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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 ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financial Assets:      
Cash and cash equivalents $ 167,422,000 $ 187,107,000 $ 244,718,000
Equity Investments, carrying value 113,492,000 147,116,000  
Derivative Asset, carrying value 56,000 6,510,000  
Mortgage servicing rights, estimated fair value 21,003,000 0 0
Collateralized debt obligations:      
Subordinated debentures, carrying value 45,000,000 45,000,000  
Senior unsecured notes:      
Senior unsecured notes, carrying value 159,196,000 $ 98,111,000  
Mortgages payable on real estate, carrying value $ 573,158,000    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Fair Value, Measurements, Recurring      
Financial Assets:      
Equity investments $ 113,492,000 $ 147,116,000  
VIE, Primary Beneficiary      
Financial Assets:      
Residential loans 285,057,000    
Collateralized debt obligations:      
Carrying value 275,200,000    
VIE, Primary Beneficiary | Mortgages payable on real estate      
Senior unsecured notes:      
Mortgages payable on real estate, carrying value 366,606,000 784,421,000  
Residential loan securitizations at amortized cost, net      
Collateralized debt obligations:      
Carrying value 842,764,000 1,276,780,000  
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Carrying value 842,764,000 1,276,780,000  
Consolidated SLST      
Collateralized debt obligations:      
Carrying value 2,135,680,000 593,737,000  
Consolidated SLST | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Carrying value 2,135,680,000 593,737,000  
Senior unsecured notes at amortized cost, net      
Senior unsecured notes:      
Senior unsecured notes, carrying value 98,886,000 98,111,000  
Senior unsecured notes at fair value      
Senior unsecured notes:      
Senior unsecured notes, carrying value 60,310,000    
Level 1 | Fair Value, Measurements, Recurring      
Financial Assets:      
Cash and cash equivalents 167,422,000 187,107,000  
Cash and cash equivalents, estimated fair value 167,422,000 187,107,000  
Equity investments 0 0  
Level 3      
Financial Assets:      
Mortgage servicing rights, estimated fair value 616,000 0 $ 0
Level 3 | Fair Value, Measurements, Recurring      
Financial Assets:      
Equity Investments, carrying value 113,492,000 147,116,000  
Equity investments 113,492,000 147,116,000  
Mortgage servicing rights, carrying value 21,003,000 0  
Mortgage servicing rights, estimated fair value 21,003,000 0  
Collateralized debt obligations:      
Subordinated debentures, carrying value 45,000,000 45,000,000  
Subordinated debentures, estimated fair value 38,918,000 32,137,000  
Level 3 | Mortgages payable on real estate | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Mortgages payable on real estate, carrying value 366,606,000 784,421,000  
Mortgages payable on real estate, estimated fair value 347,915,000 761,194,000  
Mortgages payable on real estate in disposal group held for sale, carrying value 93,370,000 378,386,000  
Mortgages payable on real estate in disposal group held for sale, estimated fair value 93,370,000 377,735,000  
Level 3 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying value 842,764,000 1,276,780,000  
Collateralized debt obligations, fair value 818,482,000 1,237,531,000  
Level 3 | Consolidated SLST | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Consolidated SLST Carring Value 811,591,000 593,737,000  
Consolidated SLST estimated fair value 811,591,000 593,737,000  
Level 3 | Residential loans | Fair Value, Measurements, Recurring      
Financial Assets:      
Residential loans 3,841,738,000 3,084,303,000  
Residential mortgage loans at fair value 3,841,738,000 3,084,303,000  
Level 3 | Multi-family loans | Fair Value, Measurements, Recurring      
Financial Assets:      
Preferred equity and mezzanine loan investments, carrying value 86,192,000 95,792,000  
Preferred equity and mezzanine loan investments, estimated fair value 86,192,000 95,792,000  
Level 2 | Fair Value, Measurements, Recurring      
Financial Assets:      
Investment securities available for sale: 3,828,544,000 2,013,817,000  
Equity investments 0 0  
Derivative Asset, carrying value 56,000 6,510,000  
Derivative Asset, estimated fair value 56,000 6,510,000  
Derivative assets in disposal group held for sale, carrying value 67,000 2,960,000  
Derivative assets in disposal group held for sale, estimated fair value 67,000 2,960,000  
Level 2 | Repurchase agreements | Fair Value, Measurements, Recurring      
Financial Liabilities:      
Repurchase agreements 4,012,225,000 2,471,113,000  
Level 2 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Residential loan securitizations at fair value, carrying value 1,253,332,000 0  
Residential loan securitizations at fair value 1,253,332,000 0  
Level 2 | Non-Agency RMBS re-securitization | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying value 70,757,000 0  
Collateralized debt obligations, fair value 70,757,000 0  
Level 2 | Senior unsecured notes at amortized cost, net | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Senior unsecured notes, carrying value 98,886,000 98,111,000  
Senior unsecured notes, estimated fair value 98,632,000 94,952,000  
Level 2 | Senior unsecured notes at fair value | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Senior unsecured notes, carrying value 60,310,000 0  
Senior unsecured notes, estimated fair value $ 60,310,000 $ 0