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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2024 and 2023, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands):
Measured at Fair Value on a Recurring Basis at
December 31, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets carried at fair value
Residential loans:
Residential loans$— $— $632,266 $632,266 $— $— $827,535 $827,535 
Consolidated SLST— — 965,672 965,672 — — 754,860 754,860 
Residential loans held in securitization trusts— — 2,243,800 2,243,800 — — 1,501,908 1,501,908 
Investment securities available for sale:
Agency RMBS— 3,136,812 — 3,136,812 — 1,989,324 — 1,989,324 
Non-Agency RMBS
— 69,687 — 69,687 — 24,493 — 24,493 
U.S. Treasury securities— 622,045 — 622,045 — — — — 
Multi-family loans— — 86,192 86,192 — — 95,792 95,792 
Equity investments
— — 113,492 113,492 — — 147,116 147,116 
Derivative assets:   
Interest rate caps (1) (2)
— 56 — 56 — 6,510 — 6,510 
Interest rate swaps (2) (4)
— — — — — — — — 
U.S. Treasury futures (2) (4)
— — — — — — — — 
Mortgage servicing rights (2)
— — 21,003 21,003 — — — — 
Assets of disposal group held for sale (3)
— 67 — 67 — 2,960 — 2,960 
Total$— $3,828,667 $4,062,425 $7,891,092 $— $2,023,287 $3,327,211 $5,350,498 
Liabilities carried at fair value
        
CDOs:
Consolidated SLST
$— $— $811,591 $811,591 $— $— $593,737 $593,737 
Residential loan securitizations
— 1,253,332 — 1,253,332 — — — — 
Non-Agency RMBS re-securitization— 70,757 — 70,757 — — — — 
Senior unsecured notes
— 60,310 — 60,310 — — — — 
Derivative liabilities:
Interest rate swaps (2) (4)
— — — — — — — — 
Credit default swaps (2) (4)
— — — — — — — — 
Total$— $1,384,399 $811,591 $2,195,990 $— $— $593,737 $593,737 

(1)Excludes assets of disposal group held for sale (see Note 9).
(2)Included in other assets or other liabilities, respectively, in the consolidated balance sheets.
(3)Includes interest rate caps classified as Level 2 instruments in the amount of $0.1 million and $3.0 million as of December 31, 2024 and 2023, respectively.
(4)All of the Company’s interest rate swaps, credit default swaps and U.S. Treasury futures are cleared through central clearing houses. The Company exchanges variation margin for the derivative instruments based upon daily changes in fair value. Includes derivative liabilities of $19.9 million netted against derivative assets of $64.9 million and a net variation margin of $45.0 million as of December 31, 2024. Includes derivative liabilities of $40.5 million netted against derivative assets of $13.1 million and a variation margin of $27.4 million as of December 31, 2023. See Note 10 for additional information.
Schedule of Changes in Level 3 Assets
The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2024, 2023, and 2022, respectively (dollar amounts in thousands):

Level 3 Assets:
 Year Ended December 31, 2024
Residential loans
 Residential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investments
Mortgage servicing rights
Total
Balance at beginning of period$827,535 $754,860 $1,501,908 $95,792 $147,116 $— $3,327,211 
Total gains/(losses) (realized/unrealized)
Included in earnings
15,562 3,523 (8,255)5,899 16,179 616 33,524 
Transfers out (1)
(80,801)— (7,661)— — — (88,462)
Transfer to securitization trust, net (2)
(1,456,376)— 1,456,376 — — — — 
Paydowns/Distributions (3)
(296,645)(77,768)(805,586)(15,499)(49,803)10,917 (1,234,384)
Sales(156,175)— (6,708)— — — (162,883)
Acquisitions (4)
1,779,166 285,057 113,726 — — 9,470 2,187,419 
Balance at the end of period$632,266 $965,672 $2,243,800 $86,192 $113,492 $21,003 $4,062,425 

(1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned, single-family rental properties and other assets.
(2)During the year ended December 31, 2024, the Company transferred certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).
(3)Includes in-kind distribution of mortgage servicing rights received from the Company's equity investment in an entity that originates residential loans.
(4)During the year ended December 31, 2024, the Company purchased a first loss subordinated security issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the securitization (see Note 7).

 Year Ended December 31, 2023
Residential loans
 Residential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsEquity investments in disposal group held for saleTotal
Balance at beginning of period$1,081,384 $827,582 $1,616,114 $87,534 $179,746 $9,010 $3,801,370 
Total gains/(losses) (realized/unrealized)
Included in earnings8,080 (10,748)72,173 11,863 21,279 (3,290)99,357 
Transfers out (1)
(26,277)— (16,208)(10,306)— — (52,791)
Transfer to securitization trust, net (2)
(282,831)— 282,831 — — — — 
Transfer to disposal group held for sale
— — — — 5,720 (5,720)— 
Funding/Contributions— — — 21,924 33,958 — 55,882 
Paydowns/Distributions(482,137)(61,974)(518,819)(15,223)(93,587)— (1,171,740)
Sales(21,165)— (3,979)— — — (25,144)
Acquisitions
550,481 — 69,796 — — — 620,277 
Balance at the end of period$827,535 $754,860 $1,501,908 $95,792 $147,116 $— $3,327,211 

(1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned and the consolidation of a VIE previously classified as an equity investment (see Note 7).
(2)During the year ended December 31, 2023, the Company transferred certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).

 Year Ended December 31, 2022
Residential loans
 Residential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsEquity investments in disposal group held for saleTotal
Balance at beginning of period$1,703,290 $1,070,882 $801,429 $120,021 $239,631 $— $3,935,253 
Total (losses)/gains (realized/unrealized)
Included in earnings(111,879)(128,236)(162,518)9,531 18,884 (926)(375,144)
Transfers out (1)
(17,052)— (1,806)— — — (18,858)
Transfer to securitization trust, net (2)
(1,422,577)— 1,422,577 — — — — 
Transfer to disposal group held for sale
— — — — (9,936)9,936 — 
Funding/Contributions— — — — 28,086 — 28,086 
Paydowns/Distributions(712,214)(115,064)(535,017)(42,018)(96,919)— (1,501,232)
Acquisitions
1,641,816 — 91,449 — — — 1,733,265 
Balance at the end of period$1,081,384 $827,582 $1,616,114 $87,534 $179,746 $9,010 $3,801,370 

(1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned.
(2)During the year ended December 31, 2022, the Company transferred certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).
Schedule of Changes in Level 3 Liabilities
The following table details changes in valuation for the Level 3 liabilities for the years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):

Level 3 Liabilities:
Consolidated SLST CDOs
Years Ended December 31,
202420232022
Balance at beginning of period$593,737 $634,495 $839,419 
Total losses/(gains) (realized/unrealized)
Included in earnings3,784 5,718 (90,077)
Acquisitions (1)
275,200 — — 
Paydowns(61,130)(46,476)(114,847)
Balance at the end of period$811,591 $593,737 $634,495 
(1)During the year ended December 31, 2024, the Company purchased a first loss subordinated security issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated liabilities of the securitization (see Note 7).
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values):

December 31, 2024Fair ValueValuation Technique Unobservable InputWeighted Average Range
Assets
Residential loans:
Residential loans and residential loans held in securitization trusts (1)
$2,698,518Discounted cash flowLifetime CPR7.0%—-44.0%
Lifetime CDR0.6%—-24.0%
Loss severity10.8%—-100.0%
Yield7.7%5.9%-41.4%
$177,548Liquidation modelAnnual home price appreciation/(depreciation)0.4%—-9.2%
Liquidation timeline (months)171-54
Property value$2,277,934$13,000-$14,200,000
Yield7.6%7.5%-26.8%
Consolidated SLST (4)
$965,672Liability priceN/A
Total$3,841,738
Multi-family loans (1) (2)
$86,192Discounted cash flowDiscount rate12.5%11.0%-14.0%
Months to assumed redemption292-50
Loss severity—
Equity investments (1) (3)
$74,774Discounted cash flowDiscount rate15.3%13.8%-17.5%
Months to assumed redemption153-48
Loss severity—
Mortgage servicing rights (1)
$21,003Discounted cash flow
Lifetime voluntary prepayment rate
10.4%1.0%-26.7%
Lifetime CDR2.2%—-39.8%
Yield12.2%12.0%-14.0%
Liabilities
Consolidated SLST CDOs (4) (5)
$811,591Discounted cash flowYield5.8%4.9%-13.0%
Collateral prepayment rate6.2%—-7.2%
Collateral default rate1.3%—-8.5%
Loss severity20.3%11.5%-78.9%

(1)Weighted average amounts are calculated based on the weighted average fair value of the assets.
(2)As of December 31, 2024, the Company has reduced the fair value of one multi-family loan to zero as a result of developments with respect to the property, its financing and market conditions. Unobservable inputs do not include inputs related to this multi-family loan.
(3)Equity investments do not include equity ownership interests in an entity that originates residential loans. The fair value of this investment is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization and NAV of the entity.
(4)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable. At December 31, 2024, the fair value of investment securities we own in Consolidated SLST amounts to $148.5 million.
(5)Weighted average yield calculated based on the weighted average fair value of the CDOs issued by Consolidated SLST, including investment securities we own. Weighted average collateral prepayment rate, weighted average collateral default rate and weighted average loss severity are calculated based on the weighted average unpaid balance of the CDOs issued by Consolidated SLST, including investment securities we own.
Schedule of Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
The following table details the changes in unrealized gains (losses) included in earnings for the years ended December 31, 2024, 2023 and 2022, respectively, for our Level 3 assets and liabilities held as of December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):
For the Years Ended December 31,
202420232022
Assets
Residential loans
Residential loans (1)
$(7,966)$321 $(57,892)
Consolidated SLST (1)
8,611 (8,086)(124,834)
Residential loans held in securitization trust (1)
(10,005)56,576 (219,647)
Multi-family loans (1)
(4,750)645 (1,737)
Equity investments (2)
(6,319)(7,958)(4,338)
Equity investments in disposal group held for sale (2)
— — (1,430)
Mortgage servicing rights (1)
616 — — 
Liabilities
Consolidated SLST CDOs (1)
$(5,709)$(1,930)$92,431 

(1)Presented in unrealized (losses) gains, net on the Company’s consolidated statements of operations.
(2)Presented in income from equity investments on the Company’s consolidated statements of operations.
Schedule of Fair Value, by Balance Sheet Grouping
The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of Consolidated Real Estate VIEs and real estate acquisitions by a Consolidated Real Estate VIE during the years ended December 31, 2023 and 2022, respectively. There were no initial consolidation of Consolidated Real Estate VIEs or real estate acquisitions by a Consolidated VIE during the year ended December 31, 2024 (dollar amounts in thousands):

Years Ended December 31,
20232022
Cash (1)
$102 $8,576 
Operating real estate (1) (2)
54,439 730,988 
Lease intangibles (1) (3)
2,378 41,892 
Other assets (1)
4,722 8,258 
Total assets61,641 789,714 
Mortgages payable on real estate, net (1)
45,142 570,682 
Other liabilities (1)
2,403 4,662 
Total liabilities47,545 575,344 
Non-controlling interests (4)
3,790 16,293 
Net assets consolidated$10,306 $198,077 

(1)In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the assets and liabilities related to certain joint venture equity investments in multi-family properties is included in assets and liabilities of disposal group held for sale on the accompanying consolidated balance sheets as of December 31, 2024 and 2023. See Note 9 for additional information.
(2)For joint venture equity investments that are not held for sale, operating real estate is included in real estate, net in the accompanying consolidated balance sheets.
(3)For joint venture equity investments that are not held for sale, lease intangibles are included in other assets in the accompanying consolidated balance sheets.
(4)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.
The following table presents a summary of the assets, liabilities and non-controlling interests of the Company’s securitizations, Consolidated SLST and Consolidated Real Estate VIEs of as of December 31, 2024 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation:

Other VIEs
Financing VIEsConsolidated SLSTConsolidated Real EstateTotal
Cash and cash equivalents$— $— $4,151 $4,151 
Residential loans, at fair value2,243,800 965,672 — 3,209,472 
Real estate, net held in Consolidated VIEs (1)
— — 481,161 481,161 
Assets of disposal group held for sale (2)
— — 118,613 118,613 
Other assets154,426 4,065 16,696 175,187 
Total assets$2,398,226 $969,737 $620,621 $3,988,584 
Collateralized debt obligations ($2,135,680 at fair value, and $842,764 at amortized cost, net)
$2,166,853 $811,591 $— $2,978,444 
Mortgages payable on real estate, net in Consolidated VIEs (3)
— — 366,606 366,606 
Liabilities of disposal group held for sale (2)
— — 97,065 97,065 
Other liabilities16,162 8,313 10,621 35,096 
Total liabilities$2,183,015 $819,904 $474,292 $3,477,211 
Redeemable non-controlling interest in Consolidated VIEs (4)
$— $— $12,359 $12,359 
Non-controlling interest in Consolidated VIEs (5)
$— $— $3,930 $3,930 
Net investment (6)
$215,211 $149,833 $130,040 $495,084 

(1)Included in real estate, net in the accompanying consolidated balance sheets.
(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9).
(3)Included in mortgages payable on real estate, net in the accompanying consolidated balance sheets.
(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below.
(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.
(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.
The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation:

Other VIEs
Financing VIEsConsolidated SLSTConsolidated Real EstateTotal
Cash and cash equivalents$— $— $15,612 $15,612 
Residential loans, at fair value1,501,908 754,860 — 2,256,768 
Real estate, net held in Consolidated VIEs (1)
— — 979,934 979,934 
Assets of disposal group held for sale (2)
— — 426,017 426,017 
Other assets98,451 2,960 37,035 138,446 
Total assets$1,600,359 $757,820 $1,458,598 $3,816,777 
Collateralized debt obligations ($593,737 at fair value, and $1,276,780 at amortized cost, net)
$1,276,780 $593,737 $— $1,870,517 
Mortgages payable on real estate, net in Consolidated VIEs (3)
— — 784,421 784,421 
Liabilities of disposal group held for sale (2)
— — 386,024 386,024 
Other liabilities8,421 5,638 21,797 35,856 
Total liabilities$1,285,201 $599,375 $1,192,242 $3,076,818 
Redeemable non-controlling interest in Consolidated VIEs (4)
$— $— $28,061 $28,061 
Non-controlling interest in Consolidated VIEs (5)
$— $— $20,328 $20,328 
Net investment (6)
$315,158 $158,445 $217,967 $691,570 

(1)Included in real estate, net in the accompanying consolidated balance sheets.
(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9).
(3)Included in mortgages payable on real estate, net in the accompanying consolidated balance sheets.
(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below.
(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.
(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.
The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2024 and 2023, respectively (dollar amounts in thousands):
  December 31, 2024December 31, 2023
 Fair Value
Hierarchy Level		Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Assets:     
Cash and cash equivalentsLevel 1$167,422 $167,422 $187,107 $187,107 
Residential loansLevel 33,841,738 3,841,738 3,084,303 3,084,303 
Investment securities available for saleLevel 23,828,544 3,828,544 2,013,817 2,013,817 
Multi-family loansLevel 386,192 86,192 95,792 95,792 
Equity investmentsLevel 3113,492 113,492 147,116 147,116 
Derivative assetsLevel 256 56 6,510 6,510 
Derivative assets in disposal group held for saleLevel 267 67 2,960 2,960 
Mortgage servicing rights
Level 3
21,003 21,003 — — 
Financial Liabilities:     
Repurchase agreementsLevel 24,012,225 4,012,225 2,471,113 2,471,113 
Collateralized debt obligations:
Residential loan securitizations at amortized cost, netLevel 3842,764 818,482 1,276,780 1,237,531 
Residential loan securitizations at fair value
Level 2
1,253,332 1,253,332 — — 
Consolidated SLSTLevel 3811,591 811,591 593,737 593,737 
Non-Agency RMBS re-securitizationLevel 270,757 70,757 — — 
Subordinated debenturesLevel 345,000 38,918 45,000 32,137 
Senior unsecured notes:
Senior unsecured notes at amortized cost, net
Level 298,886 98,632 98,111 94,952 
Senior unsecured notes at fair value
Level 260,310 60,310 — — 
Mortgages payable on real estateLevel 3366,606 347,915 784,421 761,194 
Mortgages payable on real estate in disposal group held for saleLevel 393,370 93,370 378,386 377,735