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Fair Value of Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of the Company's Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Financial Assets:      
Cash and cash equivalents $ 195,066 $ 187,107 $ 228,333
Equity Investments, carrying value 146,833 147,116  
Derivative Asset, carrying value 1,481 6,510  
Collateralized debt obligations:      
Subordinated debentures, carrying value 45,000 45,000  
Senior unsecured notes:      
Senior unsecured notes, carrying value 159,587 $ 98,111  
Mortgages payable on real estate, carrying value $ 699,396    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Fair Value, Measurements, Recurring      
Financial Assets:      
Equity Investment, estimated fair value $ 146,833 $ 147,116  
VIE, Primary Beneficiary      
Financial Assets:      
Residential loans, carrying value 285,057    
Collateralized debt obligations:      
Carrying Value 275,200    
VIE, Primary Beneficiary | Mortgages      
Senior unsecured notes:      
Mortgages payable on real estate, carrying value 492,321 784,421  
Residential loan securitizations at amortized cost, net      
Collateralized debt obligations:      
Carrying Value 902,038 1,276,780  
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Carrying Value 902,038 1,276,780  
Consolidated SLST      
Collateralized debt obligations:      
Carrying Value 1,900,228 593,737  
Consolidated SLST | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Carrying Value 1,900,228 593,737  
Senior unsecured notes at amortized cost, net      
Senior unsecured notes:      
Senior unsecured notes, carrying value 98,687 98,111  
Senior unsecured notes at fair value      
Senior unsecured notes:      
Senior unsecured notes, carrying value 60,900    
Level 1 | Fair Value, Measurements, Recurring      
Financial Assets:      
Cash and cash equivalents 195,066 187,107  
Cash and cash equivalents, estimated fair value 195,066 187,107  
Equity Investment, estimated fair value 0 0  
Level 3 | Fair Value, Measurements, Recurring      
Financial Assets:      
Equity Investments, carrying value 146,833 147,116  
Equity Investment, estimated fair value 146,833 147,116  
Collateralized debt obligations:      
Subordinated debentures, carrying value 45,000 45,000  
Subordinated debentures, estimated fair value 39,198 32,137  
Level 3 | Mortgages | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Mortgages payable on real estate, carrying value 492,321 784,421  
Mortgages payable on real estate, estimated fair value 482,215 761,194  
Mortgages payable on real estate in disposal group held for sale, carrying value 170,318 378,386  
Mortgages payable on real estate in disposal group held for sale, estimated fair value 170,318 377,735  
Level 3 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying Value 902,038 1,276,780  
Collateralized debt obligations, fair value 885,478 1,237,531  
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying Value 845,811 593,737  
Collateralized debt obligations, fair value 845,811 593,737  
Level 3 | Residential loans | Fair Value, Measurements, Recurring      
Financial Assets:      
Residential loans, carrying value 3,777,144 3,084,303  
Residential mortgage loans at fair value 3,777,144 3,084,303  
Level 3 | Multi-family loans | Fair Value, Measurements, Recurring      
Financial Assets:      
Preferred equity and mezzanine loan investments, carrying value 87,614 95,792  
Preferred equity and mezzanine loan investments, estimated fair value 87,614 95,792  
Level 2 | Fair Value, Measurements, Recurring      
Financial Assets:      
Investment securities available for sale: 3,385,270 2,013,817  
Equity Investment, estimated fair value 0 0  
Derivative Asset, carrying value 1,481 6,510  
Derivative Asset, estimated fair value 1,481 6,510  
Derivative assets in disposal group held for sale, carrying value 308 2,960  
Derivative assets in disposal group held for sale, estimated fair value 308 2,960  
Level 2 | Repurchase agreements | Fair Value, Measurements, Recurring      
Financial Liabilities:      
Repurchase agreements 3,611,115 2,471,113  
Level 2 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Residential loan securitizations at fair value, carrying value 981,779 0  
Residential loan securitizations at fair value 981,779 0  
Level 2 | Non-Agency RMBS re-securitization | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying Value 72,638 0  
Collateralized debt obligations, fair value 72,638 0  
Level 2 | Senior unsecured notes at amortized cost, net | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Senior unsecured notes, carrying value 98,687 98,111  
Senior unsecured notes, estimated fair value 99,088 94,952  
Level 2 | Senior unsecured notes at fair value | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Senior unsecured notes, carrying value 60,900 0  
Senior unsecured notes, estimated fair value $ 60,900 $ 0