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Net Interest Income (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total interest income $ 401,280 $ 258,660 $ 258,388
Total interest expense 317,425 192,134 129,419
Total net interest income 83,855 66,526 128,969
Senior unsecured notes      
Senior unsecured notes 9,308 6,476 6,430
Subordinated debentures      
Subordinated debentures 4,236 4,154 2,590
Convertible notes      
Interest expense 0 0 438
Residential loans      
Interest income 50,266 54,188 113,134
Consolidated SLST | VIE, Primary Beneficiary      
Interest income 39,194 34,061 36,448
Interest expense 26,491 24,506 25,145
Residential loans held in securitization trusts      
Interest income 129,905 97,492 80,116
Total residential loans      
Interest income 219,365 185,741 229,698
Investment securities available for sale      
Investment securities available for sale 163,977 57,514 15,825
Multi-family loans      
Interest income 10,589 10,519 11,185
Other      
Other 7,349 4,886 1,680
Repurchase agreements      
Interest expense 183,285 91,814 51,432
Residential loan securitizations      
Interest expense 91,884 65,184 43,384
Non-Agency RMBS re-securitization      
Interest expense 2,221 0 0
Total collateralized debt obligations      
Interest expense $ 120,596 $ 89,690 $ 68,529