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Net Interest Income (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest income $ 160,633 $ 108,361 $ 431,268 $ 283,027
Interest expense 124,047 88,124 325,137 225,883
Total net interest income 36,586 20,237 106,131 57,144
Senior unsecured notes        
Senior unsecured notes 7,615 3,001 17,160 6,303
Subordinated debentures        
Subordinated debentures 966 1,081 2,871 3,225
Investment securities available for sale        
Investment securities available for sale 87,565 44,431 220,106 112,785
Residential loans        
Interest income 9,036 16,237 27,694 39,723
Consolidated SLST | VIE, Primary Beneficiary        
Interest income 14,306 11,002 36,936 28,284
Interest expense 11,199 7,375 26,592 19,928
Residential loans held in securitization trusts        
Interest income 43,392 31,833 132,609 88,866
Total Residential loans        
Interest income 66,734 59,072 197,239 156,873
Residential loans held for sale        
Interest income 2,149 0 2,149 0
Multi-family loans        
Interest income 2,090 2,646 6,846 7,957
Other        
Other 2,095 2,212 4,928 5,412
Repurchase agreements and warehouse facilities        
Interest expense 71,550 52,326 180,063 133,059
Residential loan securitizations        
Interest expense 31,478 23,435 94,657 62,462
Non-Agency RMBS Re-Securitization        
Interest expense 1,239 906 3,794 906
Total collateralized debt obligations        
Interest expense $ 43,916 $ 31,716 $ 125,043 $ 83,296