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Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
loan
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Residential whole loans [1],[2] $ 8,784,358   $ 8,811,224
Residential whole loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for Credit Losses (10,194)   (10,665)
Total Residential whole loans $ 8,784,358   $ 8,811,224
Number of loans | loan 24,016   24,170
Residential whole loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses $ 1,262,485    
Allowance for Credit Losses (10,194)   $ (10,665)
Total Residential whole loans $ 1,252,291   $ 1,300,014
Number of loans | loan 5,430   5,582
Residential whole loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses $ 7,532,067    
Allowance for Credit Losses 0   $ 0
Total Residential whole loans $ 7,532,067   $ 7,511,210
Number of loans | loan 18,586   18,588
Residential whole loans | Business purpose loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses $ 3,139,060   $ 3,396,181
Total Residential whole loans 3,137,215   3,394,426
Residential whole loans | Business purpose loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 119,716   130,633
Residential whole loans | Business purpose loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 3,019,344   3,265,548
Residential whole loans | Business purpose loans | Single family transitional      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 991,018   1,100,855
Loans held for sale 2,100   0
Gain (loss) from changes in fair value (500)    
Residential whole loans | Business purpose loans | Single family transitional | New Construction Projects      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 397,700   442,400
Residential whole loans | Business purpose loans | Single family transitional | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 15,593   22,430
Residential whole loans | Business purpose loans | Single family transitional | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 975,425   1,078,425
Residential whole loans | Business purpose loans | Multifamily transitional loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 835,049   938,926
Total Residential whole loans 835,049   938,926
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 0   0
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 835,049   938,926
Residential whole loans | Business purpose loans | Single-family rental loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 1,312,993   1,356,400
Total Residential whole loans 1,312,013   1,356,034
Loans held for sale 0   0
Gain from sale of loans   $ 500  
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 104,123   108,203
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 1,208,870   1,248,197
Residential whole loans | Non-QM loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 4,540,553   4,291,086
Total Residential whole loans 4,538,626   4,288,961
Residential whole loans | Non-QM loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 695,523   722,392
Residential whole loans | Non-QM loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 3,845,030   3,568,694
Residential whole loans | Legacy RPL/NPL loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 1,061,802   1,082,549
Total Residential whole loans 1,055,380   1,075,764
Residential whole loans | Legacy RPL/NPL loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 447,246   457,654
Residential whole loans | Legacy RPL/NPL loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 614,556   624,895
Residential whole loans | Other Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 53,137   52,073
Total Residential whole loans 53,137   52,073
Residential whole loans | Other Loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses 0   0
Residential whole loans | Other Loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans before allowance for credit losses $ 53,137   $ 52,073
[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.