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Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount [1],[2] $ 8,784,358   $ 8,811,224
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”) $ 468,400   445,600
Multifamily transitional loans | As is value of collateral      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 223,000   252,100
Residential whole loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 8,784,358   8,811,224
Fair Value 8,778,054    
Unpaid Principal Balance (“UPB”) $ 9,104,409    
Weighted Average Coupon ( as a percent) 7.07%    
LTV ratio (as a percent) 64.00%    
60+ Days Past Due % 7.50%    
Residential whole loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 8,091,738    
Residential whole loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 327,078    
Residential whole loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 123,741    
Residential whole loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 561,852    
Residential whole loans | Business purpose loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 3,137,215   3,394,426
Fair Value 3,139,061   3,394,591
Unpaid Principal Balance (“UPB”) $ 3,237,026   $ 3,500,300
Weighted Average Coupon ( as a percent) 8.48%   8.43%
Weighted Average Term to Maturity (Months)  
LTV ratio (as a percent) 67.00%   67.00%
Weighted Average Original FICO  
60+ Days Past Due % 7.70%   7.30%
Residential whole loans | Business purpose loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 2,929,164   $ 3,174,103
Residential whole loans | Business purpose loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 57,537   69,869
Residential whole loans | Business purpose loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 27,370   21,409
Residential whole loans | Business purpose loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 222,955   234,919
Residential whole loans | Business purpose loans | Single-family transitional loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 990,153   1,099,466
Fair Value 990,158   1,099,700
Unpaid Principal Balance (“UPB”) $ 1,006,280   $ 1,106,631
Weighted Average Coupon ( as a percent) 10.43%   10.44%
Weighted Average Term to Maturity (Months) 5 months   5 months
LTV ratio (as a percent) 69.00%   67.00%
Weighted Average Original FICO 749   750
60+ Days Past Due % 11.70%   10.50%
Residential whole loans | Business purpose loans | Single-family transitional loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 871,466   $ 957,266
Residential whole loans | Business purpose loans | Single-family transitional loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 17,161   33,393
Residential whole loans | Business purpose loans | Single-family transitional loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 11,546   15,964
Residential whole loans | Business purpose loans | Single-family transitional loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 106,107   100,008
Residential whole loans | Business purpose loans | Multifamily transitional loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 835,049   938,926
Fair Value 835,049   938,926
Unpaid Principal Balance (“UPB”) $ 875,125   $ 976,964
Weighted Average Coupon ( as a percent) 9.53%   9.17%
Weighted Average Term to Maturity (Months) 5 months   6 months
LTV ratio (as a percent) 65.00%   64.00%
Weighted Average Original FICO 750   751
60+ Days Past Due % 8.90%   8.80%
Residential whole loans | Business purpose loans | Multifamily transitional loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 775,895   $ 870,525
Residential whole loans | Business purpose loans | Multifamily transitional loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 21,128   20,815
Residential whole loans | Business purpose loans | Multifamily transitional loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 10,448   0
Residential whole loans | Business purpose loans | Multifamily transitional loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 67,654   85,624
Residential whole loans | Business purpose loans | Single-family rental loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 1,312,013   1,356,034
Fair Value 1,313,854   1,355,965
Unpaid Principal Balance (“UPB”) $ 1,355,621   $ 1,416,705
Weighted Average Coupon ( as a percent) 6.35%   6.36%
Weighted Average Term to Maturity (Months) 318 months   321 months
LTV ratio (as a percent) 68.00%   68.00%
Weighted Average Original FICO 739   739
60+ Days Past Due % 4.00%   3.90%
Gain from sale of loans   $ 500  
Residential whole loans | Business purpose loans | Single-family rental loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 1,281,803   $ 1,346,312
Residential whole loans | Business purpose loans | Single-family rental loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 19,248   15,661
Residential whole loans | Business purpose loans | Single-family rental loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 5,376   5,445
Residential whole loans | Business purpose loans | Single-family rental loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 49,194   49,287
Residential whole loans | Non-QM loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 4,538,626   4,288,961
Fair Value 4,513,712   4,258,298
Unpaid Principal Balance (“UPB”) $ 4,607,963   $ 4,408,660
Weighted Average Coupon ( as a percent) 6.59%   6.50%
Weighted Average Term to Maturity (Months) 338 months   339 months
LTV ratio (as a percent) 64.00%   64.00%
Weighted Average Original FICO 736   735
60+ Days Past Due % 3.90%   3.80%
Residential whole loans | Non-QM loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 4,296,899   $ 4,114,436
Residential whole loans | Non-QM loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 133,178   124,765
Residential whole loans | Non-QM loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 54,605   50,619
Residential whole loans | Non-QM loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 123,281   118,840
Residential whole loans | Legacy RPL/NPL loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 1,055,380   1,075,764
Fair Value 1,072,144   1,090,991
Unpaid Principal Balance (“UPB”) $ 1,196,206   $ 1,222,258
Weighted Average Coupon ( as a percent) 5.14%   5.15%
Weighted Average Term to Maturity (Months) 250 months   253 months
LTV ratio (as a percent) 55.00%   55.00%
Weighted Average Original FICO 647   647
60+ Days Past Due % 21.50%   21.40%
Residential whole loans | Legacy RPL/NPL loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 802,461   $ 831,844
Residential whole loans | Legacy RPL/NPL loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 136,363   129,081
Residential whole loans | Legacy RPL/NPL loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 41,766   45,074
Residential whole loans | Legacy RPL/NPL loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 215,616   216,259
Residential whole loans | Other Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 53,137   52,073
Fair Value 53,137   52,073
Unpaid Principal Balance (“UPB”) $ 63,214   $ 63,614
Weighted Average Coupon ( as a percent) 3.44%   3.44%
Weighted Average Term to Maturity (Months) 317 months   320 months
LTV ratio (as a percent) 64.00%   65.00%
Weighted Average Original FICO 758   758
60+ Days Past Due % 0.00%   0.00%
Residential whole loans | Other Loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 63,214   $ 62,998
Residential whole loans | Other Loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 0   616
Residential whole loans | Other Loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 0   0
Residential whole loans | Other Loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 0   0
Residential whole loans | Single-family rental loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Gain from sale of loans $ 700    
Residential Whole Loan Excluding Unsettled Purchases      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount     8,811,224
Fair Value     8,795,953
Unpaid Principal Balance (“UPB”)     $ 9,194,832
Weighted Average Coupon ( as a percent)     7.06%
LTV ratio (as a percent)     64.00%
60+ Days Past Due %     7.50%
Residential Whole Loan Excluding Unsettled Purchases | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”)     $ 8,183,381
Residential Whole Loan Excluding Unsettled Purchases | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”)     324,331
Residential Whole Loan Excluding Unsettled Purchases | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”)     117,102
Residential Whole Loan Excluding Unsettled Purchases | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”)     $ 570,018
[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.