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Residential Whole Loans - Vintage Information Regarding Residential Whole Loans (Details) - Residential whole loans - USD ($) $ in Thousands | Mar. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Business purpose loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | $ 3,139,060 | $ 3,396,181
Business purpose loans | Multifamily transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 835,049 | 938,926
Business purpose loans | Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 1,312,993 | 1,356,400
Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 4,540,553 | 4,291,086
Legacy RPL/NPL loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 1,061,802 | 1,082,549
Other Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 53,137 | 52,073
Estimated Fair Value |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 421,411 |
2024 | 1,753,390 |
2023 | 1,557,785 |
2022 | 1,430,655 |
2021 | 1,714,829 |
Prior | 653,997 |
Total | 7,532,067 |
Estimated Fair Value | Business purpose loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 3,019,344 | 3,265,548
Estimated Fair Value | Business purpose loans | Single-family transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 78,535 |
2024 | 504,716 |
2023 | 285,773 |
2022 | 92,575 |
2021 | 13,788 |
Prior | 38 |
Total | 975,425 |
Estimated Fair Value | Business purpose loans | Multifamily transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 0 |
2024 | 78,558 |
2023 | 401,209 |
2022 | 249,335 |
2021 | 105,947 |
Prior | 0 |
Total | 835,049 | 938,926
Estimated Fair Value | Business purpose loans | Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 37,848 |
2024 | 43,127 |
2023 | 234,439 |
2022 | 525,711 |
2021 | 359,963 |
Prior | 7,782 |
Total | 1,208,870 | 1,248,197
Estimated Fair Value | Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 305,028 |
2024 | 1,126,989 |
2023 | 636,364 |
2022 | 563,034 |
2021 | 1,181,994 |
Prior | 31,621 |
Total | 3,845,030 | 3,568,694
Estimated Fair Value | Legacy RPL/NPL loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 0 |
2024 | 0 |
2023 | 0 |
2022 | 0 |
2021 | 0 |
Prior | 614,556 |
Total | 614,556 | 624,895
Estimated Fair Value | Other Loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 0 |
2024 | 0 |
2023 | 0 |
2022 | 0 |
2021 | 53,137 |
Prior | 0 |
Total | $ 53,137 | $ 52,073

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