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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
Investment securities were comprised of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):
Carrying Value as of
March 31, 2024December 31, 2023
RMBS, available-for-sale$100,319 $102,368 
RMBS, fair value option (1)434,916 449,909 
CMBS, fair value option (1), (2)1,124,724 1,147,550 
HTM debt securities, amortized cost net of credit loss allowance of $17,589 and $13,143
589,003 606,254 
Equity security, fair value7,265 8,340 
Subtotal—Investment securities
2,256,227 2,314,421 
VIE eliminations (1)(1,540,154)(1,578,859)
Total investment securities$716,073 $735,562 
______________________________________________________________________________________________________________________
(1)Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.
(2)Includes $171.1 million and $177.3 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Purchases, Sales and Redemptions, and Principal Collections for All Investment Securities
Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands):
RMBS,
available-for-sale		RMBS, fair
value option		CMBS, fair
value option		HTM
Securities		Equity
Security		Securitization
VIEs (1)		Total
Three Months Ended March 31, 2024
Purchases/fundings$— $— $— $9,220 $— $— $9,220 
Sales and redemptions— — 3,166 — 1,314 (3,166)1,314 
Principal collections1,925 11,883 3,200 17,163 — (15,022)19,149 
Three Months Ended March 31, 2023
Purchases/fundings$— $— $— $591 $— $— $591 
Sales and redemptions— — — — — — 
Principal collections2,435 14,220 1,254 38,198 — (15,329)40,778 
_________________________________________________________________________________________________________________
(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 March 31, 2024 and December 31, 2023 (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
March 31, 2024
RMBS$86,258 $— $86,258 $16,967 $(2,906)$14,061 $100,319 
December 31, 2023
RMBS$87,016 $— $87,016 $18,092 $(2,740)$15,352 $102,368 
Weighted Average Coupon (1)WAL 
(Years) (2)
March 31, 2024
RMBS5.8 %7.8
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(1)Calculated using the March 31, 2024 SOFR rate of 5.329% 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024
RMBS$6,375 $12,714 $(526)$(2,380)
As of December 31, 2023
RMBS$10,687 $6,361 $(1,322)$(1,418)
Schedule of Investments in HTM Securities
The table below summarizes our investments in HTM debt securities as of March 31, 2024 and December 31, 2023 (amounts in thousands):
Amortized
Cost Basis		Credit Loss
Allowance		Net Carrying
Amount		Gross Unrealized
Holding Gains		Gross Unrealized
Holding Losses		Fair Value
March 31, 2024
CMBS$561,174 $(182)$560,992 $56 $(24,145)$536,903 
Preferred interests16,916 (7,328)9,588 — (966)8,622 
Infrastructure bonds28,502 (10,079)18,423 30 (15)18,438 
Total$606,592 $(17,589)$589,003 $86 $(25,126)$563,963 
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 
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
Three Months Ended March 31, 2024
Credit loss allowance at December 31, 2023$164 $2,898 $10,081 $13,143 
Credit loss provision (reversal), net
18 4,430 (2)4,446 
Credit loss allowance at March 31, 2024$182 $7,328 $10,079 $17,589 
Schedule of Maturities of our HTM Debt Securities
The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2024 (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total
Less than one year$80,084 $5,967 $— $86,051 
One to three years433,011 — 239 433,250 
Three to five years47,897 3,621 9,070 60,588 
Thereafter— — 9,114 9,114 
Total$560,992 $9,588 $18,423 $589,003