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Collateralized Debt Obligations (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable in Consolidated VIEs
The following tables present a summary of the Company's CDOs as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
September 30, 2025
Outstanding Face AmountCarrying Value
Weighted Average Interest Rate (1) (2)
Stated Maturity (3)
Consolidated SLST at fair value (4)
$1,074,080 $1,016,952 3.36 %2059 - 2065
Residential loan securitizations at fair value (4)
2,148,070 2,118,581 5.34 %2029 - 2069
Residential loan securitizations at amortized cost, net
376,200 375,164 3.73 %2035 - 2061
Non-Agency RMBS re-securitization at fair value (4)
66,742 66,762 7.38 %2064
Total collateralized debt obligations$3,665,092 $3,577,459 

December 31, 2024
Outstanding Face AmountCarrying Value
Weighted Average Interest Rate (1) (2)
Stated Maturity (3)
Consolidated SLST at fair value (4)
$867,004 $811,591 3.49 %2059 - 2064
Residential loan securitizations at fair value (4)
1,281,896 1,253,332 5.72 %2029 - 2069
Residential loan securitizations at amortized cost, net
850,547 842,764 4.35 %2027 - 2062
Non-Agency RMBS re-securitization at fair value (4)
70,867 70,757 7.38 %2064
Total collateralized debt obligations$3,070,314 $2,978,444 

(1)Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company.
(2)Certain of the Company's CDOs contain interest rate step-up features whereby the interest rate increases if the outstanding notes are not redeemed by expected redemption dates, as defined in the respective governing documents. As of September 30, 2025, CDOs with an aggregate outstanding face amount of $2.0 billion contain an interest rate step-up feature whereby the interest rate increases by either 1.00%, 1.50%, or 3.00% on defined dates ranging between 24 months and 48 months after issuance, if the notes are not redeemed before such dates.
(3)The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity.
(4)The Company has elected the fair value option for CDOs issued by Consolidated SLST, residential loan securitizations completed after January 1, 2024 and a non-Agency RMBS re-securitization (see Note 17). See Note 7 for unrealized gains or losses recognized on CDOs issued by Consolidated SLST. For the three and nine months ended September 30, 2025, the Company recognized $8.8 million and $20.9 million in net unrealized losses, respectively, on residential loan securitizations and a non-Agency RMBS re-securitization at fair value, which are included in unrealized gains (losses), net on the accompanying condensed consolidated statements of operations. For the three and nine months ended September 30, 2024, the Company recognized $19.5 million and $18.0 million in net unrealized losses, respectively, on residential loan securitizations and a non-Agency RMBS re-securitization at fair value, which are included in unrealized gains (losses), net on the accompanying condensed consolidated statements of operations.
The following table presents a summary of the Senior Unsecured Notes as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

September 30, 2025December 31, 2024
Outstanding Face Amount
Carrying Value
Outstanding Face Amount
Carrying Value
9.875% 2030 Senior Notes at fair value
$115,000 $115,745 $— $— 
9.125% 2030 Senior Notes at fair value
82,500 82,121 — — 
2029 Senior Notes at fair value
60,000 59,724 60,000 60,310 
2026 Senior Notes at amortized cost, net
100,000 99,275 100,000 98,886 
Total Senior Unsecured Notes
$357,500 $356,865 $160,000 $159,196 
Schedule of Maturities of Collateralized Debt Obligations
The Company's CDOs as of September 30, 2025 had stated maturities as follows:

Year ending December 31, Total
2025
$— 
2026
— 
2027
— 
2028
— 
2029
225,000 
Thereafter3,440,092 
Total$3,665,092 
As of September 30, 2025, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,Outstanding Balance
2025$— 
2026125,626 
2027— 
2028— 
2029280,068 
2030197,500 
Thereafter163,453 
$766,647