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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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