XML 121 R108.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Significant and Unobservable Inputs Used in the Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details)
3 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Consolidated SLST    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Carrying Value $ 1,079,768,000 $ 593,737,000
Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Carrying Value 1,079,768,000 593,737,000
Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Variable interest entity, primary beneficiary, maximum loss exposure, amount 151,200,000 157,200,000
Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, at fair value 3,103,105,000  
Fair Value 137,943,000 147,116,000
Level 3 | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Carrying Value 582,627,000 $ 593,737,000
Level 3 | Valuation Technique, Discounted Cash Flow | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 102,478,000  
Level 3 | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity method investment, measurement input 0  
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity method investment, measurement input 0.140  
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity method investment, measurement input 0.130  
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity method investment, measurement input 0.155  
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, assumed redemption period (in months) 20 months  
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, assumed redemption period (in months) 5 months  
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, assumed redemption period (in months) 52 months  
Level 3 | Residential loans and residential loans held in securitization trusts | Valuation Technique, Discounted Cash Flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, at fair value $ 2,164,114,000  
Level 3 | Residential loans and residential loans held in securitization trusts | Valuation Technique, Liquidation Model    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, at fair value $ 200,865,000  
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.048  
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0  
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.565  
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.007  
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0  
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.221  
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.119  
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0  
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 1.000  
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.076  
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.051  
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.432  
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.075  
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.075  
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.269  
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.002  
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0  
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input 0.136  
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input, liquidation timeline (in months) 18 months  
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input, liquidation timeline (in months) 9 months  
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, measurement input, liquidation timeline (in months) 50 months  
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, at fair value $ 2,064,802  
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, at fair value 14,000  
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, at fair value 12,750,000  
Level 3 | Multi-family loans | Valuation Technique, Discounted Cash Flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Multi-family loans $ 91,905,000  
Level 3 | Multi-family loans | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0  
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.122  
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.110  
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.205  
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, assumed redemption period (in months) 31 months  
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, assumed redemption period (in months) 2 months  
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, assumed redemption period (in months) 54 months  
Level 3 | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Residential mortgage loans, at fair value $ 738,126,000  
Variable interest entity, primary beneficiary, maximum loss exposure, amount 151,200,000  
Level 3 | Consolidated SLST | Valuation Technique, Discounted Cash Flow | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Carrying Value $ 582,627,000  
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.211  
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.108  
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.513  
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.059  
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.050  
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.100  
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.061  
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.026  
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.070  
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.013  
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0  
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt, measurement input 0.086