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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
Investment securities were comprised of the following as of December 31, 2021 and 2020 (amounts in thousands):
Carrying Value as of
December 31, 2021December 31, 2020
RMBS, available-for-sale$143,980 $167,349 
RMBS, fair value option (1)250,424 235,997 
CMBS, fair value option (1), (2)1,263,606 1,209,030 
HTM debt securities, amortized cost net of credit loss allowance of $8,610 and $5,675
683,136 538,605 
Equity security, fair value11,624 11,247 
Subtotal—Investment securities
2,352,770 2,162,228 
VIE eliminations (1)(1,491,786)(1,425,570)
Total investment securities$860,984 $736,658 
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(1)Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.
(2)Includes $182.6 million and $179.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2021 and 2020, respectively.
Schedule of Purchases, Sales and Principal Collections for all Investment Securities
Purchases, sales, principal collections and redemptions for all investment securities were as follows (amounts in thousands):
RMBS,
available-for-sale		RMBS, fair
value option		CMBS, fair
value option		HTM
Securities		Securitization
VIEs (1)		Total
Year Ended December 31, 2021
Purchases$— $168,825 $71,476 $198,358 $(240,301)$198,358 
Sales— 30,684 38,714 — (69,398)— 
Principal collections30,722 63,144 7,732 54,725 (68,873)87,450 
Redemptions— 51,187 — — (51,187)— 
Year Ended December 31, 2020
Purchases/fundings$— $282,368 $49,416 $22,408 $(331,784)$22,408 
Sales— 135,567 37,867 — (165,494)7,940 
Principal collections26,000 44,197 30,079 52,704 (69,447)83,533 
Redemptions— 10,474 — — (10,474)— 
Year Ended December 31, 2019
Purchases $— $120,103 $238,213 $91,162 $(351,220)$98,258 
Sales— 41,501 150,365 — (184,540)7,326 
Principal collections26,929 16,500 40,490 167,383 (45,642)205,660 
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(1)Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated statements of cash flows.
Summary of Investments in Available-for-Sale RMBS
The tables below summarize various attributes of our investments in available-for-sale RMBS as of December 31, 2021 and 2020 (amounts in thousands):
Unrealized Gains or (Losses)
Recognized in AOCI
Amortized
Cost		Credit
Loss
Allowance		Net
Basis		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Fair Value
Adjustment		Fair Value
December 31, 2021
RMBS$103,027 $— $103,027 $41,052 $(99)$40,953 $143,980 
December 31, 2020
RMBS$123,292 $— $123,292 $44,123 $(66)$44,057 $167,349 
Weighted Average Coupon (1)WAL 
(Years) (2)
December 31, 2021
RMBS1.3 %5.3
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(1)Calculated using the December 31, 2021 one-month LIBOR rate of 0.101% for floating rate securities.
(2)Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
Schedule of Gross Unrealized Losses and Estimated Fair Value of Securities With No Recorded Allowance for Credit Loss
The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of December 31, 2021 and 2020, and for which an allowance for credit losses has not been recorded (amounts in thousands):
Estimated Fair ValueUnrealized Losses
Securities with a
loss less than
12 months		Securities with a
loss greater than
12 months		Securities with a
loss less than
12 months		Securities with a
loss greater than
12 months
As of December 31, 2021
RMBS$2,478 $— $(99)$— 
As of December 31, 2020
RMBS$438 $1,195 $(25)$(41)
Summary of Investments in HTM Securities
The table below summarizes our investments in HTM debt securities as of December 31, 2021 and 2020 (amounts in thousands):
Amortized
Cost Basis		Credit Loss
Allowance		Net Carrying
Amount		Gross Unrealized
Holding Gains		Gross Unrealized
Holding Losses		Fair Value
December 31, 2021
CMBS$538,506 $(3,140)$535,366 $195 $(25,029)$510,532 
Preferred interests118,409 (2,562)115,847 450 (2,449)113,848 
Infrastructure bonds34,831 (2,908)31,923 561 — 32,484 
Total$691,746 $(8,610)$683,136 $1,206 $(27,478)$656,864 
December 31, 2020
CMBS$339,059 $— $339,059 $— $(23,286)$315,773 
Preferred interests166,614 (2,749)163,865 432 (913)163,384 
Infrastructure bonds38,607 (2,926)35,681 415 — 36,096 
Total$544,280 $(5,675)$538,605 $847 $(24,199)$515,253 
Summary of Activity in Credit Loss Allowance for HTM Debt Decurities
The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total HTM
Credit Loss
Allowance
Year Ended December 31, 2021
Credit loss allowance at December 31, 2020$— $2,749 $2,926 $5,675 
Credit loss provision (reversal), net3,140 (187)(18)2,935 
Credit loss allowance at December 31, 2021$3,140 $2,562 $2,908 $8,610 
Summary of Maturities of Preferred Equity Interests in Limited Liability Companies The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2021 (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total
Less than one year$313,960 $90,970 $— $404,930 
One to three years23,000 24,877 — 47,877 
Three to five years198,406 — 807 199,213 
Thereafter— — 31,116 31,116 
Total$535,366 $115,847 $31,923 $683,136