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Residential Whole Loans - Residential Whole Loans, at Carrying Value Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Weighted Average LTV ratio (as a percent) | 80.00% |
Loans | $ 1,550,234 |
Residential Whole Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Loans, fair value | 103,700 |
Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Loans | 843,883 |
Transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Loans | 35,467 |
Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Loans | 172,213 |
Seasoned performing loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Loans | $ 68,945 |
Multi-Family Transitional Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Weighted Average Term to Maturity (Months) | 14 months | 18 months
Weighted Average LTV ratio (as a percent) | 63.00% | 64.00%
Loans | $ 1,200,000 | $ 632,300
Settled Whole Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 7,814,106 | 6,273,743
Unpaid Principal Balance (“UPB”) | $ 8,175,387 | $ 6,741,786
Weighted Average Coupon (as a percent) | 6.86% | 5.78%
Weighted Average Term to Maturity (Months) | 240 months | 271 months
60+ Delinquency % | 3.80% | 3.10%
Settled Whole Loans | Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | $ 3,700,052 | $ 3,352,471
Unpaid Principal Balance (“UPB”) | $ 3,934,798 | $ 3,671,468
Weighted Average Coupon (as a percent) | 5.78% | 5.13%
Weighted Average Term to Maturity (Months) | 344 months | 351 months
Weighted Average LTV ratio (as a percent) | 65.00% | 65.00%
Weighted Average FICO Scores | 735 | 733
60+ Delinquency % | 2.70% | 2.60%
Settled Whole Loans | Non-QM loans | Current |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | $ 3,732,327 | $ 3,520,671
Settled Whole Loans | Non-QM loans | 30-59 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 98,017 | 56,825
Settled Whole Loans | Non-QM loans | 60-89 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 29,587 | 32,253
Settled Whole Loans | Non-QM loans | 90 or more |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 74,867 | 61,719
Settled Whole Loans | Transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 2,358,909 | 1,411,997
Unpaid Principal Balance (“UPB”) | $ 2,368,121 | $ 1,431,692
Weighted Average Coupon (as a percent) | 9.22% | 7.78%
Weighted Average Term to Maturity (Months) | 10 months | 12 months
Weighted Average LTV ratio (as a percent) | 64.00% | 66.00%
Weighted Average FICO Scores | 747 | 746
60+ Delinquency % | 5.10% | 5.30%
Settled Whole Loans | Transitional loans | Current |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | $ 2,187,161 | $ 1,348,815
Settled Whole Loans | Transitional loans | 30-59 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 61,024 | 6,463
Settled Whole Loans | Transitional loans | 60-89 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 26,618 | 2,234
Settled Whole Loans | Transitional loans | 90 or more |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 93,318 | 74,180
Settled Whole Loans | Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 1,630,442 | 1,375,297
Unpaid Principal Balance (“UPB”) | $ 1,729,923 | $ 1,485,967
Weighted Average Coupon (as a percent) | 6.30% | 5.74%
Weighted Average Term to Maturity (Months) | 320 months | 324 months
Weighted Average LTV ratio (as a percent) | 70.00% | 69.00%
Weighted Average FICO Scores | 738 | 737
60+ Delinquency % | 4.70% | 2.40%
Settled Whole Loans | Single-family rental loans | Current |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | $ 1,636,810 | $ 1,442,095
Settled Whole Loans | Single-family rental loans | 30-59 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 12,543 | 8,431
Settled Whole Loans | Single-family rental loans | 60-89 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 12,314 | 7,978
Settled Whole Loans | Single-family rental loans | 90 or more |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 68,256 | 27,463
Settled Whole Loans | Seasoned performing loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 68,924 | 82,884
Unpaid Principal Balance (“UPB”) | $ 75,715 | $ 90,843
Weighted Average Coupon (as a percent) | 4.58% | 3.31%
Weighted Average Term to Maturity (Months) | 143 months | 151 months
Weighted Average LTV ratio (as a percent) | 28.00% | 30.00%
Weighted Average FICO Scores | 725 | 714
60+ Delinquency % | 3.40% | 5.90%
Settled Whole Loans | Seasoned performing loans | Current |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | $ 72,126 | $ 84,514
Settled Whole Loans | Seasoned performing loans | 30-59 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 1,045 | 993
Settled Whole Loans | Seasoned performing loans | 60-89 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 235 | 937
Settled Whole Loans | Seasoned performing loans | 90 or more |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 2,309 | 4,399
Settled Whole Loans | Agency eligible investor loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 55,779 | 51,094
Unpaid Principal Balance (“UPB”) | $ 66,830 | $ 61,816
Weighted Average Coupon (as a percent) | 3.44% | 3.44%
Weighted Average Term to Maturity (Months) | 332 months | 344 months
Weighted Average LTV ratio (as a percent) | 66.00% | 68.00%
Weighted Average FICO Scores | 758 | 757
60+ Delinquency % | 0.30% | 0.00%
Settled Whole Loans | Agency eligible investor loans | Current |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | $ 65,094 | $ 61,816
Settled Whole Loans | Agency eligible investor loans | 30-59 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 1,508 | 0
Settled Whole Loans | Agency eligible investor loans | 60-89 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 0 | 0
Settled Whole Loans | Agency eligible investor loans | 90 or more |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 228 | 0
Settled Whole Loans | Purchased Credit Deteriorated Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 418,109 | 448,887
Unpaid Principal Balance (“UPB”) | $ 506,828 | $ 554,907
Weighted Average Coupon (as a percent) | 4.83% | 4.66%
Weighted Average Term to Maturity (Months) | 267 months | 277 months
Weighted Average LTV ratio (as a percent) | 59.00% | 63.00%
60+ Delinquency % | 16.20% | 18.70%
Settled Whole Loans | Purchased Credit Deteriorated Loans | Current |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | $ 379,970 | $ 403,042
Settled Whole Loans | Purchased Credit Deteriorated Loans | 30-59 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 44,731 | 48,107
Settled Whole Loans | Purchased Credit Deteriorated Loans | 60-89 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 12,814 | 16,270
Settled Whole Loans | Purchased Credit Deteriorated Loans | 90 or more |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 69,313 | 87,488
Settled Whole Loans | Purchased Non-performing Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 705,424 | 796,109
Unpaid Principal Balance (“UPB”) | $ 772,737 | $ 884,257
Weighted Average Coupon (as a percent) | 5.21% | 5.01%
Weighted Average Term to Maturity (Months) | 270 months | 277 months
Weighted Average LTV ratio (as a percent) | 62.00% | 68.00%
60+ Delinquency % | 30.00% | 39.60%
Settled Whole Loans | Purchased Non-performing Loans | Current |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | $ 444,491 | $ 444,045
Settled Whole Loans | Purchased Non-performing Loans | 30-59 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 96,464 | 89,623
Settled Whole Loans | Purchased Non-performing Loans | 60-89 |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 31,560 | 40,554
Settled Whole Loans | Purchased Non-performing Loans | 90 or more |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Aging by UPB | 200,222 | 310,035
Settled Whole Loans | Residential Whole Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Fair Value / Carrying Value | 8,937,639 | 7,518,739
Unpaid Principal Balance (“UPB”) | $ 9,454,952 | $ 8,180,950
Weighted Average Coupon (as a percent) | 6.04% | 5.64%
Weighted Average Term to Maturity (Months) | 234 months | 272 months
60+ Delinquency % | 6.60% | 8.10%
Settled Whole Loans | Certain transition loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Weighted Average LTV ratio (as a percent) | 68.00% | 70.00%
Residential Transition Loans | Certain transition loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Securitization of eligible investor loans | $ 551,300 | $ 223,200

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