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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
Investment securities were comprised of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands):
Carrying Value as of
September 30, 2023December 31, 2022
RMBS, available-for-sale$102,076 $113,386 
RMBS, fair value option (1)451,191 423,183 
CMBS, fair value option (1), (2)1,209,336 1,262,846 
HTM debt securities, amortized cost net of credit loss allowance of $12,994 and $3,182
591,948 673,470 
Equity security, fair value8,829 9,840 
Subtotal—Investment securities
2,363,380 2,482,725 
VIE eliminations (1)(1,641,787)(1,666,921)
Total investment securities$721,593 $815,804 
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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 $187.3 million and $198.9 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Purchases, Sales and Redemptions, and Principal Collections for All Investment Securities
Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands):
RMBS,
available-for-sale		RMBS, fair
value option		CMBS, fair
value option		HTM
Securities		Equity
Security		Securitization
VIEs (1)		Total
Three Months Ended September 30, 2023
Purchases/fundings$— $— $— $5,536 $— $— $5,536 
Sales and redemptions549 — — — 878 — 1,427 
Principal collections2,468 12,979 746 33,762 — (13,624)36,331 
Three Months Ended September 30, 2022
Purchases/fundings$— $— $— $— $— $— $— 
Sales and redemptions— — — — — — 
Principal collections3,412 16,914 5,118 609 — (21,802)4,251 
RMBS,
available-for-sale		RMBS, fair
value option		CMBS, fair
value option		HTM
Securities		Equity
Security		Securitization
VIEs (1)		Total
Nine Months Ended September 30, 2023
Purchases/fundings$— $— $— $6,988 $— $— $6,988 
Sales and redemptions549 — — — 1,173 — 1,722 
Principal collections7,451 41,776 12,980 79,543 — (54,071)87,679 
Nine Months Ended September 30, 2022
Purchases/fundings$— $226,152 $63,681 $86,058 $— $(289,833)$86,058 
Sales and redemptions— — — — — — — 
Principal collections16,200 58,843 6,394 2,549 — (64,555)19,431 
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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.
Schedule of Investments in Available-for-Sale RMBS
The tables below summarize various attributes of our investments in available-for-sale RMBS as of September 30, 2023 and December 31, 2022 (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
September 30, 2023
RMBS$87,962 $— $87,962 $17,182 $(3,068)$14,114 $102,076 
December 31, 2022
RMBS$92,431 $— $92,431 $21,765 $(810)$20,955 $113,386 
Weighted Average Coupon (1)WAL 
(Years) (2)
September 30, 2023
RMBS5.8 %7.4
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(1)Calculated using the September 30, 2023 SOFR rate of 5.319% 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023
RMBS$11,098 $6,077 $(1,626)$(1,442)
As of December 31, 2022
RMBS$6,961 $1,889 $(502)$(308)
Schedule of Investments in HTM Securities
The table below summarizes our investments in HTM debt securities as of September 30, 2023 and December 31, 2022 (amounts in thousands):
Amortized
Cost Basis		Credit Loss
Allowance		Net Carrying
Amount		Gross Unrealized
Holding Gains		Gross Unrealized
Holding Losses		Fair Value
September 30, 2023
CMBS$569,867 $(492)$569,375 $79 $(28,474)$540,980 
Preferred interests5,411 (2,420)2,991 125 (1,170)1,946 
Infrastructure bonds29,664 (10,082)19,582 33 (18)19,597 
Total$604,942 $(12,994)$591,948 $237 $(29,662)$562,523 
December 31, 2022
CMBS$577,681 $(172)$577,509 $30 $(30,424)$547,115 
Preferred interests29,757 — 29,757 125 (4,863)25,019 
Infrastructure bonds69,214 (3,010)66,204 47 (1,110)65,141 
Total$676,652 $(3,182)$673,470 $202 $(36,397)$637,275 
Schedule of Activity in Credit Loss Allowance for HTM Debt Securities
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
Nine Months Ended September 30, 2023
Credit loss allowance at December 31, 2022$172 $— $3,010 $3,182 
Credit loss provision, net320 2,420 7,072 9,812 
Credit loss allowance at September 30, 2023$492 $2,420 $10,082 $12,994 
Schedule of Maturities of our HTM Debt Securities The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2023 (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total
Less than one year$96,520 $— $— $96,520 
One to three years428,684 2,991 332 432,007 
Three to five years44,171 — 10,136 54,307 
Thereafter— — 9,114 9,114 
Total$569,375 $2,991 $19,582 $591,948