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Residential Whole Loans - Residential Whole Loans, at Carrying Value, Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
LTV ratio (as a percent) | 80.00% |  |
Loans | $ 1,484,370 |  |
Residential whole loans, total or weighted average |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Loans, fair value | 14,800 |  | $ 103,700
Non-QM loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Loans | 816,617 |  |
Transitional loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Loans | 29,098 |  |
Seasoned performing loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Loans | $ 66,065 |  |
Multi-Family Transitional Loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
LTV ratio (as a percent) | 63.00% | 63.00% |
Loans | $ 1,200,000 |  | 1,200,000
Weighted Average Term to Maturity (Months) | 12 months | 14 months |
Settled Whole Loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | $ 8,024,799 |  | 7,814,106
Unpaid Principal Balance (“UPB”) | $ 8,366,801 |  | $ 8,175,387
Weighted Average Coupon ( as a percent) | 7.11% |  | 6.86%
Weighted Average Term to Maturity (Months) | 238 months |  | 240 months
60+ Delinquency % | 4.30% |  | 3.80%
Settled Whole Loans | Non-QM loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | $ 3,836,705 |  | $ 3,700,052
Unpaid Principal Balance (“UPB”) | $ 4,059,991 |  | $ 3,934,798
Weighted Average Coupon ( as a percent) | 6.02% |  | 5.78%
Weighted Average Term to Maturity (Months) | 342 months |  | 344 months
LTV ratio (as a percent) | 65.00% |  | 65.00%
Weighted Average Original FICO | 734 |  | 735
60+ Delinquency % | 3.20% |  | 2.70%
Settled Whole Loans | Non-QM loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | $ 3,814,533 |  | $ 3,732,327
Settled Whole Loans | Non-QM loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 115,484 |  | 98,017
Settled Whole Loans | Non-QM loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 41,428 |  | 29,587
Settled Whole Loans | Non-QM loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 88,546 |  | 74,867
Settled Whole Loans | Transitional loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | 2,493,073 |  | 2,358,909
Unpaid Principal Balance (“UPB”) | $ 2,502,067 |  | $ 2,368,121
Weighted Average Coupon ( as a percent) | 9.45% |  | 9.22%
Weighted Average Term to Maturity (Months) | 9 months |  | 10 months
LTV ratio (as a percent) | 64.00% |  | 64.00%
Weighted Average Original FICO | 747 |  | 747
60+ Delinquency % | 6.00% |  | 5.10%
Settled Whole Loans | Transitional loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | $ 2,306,508 |  | $ 2,187,161
Settled Whole Loans | Transitional loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 44,621 |  | 61,024
Settled Whole Loans | Transitional loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 18,459 |  | 26,618
Settled Whole Loans | Transitional loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 132,479 |  | 93,318
Settled Whole Loans | Single-family Rental Loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | 1,574,322 |  | 1,630,442
Unpaid Principal Balance (“UPB”) | $ 1,665,788 |  | $ 1,729,923
Weighted Average Coupon ( as a percent) | 6.52% |  | 6.30%
Weighted Average Term to Maturity (Months) | 331 months |  | 320 months
LTV ratio (as a percent) | 69.00% |  | 70.00%
Weighted Average Original FICO | 738 |  | 738
60+ Delinquency % | 4.60% |  | 4.70%
Settled Whole Loans | Single-family Rental Loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | $ 1,571,772 |  | $ 1,636,810
Settled Whole Loans | Single-family Rental Loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 17,395 |  | 12,543
Settled Whole Loans | Single-family Rental Loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 6,452 |  | 12,314
Settled Whole Loans | Single-family Rental Loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 70,169 |  | 68,256
Settled Whole Loans | Seasoned performing loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | 66,045 |  | 68,924
Unpaid Principal Balance (“UPB”) | $ 72,658 |  | $ 75,715
Weighted Average Coupon ( as a percent) | 4.77% |  | 4.58%
Weighted Average Term to Maturity (Months) | 140 months |  | 143 months
LTV ratio (as a percent) | 28.00% |  | 28.00%
Weighted Average Original FICO | 725 |  | 725
60+ Delinquency % | 1.90% |  | 3.40%
Settled Whole Loans | Seasoned performing loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | $ 70,016 |  | $ 72,126
Settled Whole Loans | Seasoned performing loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 1,271 |  | 1,045
Settled Whole Loans | Seasoned performing loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 43 |  | 235
Settled Whole Loans | Seasoned performing loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 1,328 |  | 2,309
Settled Whole Loans | Agency eligible investor loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | 54,654 |  | 55,779
Unpaid Principal Balance (“UPB”) | $ 66,297 |  | $ 66,830
Weighted Average Coupon ( as a percent) | 3.44% |  | 3.44%
Weighted Average Term to Maturity (Months) | 329 months |  | 332 months
LTV ratio (as a percent) | 66.00% |  | 66.00%
Weighted Average Original FICO | 757 |  | 758
60+ Delinquency % | 1.10% |  | 0.30%
Settled Whole Loans | Agency eligible investor loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | $ 65,064 |  | $ 65,094
Settled Whole Loans | Agency eligible investor loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 523 |  | 1,508
Settled Whole Loans | Agency eligible investor loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 223 |  | 0
Settled Whole Loans | Agency eligible investor loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 487 |  | 228
Settled Whole Loans | Purchased Credit Deteriorated Loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | 412,077 |  | 418,109
Unpaid Principal Balance (“UPB”) | $ 499,761 |  | $ 506,828
Weighted Average Coupon ( as a percent) | 4.85% |  | 4.83%
Weighted Average Term to Maturity (Months) | 265 months |  | 267 months
LTV ratio (as a percent) | 58.00% |  | 59.00%
60+ Delinquency % | 15.90% |  | 16.20%
Settled Whole Loans | Purchased Credit Deteriorated Loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | $ 373,341 |  | $ 379,970
Settled Whole Loans | Purchased Credit Deteriorated Loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 46,972 |  | 44,731
Settled Whole Loans | Purchased Credit Deteriorated Loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 16,784 |  | 12,814
Settled Whole Loans | Purchased Credit Deteriorated Loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 62,664 |  | 69,313
Settled Whole Loans | Purchased Non-Performing Loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | 681,789 |  | 705,424
Unpaid Principal Balance (“UPB”) | $ 753,035 |  | $ 772,737
Weighted Average Coupon ( as a percent) | 5.24% |  | 5.21%
Weighted Average Term to Maturity (Months) | 268 months |  | 270 months
LTV ratio (as a percent) | 60.00% |  | 62.00%
60+ Delinquency % | 29.90% |  | 30.00%
Settled Whole Loans | Purchased Non-Performing Loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | $ 437,507 |  | $ 444,491
Settled Whole Loans | Purchased Non-Performing Loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 90,223 |  | 96,464
Settled Whole Loans | Purchased Non-Performing Loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 31,434 |  | 31,560
Settled Whole Loans | Purchased Non-Performing Loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Aging by UPB | 193,871 |  | 200,222
Settled Whole Loans | Residential whole loans, total or weighted average |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Fair Value / Carrying Value | 9,118,665 |  | 8,937,639
Unpaid Principal Balance (“UPB”) | $ 9,619,597 |  | $ 9,454,952
Weighted Average Coupon ( as a percent) | 6.21% |  | 6.04%
Weighted Average Term to Maturity (Months) | 227 months |  | 234 months
60+ Delinquency % | 6.90% |  | 6.60%
Settled Whole Loans | Certain rehabilitation loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
LTV ratio (as a percent) | 67.00% |  | 68.00%
Transitional loans | Certain rehabilitation loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Securitization of eligible investor loans | $ 608,900 |  | $ 551,300

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