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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the Company's derivative instruments as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

												Fair Value
Type of Derivative Instrument						Consolidated Balance Sheet Location						March 31, 2025						December 31, 2024
Interest rate caps						Other assets						$	346					$	56
Options						Other assets						3,184						—
Interest rate swaps						Other assets						—						—
U.S. Treasury futures						Other assets						—						—
Total derivative assets (1)												$	3,530					$	56
U.S. Treasury futures						Other liabilities						$	—					$	—
Credit default swaps						Other liabilities						—						—
Interest rate swaps						Other liabilities						—						—
Total derivative liabilities												$	—					$	—

(1)Excludes interest rate cap contracts held by certain Consolidated Real Estate VIEs included in other assets in disposal group held for sale (see Note 9).

Schedule of Reconciliation of Gross Derivative Assets and Liabilities

The following tables present a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

			March 31, 2025
			Gross Amount of Recognized Assets (Liabilities)						Gross Amounts Offset in Balance Sheets						Variation Margin						Net Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps			$	346					$	—					$	—					$	346
Options			3,184						—						—						3,184
Interest rate swaps			10,293						(10,293)						—						—
Total derivative assets			$	13,823					$	(10,293)					$	—					$	3,530
Derivative liabilities
Credit default swaps			$	(7,870)					$	—					$	7,870					$	—
Interest rate swaps			(30,422)						10,293						20,129						—
U.S. Treasury futures			(967)						—						967						—
Total derivative liabilities			$	(39,259)					$	10,293					$	28,966					$	—

			December 31, 2024
			Gross Amount of Recognized Assets (Liabilities)						Gross Amounts Offset in Balance Sheets						Variation Margin						Net Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps			$	56					$	—					$	—					$	56
Interest rate swaps			63,942						(10,134)						(53,808)						—
U.S. Treasury futures			952						(658)						(294)						—
Total derivative assets			$	64,950					$	(10,792)					$	(54,102)					$	56
Derivative liabilities
Credit default swaps			$	(9,120)					$	—					$	9,120					$	—
Interest rate swaps			(10,134)						10,134						—						—
U.S. Treasury futures			(658)						658						—						—
Total derivative liabilities			$	(19,912)					$	10,792					$	9,120					$	—

Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral

The following table summarizes assets pledged as initial margin as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

Initial Margin Collateral						Consolidated Balance Sheet Location						March 31, 2025						December 31, 2024
Agency RMBS						Investment securities available for sale, at fair value						$	50,122					$	33,399
Restricted cash						Other assets						38,860						68,253
Total initial margin collateral												$	88,982					$	101,652

The following table presents detailed information about the Company’s financings under these repurchase agreements and associated assets pledged as collateral at March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

			Maximum Aggregate Uncommitted Principal Amount						Outstanding Repurchase Agreements (1)						Net Deferred Finance Costs (2)						Carrying Value of Repurchase Agreements						Carrying Value of Assets Pledged (3)						Weighted Average Rate						Weighted Average Months to Maturity (4)
March 31, 2025			$	2,775,000					$	357,483					$	(389)					$	357,094					$	495,999					6.63		%				6.64
December 31, 2024			$	2,775,000					$	496,410					$	(796)					$	495,614					$	659,183					6.70		%				9.64

(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $13.1 million, a weighted average rate of 6.85%, and weighted average months to maturity of 6 months as of March 31, 2025. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $15.0 million, a weighted average rate of 7.09%, and weighted average months to maturity of 8 months as of December 31, 2024.

(2)Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense over the term of the agreement using the effective interest method, or straight line-method, if the result is not materially different.

(3)Includes residential loans and real estate owned with an aggregate carrying value of $363.3 million and single-family rental properties with a net carrying value of $132.7 million as of March 31, 2025. Includes residential loans and real estate owned with an aggregate carrying value of $524.6 million and single-family rental properties with a net carrying value of $134.6 million as of December 31, 2024.

(4)The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity.

Schedule of Activity of Derivative Instruments

The tables below summarize the activity of derivative instruments for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):

						Notional Amount For the Three Months Ended March 31, 2025
Type of Derivative Instrument						December 31, 2024						Additions						Terminations						March 31, 2025
Interest rate caps						$	45,142					$	45,142					$	(45,142)					$	45,142
Options						—						160						—						160
Interest rate swaps						4,134,267						1,584,169						(1,224,060)						4,494,376
Credit default swaps						400,000						—						—						400,000
U.S. Treasury futures						406,100						112,500						(406,100)						112,500

						Notional Amount For the Three Months Ended March 31, 2024
Type of Derivative Instrument						December 31, 2023						Additions/Transfers In (1)						Terminations						March 31, 2024
Interest rate caps						$	550,025					$	148,044					$	(161,165)					$	536,904
Options						—						202						(102)						100
Interest rate swaps						2,778,015						904,180						(305,450)						3,376,745
Credit default swaps						—						400,000						—						400,000
U.S. Treasury futures						—						280,750						(255,450)						25,300

(1)Includes a transfer from disposal group held for sale with respect to an interest rate cap held in a certain Consolidated Real Estate VIE (see Note 9).

Schedule of Components of Realized and Unrealized Gains and Losses

The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments, which are included in (losses) gains on derivative instruments, net in our condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):

						For the Three Months Ended March 31,
						2025												2024
Type of Derivative Instrument						Realized Gains (Losses)						Unrealized Gains (Losses)						Realized Gains (Losses)						Unrealized Gains (Losses)
Interest rate caps (1)						$	—					$	(15)					$	—					$	2,806
Options						—						2,690						(211)						(509)
Interest rate swaps						26,336						(73,938)						5,230						43,709
Credit default swaps						(1,000)						1,246						(1,011)						(995)
U.S. Treasury futures						(860)						(1,261)						169						23
Total						$	24,476					$	(71,278)					$	4,177					$	45,034

(1)Includes interest rate caps held by certain Consolidated Real Estate VIEs included in other assets in disposal group held for sale (see Note 9).

Schedule of Interest Rate Cap Contracts Strike Price and Notional Amounts

The following tables present information about an interest rate cap contract related to a variable-rate mortgage payable on real estate that is not included in disposal group held for sale as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025

Financing Type

SOFR Strike Price

Notional Amount

Expiration Date

Mortgage payable on real estate

3.22%

45,142

January 1, 2026

December 31, 2024

Financing Type

SOFR Strike Price

Notional Amount

Expiration Date

Mortgage payable on real estate

3.22%

45,142

January 1, 2025

Schedule of Interest Rate Derivatives

The following tables present information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

						March 31, 2025
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2025						$	1,321,550					4.54		%				4.71		%
2026						30,660						4.37		%				4.43		%
2027						672,503						3.98		%				4.52		%
2028						923,857						3.96		%				4.55		%
2029						270,275						3.91		%				4.55		%
2030						554,947						3.98		%				4.34		%
2033						199,590						3.73		%				4.67		%
2034						178,224						3.86		%				4.55		%
2035						289,720						4.01		%				4.34		%
Total						$	4,441,326					4.13		%				4.56		%

						December 31, 2024
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2025						$	1,377,250					4.53		%				4.89		%
2026						159,120						4.10		%				4.53		%
2027						622,123						3.98		%				4.75		%
2028						510,325						3.90		%				4.93		%
2029						614,585						3.86		%				4.71		%
2033						319,590						4.00		%				4.83		%
2034						178,224						3.86		%				4.83		%
2044						300,000						3.34		%				4.80		%
Total						$	4,081,217					4.09		%				4.82		%

The following tables present information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

						March 31, 2025
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2028						$	9,550					3.48		%				4.98		%
2033						43,500						3.64		%				4.84		%
Total						$	53,050					3.61		%				4.87		%

						December 31, 2024
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2028						$	9,550					3.48		%				5.15		%
2033						43,500						3.64		%				5.01		%
Total						$	53,050					3.61		%				5.04		%

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