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Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Jan. 31, 2025
Debt Obligations      
Debt Carrying Value $ 4,780,753 $ 3,559,490  
Collateral Carrying Value $ 6,714,699 5,087,957  
Wtd. Avg. Note Rate 6.70%    
Outstanding principal balance repaid $ 26,600 26,600  
Mortgage notes payable — real estate owned 123,851 74,897  
Mortgages      
Debt Obligations      
Mortgage notes payable — real estate owned 123,900 74,900  
Structured Business      
Debt Obligations      
Debt Carrying Value 4,501,349 3,136,829  
Collateral Carrying Value $ 6,401,776 4,652,502  
Wtd. Avg. Note Rate 6.75%    
Deferred financing fees $ 10,900 8,600  
Structured Business | $1.9B joint repurchase facility      
Debt Obligations      
Maximum borrowing capacity 1,900,000    
Debt Carrying Value 748,753 657,690  
Collateral Carrying Value $ 1,235,968 1,104,791  
Wtd. Avg. Note Rate 6.75%    
Structured Business | $1.15B repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 1,150,000    
Debt Carrying Value 1,113,614 0  
Collateral Carrying Value $ 1,398,106 0  
Wtd. Avg. Note Rate 6.26%    
Structured Business | $1B repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 1,000,000    
Debt Carrying Value 196,386 215,459  
Collateral Carrying Value $ 303,943 336,193  
Wtd. Avg. Note Rate 6.96%    
Structured Business | $1B repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 1,000,000    
Debt Carrying Value 761,498 781,812  
Collateral Carrying Value $ 1,039,585 1,055,321  
Wtd. Avg. Note Rate 7.18%    
Expiration period after the lender provides written notice 6 months    
Line of credit facility, repurchase period 6 months    
Structured Business | $750M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 750,000    
Debt Carrying Value 313,503 202,798  
Collateral Carrying Value $ 491,985 362,695  
Wtd. Avg. Note Rate 6.83%    
Structured Business | $650M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 650,000    
Debt Carrying Value 470,189 499,017  
Collateral Carrying Value $ 638,975 678,017  
Wtd. Avg. Note Rate 6.90%    
Structured Business | $400M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 400,000   $ 400,000
Debt Carrying Value 107,321 138,695  
Collateral Carrying Value $ 207,035 237,123  
Wtd. Avg. Note Rate 7.67%    
Structured Business | $400M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 400,000    
Debt Carrying Value 91,935 74,896  
Collateral Carrying Value $ 134,335 109,920  
Wtd. Avg. Note Rate 6.76%    
Structured Business | $350M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 350,000    
Debt Carrying Value 127,773 134,189  
Collateral Carrying Value $ 203,135 203,135  
Wtd. Avg. Note Rate 6.52%    
Structured Business | $250M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 250,000    
Debt Carrying Value 7,569 0  
Collateral Carrying Value $ 13,453 0  
Wtd. Avg. Note Rate 7.67%    
Length of extension option 1 year    
Structured Business | $250M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 250,000    
Debt Carrying Value 116,628 0  
Collateral Carrying Value $ 146,365 0  
Wtd. Avg. Note Rate 5.90%    
Structured Business | $200M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 200,000    
Debt Carrying Value 187,369 155,676  
Collateral Carrying Value $ 260,960 214,441  
Wtd. Avg. Note Rate 6.96%    
Structured Business | $150M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 150,000    
Debt Carrying Value 123,536 108,696  
Collateral Carrying Value $ 164,863 145,148  
Wtd. Avg. Note Rate 7.42%    
Structured Business | $110M loan specific credit facilities      
Debt Obligations      
Maximum borrowing capacity $ 110,000    
Debt Carrying Value 101,414 133,965  
Collateral Carrying Value $ 138,458 181,108  
Wtd. Avg. Note Rate 6.56%    
Structured Business | $40M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 40,000    
Debt Carrying Value 15,422 15,387  
Collateral Carrying Value $ 24,610 24,610  
Wtd. Avg. Note Rate 6.76%    
Structured Business | $35M working capital facility      
Debt Obligations      
Maximum borrowing capacity $ 35,000    
Debt Carrying Value 0 0  
Collateral Carrying Value $ 0 0  
Wtd. Avg. Note Rate 0.00%    
Structured Business | Repurchase facility - securities      
Debt Obligations      
Debt Carrying Value $ 18,439 18,549  
Collateral Carrying Value $ 0 0  
Wtd. Avg. Note Rate 6.11%    
Structured Business | $500M credit facility, performing loans      
Debt Obligations      
Maximum borrowing capacity $ 500,000    
Structured Business | $250M credit facility, nonperforming loans      
Debt Obligations      
Maximum borrowing capacity 250,000    
Agency Business      
Debt Obligations      
Debt Carrying Value 279,404 422,661  
Collateral Carrying Value $ 312,923 435,455  
Wtd. Avg. Note Rate 5.83%    
Deferred financing fees $ 300 200  
Agency Business | $750M ASAP agreement      
Debt Obligations      
Maximum borrowing capacity 750,000    
Debt Carrying Value 39,606 62,196  
Collateral Carrying Value $ 39,656 62,372  
Wtd. Avg. Note Rate 5.46%    
Agency Business | $500M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 500,000    
Debt Carrying Value 6,909 40,872  
Collateral Carrying Value $ 6,909 41,165  
Wtd. Avg. Note Rate 5.80%    
Agency Business | $200M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 200,000    
Debt Carrying Value 125,570 141,169  
Collateral Carrying Value $ 137,407 141,971  
Wtd. Avg. Note Rate 5.81%    
Agency Business | $200M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 200,000    
Debt Carrying Value 42,514 137,762  
Collateral Carrying Value $ 42,577 138,793  
Wtd. Avg. Note Rate 5.76%    
Agency Business | $100M joint repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 100,000    
Debt Carrying Value 62,301 28,611  
Collateral Carrying Value $ 83,870 38,962  
Wtd. Avg. Note Rate 6.16%    
Agency Business | $50M credit facility      
Debt Obligations      
Maximum borrowing capacity $ 50,000    
Debt Carrying Value 2,504 11,723  
Collateral Carrying Value $ 2,504 11,723  
Wtd. Avg. Note Rate 5.76%    
Agency Business | $1M repurchase facility      
Debt Obligations      
Maximum borrowing capacity $ 1,000    
Debt Carrying Value 0 328  
Collateral Carrying Value $ 0 $ 469  
Wtd. Avg. Note Rate 6.80%