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Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financial Assets:      
Cash and cash equivalents $ 187,107 $ 244,718 $ 289,602
Equity investments 147,116 179,746  
Equity investments in disposal group held for sale, carrying value 0 9,010  
Derivative assets 6,510 2,473  
Financial Liabilities:      
Repurchase agreements 2,471,113 737,023  
Collateralized debt obligations:      
Collateralized debt obligations 1,870,517 2,102,717  
Subordinated debentures 45,000 45,000  
Senior unsecured notes 98,111 $ 97,384  
Mortgages payable on real estate $ 934,053    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
VIE, Primary Beneficiary | Mortgage payable on real estate      
Collateralized debt obligations:      
Mortgages payable on real estate $ 784,421 $ 394,707  
Residential loan securitizations at amortized cost, net      
Collateralized debt obligations:      
Collateralized debt obligations 1,276,780 1,468,222  
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Collateralized debt obligations 1,276,780 1,468,222  
Consolidated SLST CDOs      
Collateralized debt obligations:      
Collateralized debt obligations 593,737 634,495  
Consolidated SLST CDOs | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Collateralized debt obligations 593,737 634,495  
Level 1      
Financial Assets:      
Cash and cash equivalents 187,107 244,718  
Cash and cash equivalents, estimated fair value 187,107 244,718  
Level 3      
Financial Assets:      
Equity investments 147,116 179,746  
Equity investments, estimated fair value 147,116 179,746  
Equity investments in disposal group held for sale, carrying value 0 9,010  
Equity investments in disposal group held for sale, estimated fair value 0 9,010  
Collateralized debt obligations:      
Subordinated debentures 45,000 45,000  
Subordinated debentures, fair value 32,137 32,721  
Level 3 | Mortgage payable on real estate      
Collateralized debt obligations:      
Mortgages payable on real estate 784,421 394,707  
Mortgages payable on operating real estate, fair value 761,194 377,327  
Mortgages payable on real estate in disposal group held for sale, carrying value 378,386 865,414  
Mortgages payable on real estate in disposal group held for sale, estimated fair value 377,735 864,758  
Level 3 | Residential loan securitizations at amortized cost, net      
Collateralized debt obligations:      
Collateralized debt obligations 1,276,780 1,468,222  
Collateralized debt obligations, fair value 1,237,531 1,383,715  
Level 3 | Consolidated SLST CDOs | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Collateralized debt obligations 593,737 634,495  
Collateralized debt obligations, fair value 593,737 634,495  
Level 3 | Residential loans      
Financial Assets:      
Residential loans, carrying value 3,084,303 3,525,080  
Residential mortgage loans at fair value 3,084,303 3,525,080  
Level 3 | Multi-family loans      
Financial Assets:      
Preferred equity and mezzanine loan investments 95,792 87,534  
Preferred equity and mezzanine loan investments, estimated fair value 95,792 87,534  
Level 2      
Financial Assets:      
Investment securities, available for sale 2,013,817 99,559  
Derivative assets 6,510 2,473  
Derivative asset, estimated fair value 6,510 2,473  
Derivative assets in disposal group held for sale, carrying value 2,960 29,418  
Derivative assets in disposal group held for sale, estimated fair value 2,960 29,418  
Collateralized debt obligations:      
Senior unsecured notes 98,111 97,384  
Senior unsecured notes, fair value 94,952 91,104  
Level 2 | Repurchase agreements      
Financial Liabilities:      
Repurchase agreements $ 2,471,113 $ 737,023