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Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount | [1],[2] | $ 9,027,371 | $ 9,041,292
LTV ratio (as a percent) |  | 80.00% |
Single-family transitional loans | As is value of collateral |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 459,200 | 332,500
Multifamily transitional loans | As is value of collateral |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 568,300 | 218,800
Residential whole loan |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 9,027,371 | 9,041,292
Fair Value |  | 9,034,027 |
Unpaid Principal Balance (“UPB”) |  | $ 9,346,212 |
Weighted Average Coupon ( as a percent) |  | 6.99% |
LTV ratio (as a percent) |  | 64.00% |
60+ Days Past Due % |  | 6.70% |
Residential whole loan | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 8,385,015 |
Residential whole loan | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 334,848 |
Residential whole loan | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 107,833 |
Residential whole loan | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 518,516 |
Residential whole loan | Carrying Value |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 1,352,630 | 1,529,784
Residential whole loan | Estimated Fair Value |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 7,674,741 | 7,511,508
Residential whole loan | Business purpose loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 3,682,499 | 3,989,351
Fair Value |  | 3,685,291 | 3,988,746
Unpaid Principal Balance (“UPB”) |  | $ 3,766,387 | $ 4,098,044
Weighted Average Coupon ( as a percent) |  | 8.44% | 7.99%
Weighted Average Term to Maturity (Months) |  |  |
LTV ratio (as a percent) |  | 68.00% | 67.00%
Weighted Average Original FICO |  |  |
60+ Days Past Due % |  | 5.50% | 4.90%
Residential whole loan | Business purpose loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 3,452,162 | $ 3,823,971
Residential whole loan | Business purpose loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 105,883 | 73,567
Residential whole loan | Business purpose loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 22,014 | 38,932
Residential whole loan | Business purpose loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 186,328 | 161,574
Residential whole loan | Business purpose loans | Single-family transitional loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 1,151,733 | 1,190,612
Fair Value |  | 1,152,489 | 1,191,715
Unpaid Principal Balance (“UPB”) |  | $ 1,158,413 | $ 1,197,346
Weighted Average Coupon ( as a percent) |  | 10.46% | 10.01%
Weighted Average Term to Maturity (Months) |  | 6 months | 7 months
LTV ratio (as a percent) |  | 67.00% | 66.00%
Weighted Average Original FICO |  | 748 | 747
60+ Days Past Due % |  | 8.30% | 8.30%
Residential whole loan | Business purpose loans | Single-family transitional loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 1,021,676 | $ 1,070,759
Residential whole loan | Business purpose loans | Single-family transitional loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 41,089 | 27,246
Residential whole loan | Business purpose loans | Single-family transitional loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 6,034 | 17,004
Residential whole loan | Business purpose loans | Single-family transitional loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 89,614 | 82,337
Residential whole loan | Business purpose loans | Multifamily transitional loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 1,058,079 | 1,168,297
Fair Value |  | 1,058,079 | 1,168,297
Unpaid Principal Balance (“UPB”) |  | $ 1,102,732 | $ 1,170,775
Weighted Average Coupon ( as a percent) |  | 9.06% | 8.41%
Weighted Average Term to Maturity (Months) |  | 9 months | 14 months
LTV ratio (as a percent) |  | 67.00% | 63.00%
Weighted Average Original FICO |  | 748 | 747
60+ Days Past Due % |  | 5.50% | 1.80%
Residential whole loan | Business purpose loans | Multifamily transitional loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 994,102 | $ 1,116,402
Residential whole loan | Business purpose loans | Multifamily transitional loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 47,898 | 33,778
Residential whole loan | Business purpose loans | Multifamily transitional loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 10,800 | 9,614
Residential whole loan | Business purpose loans | Multifamily transitional loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 49,932 | 10,981
Residential whole loan | Business purpose loans | Single-family rental loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 1,472,687 | 1,630,442
Fair Value |  | 1,474,723 | 1,628,734
Unpaid Principal Balance (“UPB”) |  | $ 1,505,242 | $ 1,729,923
Weighted Average Coupon ( as a percent) |  | 6.43% | 6.30%
Weighted Average Term to Maturity (Months) |  | 325 months | 320 months
LTV ratio (as a percent) |  | 68.00% | 70.00%
Weighted Average Original FICO |  | 738 | 738
60+ Days Past Due % |  | 3.50% | 4.70%
Residential whole loan | Business purpose loans | Single-family rental loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 1,436,384 | $ 1,636,810
Residential whole loan | Business purpose loans | Single-family rental loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 16,896 | 12,543
Residential whole loan | Business purpose loans | Single-family rental loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 5,180 | 12,314
Residential whole loan | Business purpose loans | Single-family rental loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 46,782 | 68,256
Residential whole loan | Non-QM loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 4,171,055 | 3,700,052
Fair Value |  | 4,145,143 | 3,644,261
Unpaid Principal Balance (“UPB”) |  | $ 4,264,091 | $ 3,934,798
Weighted Average Coupon ( as a percent) |  | 6.26% | 5.78%
Weighted Average Term to Maturity (Months) |  | 339 months | 344 months
LTV ratio (as a percent) |  | 64.00% | 65.00%
Weighted Average Original FICO |  | 735 | 735
60+ Days Past Due % |  | 3.50% | 2.70%
Residential whole loan | Non-QM loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 4,013,257 | $ 3,732,327
Residential whole loan | Non-QM loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 100,943 | 98,017
Residential whole loan | Non-QM loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 37,025 | 29,587
Residential whole loan | Non-QM loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 112,866 | 74,867
Residential whole loan | Legacy RPL/NPL loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 1,117,908 | 1,192,457
Fair Value |  | 1,147,684 | 1,213,199
Unpaid Principal Balance (“UPB”) |  | $ 1,250,859 | $ 1,355,280
Weighted Average Coupon ( as a percent) |  | 5.15% | 5.03%
Weighted Average Term to Maturity (Months) |  | 255 months | 262 months
LTV ratio (as a percent) |  | 55.00% | 59.00%
Weighted Average Original FICO |  | 647 | 648
60+ Days Past Due % |  | 21.40% | 23.30%
Residential whole loan | Legacy RPL/NPL loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 854,721 | $ 896,587
Residential whole loan | Legacy RPL/NPL loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 128,022 | 142,240
Residential whole loan | Legacy RPL/NPL loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 48,794 | 44,609
Residential whole loan | Legacy RPL/NPL loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 219,322 | 271,844
Residential whole loan | Other loans |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  | 55,909 | 55,779
Fair Value |  | 55,909 | 55,779
Unpaid Principal Balance (“UPB”) |  | $ 64,875 | $ 66,830
Weighted Average Coupon ( as a percent) |  | 3.44% | 3.44%
Weighted Average Term to Maturity (Months) |  | 323 months | 332 months
LTV ratio (as a percent) |  | 65.00% | 66.00%
Weighted Average Original FICO |  | 757 | 758
60+ Days Past Due % |  | 0.00% | 0.30%
Residential whole loan | Other loans | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 64,875 | $ 65,094
Residential whole loan | Other loans | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 0 | 1,508
Residential whole loan | Other loans | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | 0 | 0
Residential whole loan | Other loans | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  | $ 0 | 228
Residential Whole Loan Excluding Unsettled Purchases |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  |  | 8,937,639
Fair Value |  |  | 8,901,985
Unpaid Principal Balance (“UPB”) |  |  | $ 9,454,952
Weighted Average Coupon ( as a percent) |  |  | 6.04%
LTV ratio (as a percent) |  |  | 65.00%
60+ Days Past Due % |  |  | 6.60%
Residential Whole Loan Excluding Unsettled Purchases | Current |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  |  | $ 8,517,979
Residential Whole Loan Excluding Unsettled Purchases | 30-59 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  |  | 315,332
Residential Whole Loan Excluding Unsettled Purchases | 60-89 |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  |  | 113,128
Residential Whole Loan Excluding Unsettled Purchases | 90 or more |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance (“UPB”) |  |  | 508,513
Residential Whole Loan, Unsettled Purchases |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Asset Amount |  |  | $ 103,700
[1] | Includes approximately $6.3 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2024 and December 31, 2023, respectively. Such assets can be used only to settle the obligations of each respective VIE.
[2] | See Note 6 for information regarding the Company’s pledged assets.

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