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Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Total assets carried at fair value $ 9,322,352 $ 9,048,723
Liabilities:    
Securitized debt 5,317,030 5,211,380
Total liabilities carried at fair value 5,512,962 5,516,005
Residential whole loans    
Assets:    
Securities, at fair value 7,532,067 7,511,210
Residential whole loans | Business purpose loans    
Liabilities:    
Total loans before allowance for credit losses 3,139,060 3,396,181
Residential whole loans | Single family transitional | Business purpose loans    
Liabilities:    
Total loans before allowance for credit losses 991,018 1,100,855
Residential whole loans | Single family transitional | New Construction Projects | Business purpose loans    
Liabilities:    
Total loans before allowance for credit losses 397,700 442,400
Securities, at fair value    
Assets:    
Securities, at fair value 1,790,285 1,537,513
Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 184,389 284,843
Agreements with Mark-to-market Collateral Provisions    
Liabilities:    
Liabilities carried at fair value 11,543 19,782
Level 1    
Assets:    
Total assets carried at fair value 0 0
Liabilities:    
Securitized debt 0 0
Total liabilities carried at fair value 0 0
Level 1 | Residential whole loans    
Assets:    
Securities, at fair value 0 0
Level 1 | Securities, at fair value    
Assets:    
Securities, at fair value 0 0
Level 1 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 1 | Agreements with Mark-to-market Collateral Provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 2    
Assets:    
Total assets carried at fair value 1,843,422 1,589,586
Liabilities:    
Securitized debt 5,317,030 5,211,380
Total liabilities carried at fair value 5,317,030 5,211,380
Level 2 | Residential whole loans    
Assets:    
Securities, at fair value 53,137 52,073
Level 2 | Securities, at fair value    
Assets:    
Securities, at fair value 1,790,285 1,537,513
Level 2 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 2 | Agreements with Mark-to-market Collateral Provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 3    
Assets:    
Total assets carried at fair value 7,478,930 7,459,137
Liabilities:    
Securitized debt 0 0
Total liabilities carried at fair value 195,932 304,625
Level 3 | Residential whole loans    
Assets:    
Securities, at fair value 7,478,930 7,459,137
Level 3 | Securities, at fair value    
Assets:    
Securities, at fair value 0 0
Level 3 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 184,389 284,843
Level 3 | Agreements with Mark-to-market Collateral Provisions    
Liabilities:    
Liabilities carried at fair value $ 11,543 $ 19,782