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Residential Whole Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2025 USD ($) loan | Jun. 30, 2025 USD ($) | Mar. 31, 2025 USD ($) | Sep. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Sep. 30, 2025 USD ($) loan | Dec. 31, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Total Residential whole loans | [1],[2] | $ 8,813,834 |  |  |  |  |  | $ 8,813,834 | $ 8,811,224
Interest income |  | $ 2,600 |  |  |  |  |  | $ 9,800 |
Average increase in weighted average life |  | 2 months |  |  |  |  |  |  |
Interest rate reduction (as a percent) |  |  |  |  |  |  |  | 1.25% |
Term Extension |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Number of loan modifications | loan |  | 2 |  |  |  |  |  | 2 |
Average increase in weighted average life |  |  |  |  |  |  |  | 74 months |
Number of loan modifications during the past 12 months | loan |  | 5 |  |  |  |  |  | 5 |
Carrying value of loans past 12 months |  | $ 430 |  |  |  |  |  | $ 430 |
Term Extension | Not greater than 60 days delinquent |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Carrying value of loans modified |  | $ 230 |  |  |  |  |  | $ 230 |
Term Extension | 120+ days deliquent |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Number of loan modifications during the past 12 months | loan |  | 1 |  |  |  |  |  | 1 |
Term Extension and Interest Rate Reduction |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Number of loan modifications during the past 12 months | loan |  | 1 |  |  |  |  |  | 1 |
Nonperforming |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Interest income |  | $ 1,700 |  |  |  |  |  | $ 5,500 |
Without associated credit losses |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Financing receivable, nonaccrual |  | 28,700 |  |  |  |  |  | 28,700 | 38,700
Residential whole loans |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Total Residential whole loans |  | 8,813,834 |  |  |  |  |  | 8,813,834 | 8,811,224
Financing receivable, sale |  |  |  |  | $ 235,600 | $ 12,400 |  |  |
Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses |  |  |  |  | 5,900 | 400 |  |  |
Reversal of previously recognized unrealized gains or losses |  |  |  |  | (5,800) | (200) |  |  |
Gain (loss) from sale of loans |  |  |  |  | $ 100 | $ 200 |  |  |
Financing receivable, nonaccrual |  | 568,000 |  |  |  |  |  | 568,000 | 638,300
Residential whole loans | Business purpose loans |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Total Residential whole loans |  | 2,640,929 |  |  |  |  |  | 2,640,929 | 3,394,426
Residential whole loans | Business purpose loans | Single-family rental loans |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Total Residential whole loans |  | 1,245,766 |  |  |  |  |  | 1,245,766 | 1,356,034
Financing receivable, sale |  | 65,100 | $ 37,400 | $ 67,600 |  |  |  |  |
Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses |  | 1,600 | 1,100 | 1,900 |  |  |  |  |
Reversal of previously recognized unrealized gains or losses |  | (1,800) | (1,200) | (1,200) |  |  |  |  |
Gain (loss) from sale of loans |  | (200) | (100) | $ 700 |  |  |  |  |
Residential whole loans | Business purpose loans | Transitional loans |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Financing receivable, sale |  | 24,400 | 31,300 |  |  |  |  |  |
Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses |  | (10,800) | (8,500) |  |  |  |  |  |
Reversal of previously recognized unrealized gains or losses |  | 10,800 | 8,000 |  |  |  |  |  |
Gain (loss) from sale of loans |  | 0 | $ (500) |  |  |  |  |  |
Residential whole loans | Business purpose loans | Single-family transitional loans |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |
Total Residential whole loans |  | $ 791,019 |  |  |  |  |  | $ 791,019 | $ 1,099,466
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 (loss) from sale of loans |  |  |  |  |  |  | $ 2,000 |  |
[1] | Includes approximately $7.6 billion and $6.9 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 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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