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Fair Value of Financial Instruments - Fair Value Methodology (Details) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($)
Residential whole loans, total or weighted average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Loans, fair value | $ 14,800 | $ 103,700
Performing |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Purchased performing loans, fair value | 6,902,683 | 6,646,651
Performing | Discounted cash flow |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Purchased performing loans, fair value | 6,751,137 | 6,522,457
Performing | Liquidation model |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Purchased performing loans, fair value | $ 151,546 | $ 124,194
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.082 | 0.080
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.062 | 0.065
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.215 | 0.292
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.119 | 0.101
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.000 | 0.000
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.553 | 0.464
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.005 | 0.005
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.000 | 0.000
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.311 | 0.273
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.109 | 0.109
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.000 | 0.000
Performing | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.990 | 0.990
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.080 | 0.080
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.080 | 0.080
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.080 | 0.080
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Annual change in home prices | 2.30% | 2.60%
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Annual change in home prices | 0.00% | 0.00%
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Annual change in home prices | 10.10% | 10.10%
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Liquidation timeline (in years) | 1 year 6 months | 1 year 7 months 6 days
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Liquidation timeline (in years) | 9 months 18 days | 9 months 18 days
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Liquidation timeline (in years) | 3 years 10 months 24 days | 3 years 10 months 24 days
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Current value of underlying properties | $ 1,647 | $ 1,580
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Current value of underlying properties | 21 | 35
Performing | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Current value of underlying properties | 7,400 | 5,500
Nonperforming |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Purchased performing loans, fair value | 681,188 | 704,852
Purchases excluded from level 2 fair value | 601 | 572
Nonperforming | Discounted cash flow |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Purchased performing loans, fair value | 519,497 | 537,528
Nonperforming | Liquidation model |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Purchased performing loans, fair value | 161,691 | 167,324
Simple average amount | $ 512 | $ 494
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.070 | 0.068
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.065 | 0.062
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Discount rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.109 | 0.102
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.094 | 0.097
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.000 | 0.000
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Prepayment rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.347 | 0.389
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.022 | 0.021
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.000 | 0.000
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Default rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.417 | 0.395
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.096 | 0.097
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.000 | 0.000
Nonperforming | Residential whole loans, at fair value | Level 3 | Discounted cash flow | Loss severity | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 1.000 | 1.000
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.080 | 0.080
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.080 | 0.080
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Discount rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.080 | 0.080
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Annual change in home prices | 4.30% | 4.60%
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Annual change in home prices | (0.30%) | (0.40%)
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Annual change in home prices | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Annual change in home prices | 12.10% | 12.70%
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Liquidation timeline (in years) | 2 years 1 month 6 days | 2 years 1 month 6 days
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Liquidation timeline (in years) | 9 months 18 days | 1 month 6 days
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Liquidation timeline (in years) | 4 years 6 months | 4 years 6 months
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Current value of underlying properties | $ 863 | $ 831
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Current value of underlying properties | 24 | 24
Nonperforming | Residential whole loans, at fair value | Level 3 | Liquidation model | Current value of underlying properties | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Current value of underlying properties | $ 4,720 | $ 4,720

X
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- Definition Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period At Acquisition At Fair Value, Level 3, Excluding Loan Purchase Price + References No definition available. + Details
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