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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 ($)
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Financial Assets:        
Cash and cash equivalents $ 185,285,000   $ 167,422,000 $ 195,066,000
Residential loans, carrying value 4,151,647,000   3,841,738,000  
Equity investments, carrying value 28,825,000   113,492,000  
Derivative asset, carrying value 2,612,000   56,000  
Mortgage servicing rights, fair value 21,896,000 $ 19,449,000 21,003,000 0
Collateralized debt obligations:        
Carrying Value 3,577,459,000   2,978,444,000  
Subordinated debentures, carrying value 45,000,000   45,000,000  
Derivative liability, carrying value 121,000   0  
Senior unsecured notes:        
Senior unsecured notes, carrying value 356,865,000   159,196,000  
Mortgages payable on real estate, carrying value 766,647,000      
Fair Value, Measurements, Recurring        
Financial Assets:        
Equity investment, estimated fair value 28,825,000   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 362,747,000   366,606,000  
Residential loan securitizations at amortized cost, net        
Collateralized debt obligations:        
Carrying Value 375,164,000   842,764,000  
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 375,164,000   2,135,680,000  
Consolidated SLST        
Collateralized debt obligations:        
Carrying Value 3,202,295,000   2,135,680,000  
Consolidated SLST | VIE, Primary Beneficiary        
Collateralized debt obligations:        
Carrying Value 3,202,295,000   842,764,000  
Senior unsecured notes at amortized cost, net        
Senior unsecured notes:        
Senior unsecured notes, carrying value 99,275,000   98,886,000  
Senior unsecured notes at fair value        
Senior unsecured notes:        
Senior unsecured notes, carrying value 257,590,000   60,310,000  
Level 1 | Fair Value, Measurements, Recurring        
Financial Assets:        
Cash and cash equivalents 185,285,000   167,422,000  
Cash and cash equivalents, estimated fair value 185,285,000   167,422,000  
Equity investment, estimated fair value 0   0  
Level 2 | Fair Value, Measurements, Recurring        
Financial Assets:        
Investment securities available for sale: 6,838,715,000   3,828,544,000  
Equity investment, estimated fair value 0   0  
Derivative asset, carrying value 229,000   56,000  
Derivative asset, estimated fair value 229,000   56,000  
Collateralized debt obligations:        
Derivative liability, carrying value 121,000   0  
Derivative liabilities, estimated fair value $ 121,000   $ 0  
Senior unsecured notes:        
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities   Other liabilities  
Level 2 | Repurchase agreements | Fair Value, Measurements, Recurring        
Financial Liabilities:        
Repurchase agreements $ 6,481,072,000   $ 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 2,118,581,000   1,253,332,000  
Residential loan securitizations at fair value 2,118,581,000   1,253,332,000  
Level 2 | Non-Agency RMBS re-securitization | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring        
Collateralized debt obligations:        
Carrying Value 66,762,000   70,757,000  
Collateralized debt obligations, fair value 66,762,000   70,757,000  
Level 2 | Senior unsecured notes at amortized cost, net | Fair Value, Measurements, Recurring        
Senior unsecured notes:        
Senior unsecured notes, carrying value 99,275,000   98,886,000  
Senior unsecured notes, estimated fair value 98,957,000   98,632,000  
Level 2 | Senior unsecured notes at fair value | Fair Value, Measurements, Recurring        
Senior unsecured notes:        
Senior unsecured notes, carrying value 257,590,000   60,310,000  
Senior unsecured notes, estimated fair value 257,590,000   60,310,000  
Level 3 | Fair Value, Measurements, Recurring        
Financial Assets:        
Equity investments, carrying value 28,825,000   113,492,000  
Equity investment, estimated fair value 28,825,000   113,492,000  
Collateralized debt obligations:        
Subordinated debentures, carrying value 45,000,000   45,000,000  
Subordinated debentures, estimated fair value 40,108,000   38,918,000  
Level 3 | Mortgages | Fair Value, Measurements, Recurring        
Financial Assets:        
Mortgage servicing rights, carrying value 21,896,000   21,003,000  
Mortgage servicing rights, fair value 21,896,000   21,003,000  
Senior unsecured notes:        
Mortgages payable on real estate, carrying value 362,747,000   366,606,000  
Mortgages payable on real estate, estimated fair value 354,629,000   347,915,000  
Level 3 | Residential loan securitizations at amortized cost, net | Fair Value, Measurements, Recurring        
Collateralized debt obligations:        
Carrying Value 375,164,000   842,764,000  
Collateralized debt obligations, fair value 359,892,000   818,482,000  
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | Fair Value, Measurements, Recurring        
Collateralized debt obligations:        
Carrying Value 1,016,952,000   811,591,000  
Collateralized debt obligations, fair value 1,016,952,000   811,591,000  
Level 3 | Total Residential loans | Fair Value, Measurements, Recurring        
Financial Assets:        
Residential loans, carrying value 4,151,647,000   3,841,738,000  
Residential mortgage loans at fair value 4,151,647,000   3,841,738,000  
Level 3 | Residential Loans Held for Sale | Fair Value, Measurements, Recurring        
Financial Assets:        
Residential loans, carrying value 105,036,000   0  
Residential mortgage loans at fair value 105,036,000   0  
Level 3 | Multi-family loans | Fair Value, Measurements, Recurring        
Financial Assets:        
Multi-family loans, carrying value 68,647,000   86,192,000  
Multi-family loans, estimated fair value 68,647,000   86,192,000  
Level 3 | IRLCs | Fair Value, Measurements, Recurring        
Financial Assets:        
Derivative asset, carrying value 2,383,000   0  
Derivative asset, estimated fair value 2,383,000   0  
Assets of disposal group held for sale | Level 2 | Fair Value, Measurements, Recurring        
Financial Assets:        
Derivative assets in disposal group held for sale, carrying value 0   67,000  
Derivative assets in disposal group held for sale, estimated fair value 0   67,000  
Assets of disposal group held for sale | Level 3 | Mortgages | Fair Value, Measurements, Recurring        
Senior unsecured notes:        
Mortgages payable on real estate in disposal group held for sale, carrying value 0   93,370,000  
Mortgages payable on real estate in disposal group held for sale, estimated fair value $ 0   $ 93,370,000