations    
Maximum borrowing capacity $ 400,000  
Debt Carrying Value 59,399 66,479
Collateral Carrying Value $ 117,164 125,099
Wtd. Avg. Note Rate 7.01%  
Structured Business | $400M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 400,000  
Debt Carrying Value 279,679 291,342
Collateral Carrying Value $ 379,619 383,195
Wtd. Avg. Note Rate 5.98%  
Structured Business | $350M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 350,000  
Debt Carrying Value 124,215 127,199
Collateral Carrying Value $ 217,645 238,422
Wtd. Avg. Note Rate 5.73%  
Structured Business | $300M credit facility    
Debt Obligations    
Maximum borrowing capacity $ 300,000  
Debt Carrying Value 7,551 0
Collateral Carrying Value $ 9,476 0
Wtd. Avg. Note Rate 6.76%  
Structured Business | $250M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 250,000  
Debt Carrying Value 85,803 73,052
Collateral Carrying Value $ 132,070 113,121
Wtd. Avg. Note Rate 6.79%  
Structured Business | $250M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 250,000  
Debt Carrying Value 0 98,186
Collateral Carrying Value $ 0 126,340
Wtd. Avg. Note Rate 0.00%  
Structured Business | $250M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 250,000  
Debt Carrying Value 95,417 78,963
Collateral Carrying Value $ 124,588 102,758
Wtd. Avg. Note Rate 6.25%  
Structured Business | $200M credit facility    
Debt Obligations    
Maximum borrowing capacity $ 200,000  
Debt Carrying Value 48,665 41,114
Collateral Carrying Value $ 65,277 59,147
Wtd. Avg. Note Rate 6.30%  
Structured Business | $22M loan specific credit facility    
Debt Obligations    
Maximum borrowing capacity $ 22,000  
Debt Carrying Value 20,792 63,456
Collateral Carrying Value $ 26,000 87,000
Wtd. Avg. Note Rate 5.84%  
Structured Business | $40M credit facility    
Debt Obligations    
Maximum borrowing capacity $ 40,000  
Debt Carrying Value 15,570 15,532
Collateral Carrying Value $ 24,610 24,610
Wtd. Avg. Note Rate 6.10%  
Structured Business | $35M working capital facility    
Debt Obligations    
Maximum borrowing capacity $ 35,000  
Debt Carrying Value 35,000 35,000
Collateral Carrying Value $ 0 0
Wtd. Avg. Note Rate 6.66%  
Structured Business | Repurchase facility - securities    
Debt Obligations    
Debt Carrying Value $ 50,312 50,280
Collateral Carrying Value $ 0 0
Wtd. Avg. Note Rate 5.09%  
Agency Business    
Debt Obligations    
Debt Carrying Value $ 424,865 390,396
Collateral Carrying Value $ 442,178 405,609
Wtd. Avg. Note Rate 5.24%  
Deferred financing fees $ 300 300
Agency Business | $750M ASAP agreement    
Debt Obligations    
Maximum borrowing capacity 750,000  
Debt Carrying Value 253,768 91,965
Collateral Carrying Value $ 257,537 92,733
Wtd. Avg. Note Rate 4.88%  
Agency Business | $500M repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 500,000  
Debt Carrying Value 23,169 89,427
Collateral Carrying Value $ 23,573 89,573
Wtd. Avg. Note Rate 5.16%  
Agency Business | $200M credit facility    
Debt Obligations    
Maximum borrowing capacity $ 200,000  
Debt Carrying Value 62,162 101,802
Collateral Carrying Value $ 62,568 102,409
Wtd. Avg. Note Rate 5.37%  
Agency Business | $200M credit facility    
Debt Obligations    
Maximum borrowing capacity $ 200,000  
Debt Carrying Value 20,549 42,887
Collateral Carrying Value $ 20,738 43,096
Wtd. Avg. Note Rate 6.07%  
Agency Business | $100M joint repurchase facility    
Debt Obligations    
Maximum borrowing capacity $ 100,000  
Debt Carrying Value 65,217 64,315
Collateral Carrying Value $ 77,762 $ 77,798
Wtd. Avg. Note Rate 6.27%