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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 ($)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Financial Assets:        
Cash and cash equivalents $ 160,447,000   $ 167,422,000 $ 235,514,000
Equity investments, carrying value 91,440,000   113,492,000  
Derivative asset, carrying value 374,000   56,000  
Mortgage servicing rights, fair value 19,449,000 $ 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 236,384,000   159,196,000  
Mortgages payable on real estate, carrying value 652,994,000      
Fair Value, Measurements, Recurring        
Financial Assets:        
Equity investment, estimated fair value 91,440,000   113,492,000  
VIE, Primary Beneficiary        
Financial Assets:        
Residential loans, carrying value 247,405,000     285,057,000
Collateralized debt obligations:        
Carrying Value 235,226,000     $ 275,200,000
VIE, Primary Beneficiary | Mortgages        
Senior unsecured notes:        
Mortgages payable on real estate, carrying value 364,100,000   366,606,000  
Residential loan securitizations at amortized cost, net        
Collateralized debt obligations:        
Carrying Value 738,121,000   842,764,000  
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 738,121,000   2,135,680,000  
Consolidated SLST        
Collateralized debt obligations:        
Carrying Value 2,626,479,000   2,135,680,000  
Consolidated SLST | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 2,626,479,000   842,764,000  
Senior unsecured notes at amortized cost, net        
Senior unsecured notes:        
Senior unsecured notes, carrying value 98,966,000   98,886,000  
Senior unsecured notes at fair value        
Senior unsecured notes:        
Senior unsecured notes, carrying value 137,418,000   60,310,000  
Level 1 | Fair Value, Measurements, Recurring        
Financial Assets:        
Cash and cash equivalents 160,447,000   167,422,000  
Cash and cash equivalents, estimated fair value 160,447,000   167,422,000  
Equity investment, estimated fair value 0   0  
Level 3 | Fair Value, Measurements, Recurring        
Financial Assets:        
Equity investments, carrying value 91,440,000   113,492,000  
Equity investment, estimated fair value 91,440,000   113,492,000  
Collateralized debt obligations:        
Subordinated debentures, carrying value 45,000,000   45,000,000  
Subordinated debentures, estimated fair value 37,818,000   38,918,000  
Level 3 | Mortgages | Fair Value, Measurements, Recurring        
Financial Assets:        
Mortgage servicing rights, carrying value 19,449,000   21,003,000  
Mortgage servicing rights, fair value 19,449,000   21,003,000  
Senior unsecured notes:        
Mortgages payable on real estate, carrying value 364,100,000   366,606,000  
Mortgages payable on real estate, estimated fair value 354,180,000   347,915,000  
Mortgages payable on real estate in disposal group held for sale, carrying value 89,422,000   93,370,000  
Mortgages payable on real estate in disposal group held for sale, estimated fair value 89,422,000   93,370,000  
Level 3 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring        
Collateralized debt obligations:        
Carrying Value 738,121,000   842,764,000  
Collateralized debt obligations, fair value 722,483,000   818,482,000  
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring        
Collateralized debt obligations:        
Carrying Value 1,031,897,000   811,591,000  
Collateralized debt obligations, fair value 1,031,897,000   811,591,000  
Level 3 | Residential loans | Fair Value, Measurements, Recurring        
Financial Assets:        
Residential loans, carrying value 4,026,027,000   3,841,738,000  
Residential mortgage loans at fair value 4,026,027,000   3,841,738,000  
Level 3 | Multi-family loans | Fair Value, Measurements, Recurring        
Financial Assets:        
Multi-family loans, carrying value 74,999,000   86,192,000  
Multi-family loans, estimated fair value 74,999,000   86,192,000  
Level 2 | Fair Value, Measurements, Recurring        
Financial Assets:        
Investment securities available for sale: 5,109,601,000   3,828,544,000  
Equity investment, estimated fair value 0   0  
Derivative asset, carrying value 374,000   56,000  
Derivative asset, estimated fair value 374,000   56,000  
Derivative assets in disposal group held for sale, carrying value 58,000   67,000  
Derivative assets in disposal group held for sale, estimated fair value $ 58,000   $ 67,000  
Senior unsecured notes:        
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets  
Level 2 | Repurchase agreements | Fair Value, Measurements, Recurring        
Financial Liabilities:        
Repurchase agreements $ 4,907,436,000   $ 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 1,526,481,000   1,253,332,000  
Residential loan securitizations at fair value 1,526,481,000   1,253,332,000  
Level 2 | Non-Agency RMBS re-securitization | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring        
Collateralized debt obligations:        
Carrying Value 68,101,000   70,757,000  
Collateralized debt obligations, fair value 68,101,000   70,757,000  
Level 2 | Senior unsecured notes at amortized cost, net | Fair Value, Measurements, Recurring        
Senior unsecured notes:        
Senior unsecured notes, carrying value 98,966,000   98,886,000  
Senior unsecured notes, estimated fair value 97,633,000   98,632,000  
Level 2 | Senior unsecured notes at fair value | Fair Value, Measurements, Recurring        
Senior unsecured notes:        
Senior unsecured notes, carrying value 137,418,000   60,310,000  
Senior unsecured notes, estimated fair value 137,418,000   60,310,000  
Assets of disposal group held for sale | Level 3 | Fair Value, Measurements, Recurring        
Financial Assets:        
Equity investments, carrying value 500,000   0  
Equity investment, estimated fair value $ 500,000   $ 0