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Residential Whole Loans - Allowance for Credit Losses (Details) - Residential whole loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2025 | Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |  |  |  |
Beginning balance | $ 9,949 | $ 10,194 | $ 10,665 | $ 13,271 | $ 19,612 | $ 20,451 | $ 10,665 |
Current provision/(reversal) | 276 | 791 | 145 | (1,942) | (1,079) | (460) |  |
Write-offs | (142) | (1,036) | (616) | (672) | (5,262) | (379) |  |
Ending balance | 10,083 | 9,949 | 10,194 | 10,657 | 13,271 | 19,612 | 10,083 |
Non-QM loans |  |  |  |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |  |  |  |
Loans | 5,122,926 |  |  |  |  |  | 5,122,926 | $ 4,291,086
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |  |  |  |
Beginning balance | 2,015 | 1,928 | 2,125 | 1,355 | 1,681 | 1,871 | 2,125 |
Current provision/(reversal) | 205 | 87 | (197) | 387 | (326) | (190) |  |
Write-offs | (38) | 0 | 0 | 0 | 0 | 0 |  |
Ending balance | 2,182 | 2,015 | 1,928 | 1,742 | 1,355 | 1,681 | 2,182 |
Business purpose loans |  |  |  |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |  |  |  |
Loans | 2,642,818 |  |  |  |  |  | 2,642,818 | 3,396,181
Business purpose loans | Single-family rental loans |  |  |  |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |  |  |  |
Loans | 1,246,595 |  |  |  |  |  | 1,246,595 | 1,356,400
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |  |  |  |
Beginning balance | 937 | 980 | 366 | 609 | 4,642 | 4,355 | 366 |
Current provision/(reversal) | (78) | (43) | 614 | 205 | 978 | 228 |  |
Write-offs | (30) | 0 | 0 | (439) | (5,011) |  |  |
Write-offs |  |  |  |  |  | 59 |  |
Ending balance | 829 | 937 | 980 | 375 | 609 | 4,642 | 829 |
Business purpose loans | Single-family transitional loans |  |  |  |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |  |  |  |
Loans | 792,079 |  |  |  |  |  | 792,079 | 1,100,855
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |  |  |  |
Beginning balance | 512 | 865 | 1,389 | 1,301 | 1,699 | 2,587 | 1,389 |
Current provision/(reversal) | 548 | 669 | (88) | 48 | (317) | (472) |  |
Write-offs | 0 | (1,022) | (436) | (181) | (81) | (416) |  |
Ending balance | 1,060 | 512 | 865 | 1,168 | 1,301 | 1,699 | 1,060 |
Business purpose loans | Single-family transitional loans | Collateral Dependent Methodology |  |  |  |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |  |  |  |
Loans | 3,800 |  |  | 18,900 |  |  | 3,800 |
Legacy RPL/NPL loans |  |  |  |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |  |  |  |
Loans | 1,006,236 |  |  |  |  |  | 1,006,236 | $ 1,082,549
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |  |  |  |
Beginning balance | 6,485 | 6,421 | 6,785 | 10,006 | 11,590 | 11,638 | 6,785 |
Current provision/(reversal) | (399) | 78 | (184) | (2,582) | (1,414) | (26) |  |
Write-offs | (74) | (14) | (180) | (52) | (170) | (22) |  |
Ending balance | 6,012 | $ 6,485 | $ 6,421 | 7,372 | $ 10,006 | $ 11,590 | 6,012 |
Legacy RPL/NPL loans | Collateral Dependent Methodology |  |  |  |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |  |  |  |
Loans | $ 32,100 |  |  | $ 39,300 |  |  | $ 32,100 |

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