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Residential Whole Loans - Narrative (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2025

USD ($)

loan

Mar. 31, 2024

USD ($)

Dec. 31, 2024

USD ($)

Accounts, Notes, Loans and Financing Receivable [Line Items]

Total Residential whole loans

^[1],[2]

$ 8,784,358

$ 8,811,224

Interest income

$ 2,800

Number of loan modifications | loan

2

Average increase in weighted life

196 months

Interest rate reduction

1.25%

Number of loan modifications during the past 12 months | loan

4

Carrying value of loans past 12 months

$ 260

Term Extension and Interest Rate Reduction

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loan carrying value

$ 160

Term Extension

Accounts, Notes, Loans and Financing Receivable [Line Items]

Number of loan modifications | loan

1

Average increase in weighted average life

131 months

Term Extension and Interest Rate Reduction

Accounts, Notes, Loans and Financing Receivable [Line Items]

Number of loan modifications | loan

1

Number of loan modifications during the past 12 months | loan

1

Nonperforming

Accounts, Notes, Loans and Financing Receivable [Line Items]

Interest income

$ 1,800

Without associated credit losses

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, nonaccrual

32,600

38,700

Residential whole loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Total Residential whole loans

8,784,358

8,811,224

Financing receivable, nonaccrual

627,000

$ 638,300

Residential whole loans | Single-family rental loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, sale

67,600

Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses

1,900

Reversal of previously recognized unrealized gains or losses

(1,200)

Gain from sale of loans

$ 700

Residential whole loans | Non-QM and single-family rental loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, sale

$ 171,000

Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses

(21,700)

Reversal of previously recognized unrealized gains or losses

23,700

Gain from sale of loans

$ 2,000

[1]	Includes approximately $7.0 billion and $6.9 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 2025 and December 31, 2024, 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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