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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
Investment securities were comprised of the following as of December 31, 2023 and 2022 (amounts in thousands):
Carrying Value as of
December 31, 2023December 31, 2022
RMBS, available-for-sale$102,368 $113,386 
RMBS, fair value option (1)449,909 423,183 
CMBS, fair value option (1), (2)1,147,550 1,262,846 
HTM debt securities, amortized cost net of credit loss allowance of $13,143 and $3,182
606,254 673,470 
Equity security, fair value8,340 9,840 
Subtotal—Investment securities
2,314,421 2,482,725 
VIE eliminations (1)(1,578,859)(1,666,921)
Total investment securities$735,562 $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 $177.3 million and $198.9 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2023 and 2022, 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
Equity Security
Securitization
VIEs (1)		Total
Year Ended December 31, 2023
Purchases/fundings
$— $— $48,011 $11,578 $— $(48,011)$11,578 
Sales and redemptions
549 — — — 2,493 — 3,042 
Principal collections9,475 53,332 117,100 80,083 — (169,642)90,348 
Year Ended December 31, 2022
Purchases/fundings$— $226,152 $63,681 $86,512 $— $(289,833)$86,512 
Sales and redemptions
— — — — — — — 
Principal collections19,087 74,542 20,862 94,868 — (93,412)115,947 
Year Ended December 31, 2021
Purchases/fundings
$— $168,825 $71,476 $198,358 $— $(240,301)$198,358 
Sales and redemptions
— 81,871 38,714 — — (120,585)— 
Principal collections30,722 63,144 7,732 54,725 — (68,873)87,450 
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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 December 31, 2023 and 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
December 31, 2023
RMBS$87,016 $— $87,016 $18,092 $(2,740)$15,352 $102,368 
December 31, 2022
RMBS$92,431 $— $92,431 $21,765 $(810)$20,955 $113,386 
Weighted Average Coupon (1)WAL 
(Years) (2)
December 31, 2023
RMBS5.8 %7.1
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(1)Calculated using the December 31, 2023 SOFR rate of 5.355% 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, 2023 and 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 December 31, 2023
RMBS$10,687 $6,361 $(1,322)$(1,418)
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 December 31, 2023 and 2022 (amounts in thousands):
Amortized
Cost Basis		Credit Loss
Allowance		Net Carrying
Amount		Gross Unrealized
Holding Gains		Gross Unrealized
Holding Losses		Fair Value
December 31, 2023
CMBS$580,704 $(164)$580,540 $43 $(24,835)$555,748 
Preferred interests9,570 (2,898)6,672 — (318)6,354 
Infrastructure bonds29,123 (10,081)19,042 32 (16)19,058 
Total$619,397 $(13,143)$606,254 $75 $(25,169)$581,160 
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
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 
Credit loss (reversal) provision, net
(2,968)(2,562)102 (5,428)
Credit loss allowance at December 31, 2022
172 — 3,010 3,182 
Credit loss (reversal) provision, net
(8)2,898 7,071 9,961 
Credit loss allowance at December 31, 2023
$164 $2,898 $10,081 $13,143 
Schedule of Maturities of our HTM Debt Securities
The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2023 (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total
Less than one year$96,548 $— $— $96,548 
One to three years437,173 6,672 330 444,175 
Three to five years46,819 — 9,598 56,417 
Thereafter— — 9,114 9,114 
Total$580,540 $6,672 $19,042 $606,254