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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 ($)
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Financial Assets:      
Cash and cash equivalents $ 177,072,000 $ 167,422,000 $ 226,939,000
Equity investments, carrying value 93,999,000 113,492,000  
Derivative asset, carrying value 3,530,000 56,000  
Mortgage servicing rights, fair value 20,297,000 21,003,000 $ 0
Collateralized debt obligations:      
Subordinated debentures, carrying value 45,000,000 45,000,000  
Senior unsecured notes:      
Senior unsecured notes, carrying value 238,848,000 $ 159,196,000  
Mortgages payable on real estate, carrying value $ 654,428,000    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Fair Value, Measurements, Recurring      
Financial Assets:      
Equity investment, estimated fair value $ 93,999,000 $ 113,492,000  
VIE, Primary Beneficiary | Mortgages      
Senior unsecured notes:      
Mortgages payable on real estate, carrying value 365,455,000 366,606,000  
Residential loan securitizations at amortized cost, net      
Collateralized debt obligations:      
Carrying Value 757,673,000 842,764,000  
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Carrying Value 757,673,000 2,135,680,000  
Consolidated SLST      
Collateralized debt obligations:      
Carrying Value 2,429,141,000 2,135,680,000  
Consolidated SLST | VIE, Primary Beneficiary      
Collateralized debt obligations:      
Carrying Value 2,429,141,000 842,764,000  
Senior unsecured notes at amortized cost, net      
Senior unsecured notes:      
Senior unsecured notes, carrying value 99,087,000 98,886,000  
Senior unsecured notes at fair value      
Senior unsecured notes:      
Senior unsecured notes, carrying value 139,761,000 60,310,000  
Level 1 | Fair Value, Measurements, Recurring      
Financial Assets:      
Cash and cash equivalents 177,072,000 167,422,000  
Cash and cash equivalents, estimated fair value 177,072,000 167,422,000  
Equity investment, estimated fair value 0 0  
Level 3 | Fair Value, Measurements, Recurring      
Financial Assets:      
Equity investments, carrying value 93,999,000 113,492,000  
Equity investment, estimated fair value 93,999,000 113,492,000  
Collateralized debt obligations:      
Subordinated debentures, carrying value 45,000,000 45,000,000  
Subordinated debentures, estimated fair value 38,976,000 38,918,000  
Level 3 | Mortgages | Fair Value, Measurements, Recurring      
Financial Assets:      
Mortgage servicing rights, carrying value 20,297,000 21,003,000  
Mortgage servicing rights, fair value 20,297,000 21,003,000  
Senior unsecured notes:      
Mortgages payable on real estate, carrying value 365,455,000 366,606,000  
Mortgages payable on real estate, estimated fair value 353,914,000 347,915,000  
Mortgages payable on real estate in disposal group held for sale, carrying value 89,364,000 93,370,000  
Mortgages payable on real estate in disposal group held for sale, estimated fair value 89,364,000 93,370,000  
Level 3 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying Value 757,673,000 842,764,000  
Collateralized debt obligations, fair value 740,808,000 818,482,000  
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying Value 805,273,000 811,591,000  
Collateralized debt obligations, fair value 805,273,000 811,591,000  
Level 3 | Residential loans | Fair Value, Measurements, Recurring      
Financial Assets:      
Residential loans, carrying value 3,913,268,000 3,841,738,000  
Residential mortgage loans at fair value 3,913,268,000 3,841,738,000  
Level 3 | Multi-family loans | Fair Value, Measurements, Recurring      
Financial Assets:      
Multi-family loans, carrying value 87,222,000 86,192,000  
Multi-family loans, estimated fair value 87,222,000 86,192,000  
Level 2 | Fair Value, Measurements, Recurring      
Financial Assets:      
Investment securities available for sale: 4,646,812,000 3,828,544,000  
Equity investment, estimated fair value 0 0  
Derivative asset, carrying value 3,530,000 56,000  
Derivative asset, estimated fair value 3,530,000 56,000  
Derivative assets in disposal group held for sale, carrying value 222,000 67,000  
Derivative assets in disposal group held for sale, estimated fair value 222,000 67,000  
Level 2 | Repurchase agreements | Fair Value, Measurements, Recurring      
Financial Liabilities:      
Repurchase agreements 4,485,716,000 4,012,225,000  
Level 2 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Residential loan securitizations at fair value, carrying value 1,554,353,000 1,253,332,000  
Residential loan securitizations at fair value 1,554,353,000 1,253,332,000  
Level 2 | Non-Agency RMBS re-securitization | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring      
Collateralized debt obligations:      
Carrying Value 69,515,000 70,757,000  
Collateralized debt obligations, fair value 69,515,000 70,757,000  
Level 2 | Senior unsecured notes at amortized cost, net | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Senior unsecured notes, carrying value 99,087,000 98,886,000  
Senior unsecured notes, estimated fair value 99,488,000 98,632,000  
Level 2 | Senior unsecured notes at fair value | Fair Value, Measurements, Recurring      
Senior unsecured notes:      
Senior unsecured notes, carrying value 139,761,000 60,310,000  
Senior unsecured notes, estimated fair value $ 139,761,000 $ 60,310,000