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Residential Whole Loans - Vintage Information Regarding Residential Whole Loans (Details) - Residential whole loans - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | $ 5,122,926 | $ 4,291,086
Business purpose loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 2,642,818 | 3,396,181
Business purpose loans | Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 1,246,595 | 1,356,400
Business purpose loans | Single-family transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 792,079 | 1,100,855
Business purpose loans | Multifamily transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 604,144 | 938,926
Legacy RPL/NPL loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 1,006,236 | 1,082,549
Other loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 51,937 | 52,073
Estimated Fair Value |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 1,571,213 |
2024 | 1,426,147 |
2023 | 1,200,203 |
2022 | 1,259,961 |
2021 | 1,608,791 |
Prior | 618,550 |
Total | 7,684,865 |
Estimated Fair Value | Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 1,233,263 |
2024 | 1,006,871 |
2023 | 565,190 |
2022 | 540,026 |
2021 | 1,132,462 |
Prior | 29,653 |
Total | 4,507,465 | 3,568,694
Estimated Fair Value | Business purpose loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 2,543,744 | 3,265,548
Estimated Fair Value | Business purpose loans | Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 43,816 |
2024 | 41,040 |
2023 | 219,207 |
2022 | 501,361 |
2021 | 342,007 |
Prior | 7,141 |
Total | 1,154,572 | 1,248,197
Estimated Fair Value | Business purpose loans | Single-family transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 294,134 |
2024 | 308,854 |
2023 | 148,401 |
2022 | 29,446 |
2021 | 4,156 |
Prior | 37 |
Total | 785,028 | 1,078,425
Estimated Fair Value | Business purpose loans | Multifamily transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 0 |
2024 | 69,382 |
2023 | 267,405 |
2022 | 189,128 |
2021 | 78,229 |
Prior | 0 |
Total | 604,144 | 938,926
Estimated Fair Value | Legacy RPL/NPL loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 0 |
2024 | 0 |
2023 | 0 |
2022 | 0 |
2021 | 0 |
Prior | 581,719 |
Total | 581,719 | 624,895
Estimated Fair Value | Other loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2025 | 0 |
2024 | 0 |
2023 | 0 |
2022 | 0 |
2021 | 51,937 |
Prior | 0 |
Total | $ 51,937 | $ 52,073

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