XML 136 R122.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Significant and Unobservable Inputs Used in the Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details)
9 Months Ended
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Mortgage servicing rights $ 21,896,000 $ 19,449,000 $ 21,003,000 $ 0
Multi-family CDOs, at fair value 3,577,459,000   2,978,444,000  
90 Days or greater past due        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair value 0   0  
VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Multi-family CDOs, at fair value 235,226,000     $ 275,200,000
Consolidated SLST        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Multi-family CDOs, at fair value 3,202,295,000   2,135,680,000  
Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Multi-family CDOs, at fair value 3,202,295,000   842,764,000  
Level 3        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, at fair value 4,256,683,000      
Level 3 | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Equity investments 28,825,000      
Level 3 | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Mortgage servicing rights 21,896,000      
Level 3 | IRLCs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative asset, estimated fair value $ 2,383,000      
Level 3 | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Weighted Average | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.022      
Level 3 | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Minimum | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0      
Level 3 | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Maximum | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.418      
Level 3 | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Equity method investment, measurement input 0      
Level 3 | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.122      
Level 3 | Yield | Valuation Technique, Discounted Cash Flow | Minimum | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.120      
Level 3 | Yield | Valuation Technique, Discounted Cash Flow | Maximum | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.140      
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Equity method investment, measurement input 0.162      
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Equity method investment, measurement input 0.150      
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Equity method investment, measurement input 0.175      
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, assumed redemption period (in months) 16 months      
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, assumed redemption period (in months) 5 months      
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, assumed redemption period (in months) 29 months      
Level 3 | Lifetime voluntary prepayment rate | Valuation Technique, Discounted Cash Flow | Weighted Average | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.103      
Level 3 | Lifetime voluntary prepayment rate | Valuation Technique, Discounted Cash Flow | Minimum | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.003      
Level 3 | Lifetime voluntary prepayment rate | Valuation Technique, Discounted Cash Flow | Maximum | MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Servicing asset, measurement input 0.275      
Level 3 | Pull-through rate | Valuation Technique, Internal Valuation Model | Weighted Average | IRLCs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative asset, measurement Input 0.794      
Level 3 | Pull-through rate | Valuation Technique, Internal Valuation Model | Minimum | IRLCs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative asset, measurement Input 0.788      
Level 3 | Pull-through rate | Valuation Technique, Internal Valuation Model | Maximum | IRLCs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative asset, measurement Input 0.817      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Valuation Technique, Discounted Cash Flow        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, at fair value $ 2,807,775,000      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Valuation Technique, Liquidation Model        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, at fair value 106,622,000      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Valuation Technique, Transaction Price        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, at fair value $ 159,687,000      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.096      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.470      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.006      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.337      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.132      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Loss severity | Valuation Technique, Discounted Cash Flow | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.002      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Loss severity | Valuation Technique, Discounted Cash Flow | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 1.000      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.067      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Yield | Valuation Technique, Discounted Cash Flow | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.054      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Yield | Valuation Technique, Discounted Cash Flow | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.459      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Yield | Valuation Technique, Liquidation Model | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.083      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Yield | Valuation Technique, Liquidation Model | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.059      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Yield | Valuation Technique, Liquidation Model | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.356      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.002      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input (0.015)      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0.071      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 16      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 0      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 54      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Property value | Valuation Technique, Liquidation Model | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 2,020,758      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Property value | Valuation Technique, Liquidation Model | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 30,000      
Level 3 | Residential loans, residential loans held in securitization trusts and residential loans held for sale | Property value | Valuation Technique, Liquidation Model | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, measurement input 13,900,000      
Level 3 | Multi-family loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, at fair value $ 68,647,000      
Level 3 | Multi-family loans | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, measurement input 0      
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, measurement input 0.121      
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, measurement input 0.110      
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, measurement input 0.135      
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, assumed redemption period (in months) 22 months      
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, assumed redemption period (in months) 1 month      
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Financial instruments owned, assumed redemption period (in months) 45 months      
Level 3 | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Loans receivable, at fair value $ 1,182,599,000      
Variable interest entity, primary beneficiary, maximum loss exposure, amount 158,800,000   $ 148,500,000  
Level 3 | Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Multi-family CDOs, at fair value $ 1,016,952,000      
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.154      
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.003      
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.257      
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.052      
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.044      
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.123      
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.061      
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.027      
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.073      
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.011      
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0      
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST | VIE, Primary Beneficiary        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Debt, measurement input 0.184