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Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount [1],[2] $ 8,813,834 $ 8,813,834 $ 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”) 324,000 $ 324,000 445,600
Multifamily transitional loans | As is value of collateral      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 143,500 143,500 252,100
Residential whole loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 8,813,834 8,813,834 8,811,224
Fair Value 8,822,525 8,822,525 8,795,953
Unpaid Principal Balance (“UPB”) $ 9,018,124 $ 9,018,124 $ 9,194,832
Weighted Average Coupon ( as a percent) 7.02% 7.02% 7.06%
LTV ratio (as a percent)   64.00% 64.00%
60+ Days Past Due % 6.80% 6.80% 7.50%
Residential whole loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 8,045,946 $ 8,045,946 $ 8,183,381
Residential whole loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 355,997 355,997 324,331
Residential whole loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 118,143 118,143 117,102
Residential whole loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 498,038 498,038 570,018
Residential whole loans | Non-QM loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 5,120,744 5,120,744 4,288,961
Fair Value 5,105,895 5,105,895 4,258,298
Unpaid Principal Balance (“UPB”) $ 5,120,904 $ 5,120,904 $ 4,408,660
Weighted Average Coupon ( as a percent) 6.72% 6.72% 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   738 735
60+ Days Past Due % 4.10% 4.10% 3.80%
Gross coupon rate (as a percent) 6.86%   6.65%
Residential whole loans | Non-QM loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 4,780,553 $ 4,780,553 $ 4,114,436
Residential whole loans | Non-QM loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 130,895 130,895 124,765
Residential whole loans | Non-QM loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 47,995 47,995 50,619
Residential whole loans | Non-QM loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 161,461 161,461 118,840
Residential whole loans | Business purpose loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 2,640,929 2,640,929 3,394,426
Fair Value 2,644,053 2,644,053 3,394,591
Unpaid Principal Balance (“UPB”) $ 2,707,998 $ 2,707,998 $ 3,500,300
Weighted Average Coupon ( as a percent) 8.38% 8.38% 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 % 7.00% 7.00% 7.30%
Residential whole loans | Business purpose loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 2,409,983 $ 2,409,983 $ 3,174,103
Residential whole loans | Business purpose loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 107,873 107,873 69,869
Residential whole loans | Business purpose loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 28,559 28,559 21,409
Residential whole loans | Business purpose loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 161,583 161,583 234,919
Residential whole loans | Business purpose loans | Single-family rental loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 1,245,766 1,245,766 1,356,034
Fair Value 1,248,466 1,248,466 1,355,965
Unpaid Principal Balance (“UPB”) $ 1,267,818 $ 1,267,818 $ 1,416,705
Weighted Average Coupon ( as a percent) 6.33% 6.33% 6.36%
Weighted Average Term to Maturity (Months)   313 months 321 months
LTV ratio (as a percent)   67.00% 68.00%
Weighted Average Original FICO   740 739
60+ Days Past Due % 3.20% 3.20% 3.90%
Gross coupon rate (as a percent) 6.36%   6.39%
Residential whole loans | Business purpose loans | Single-family rental loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 1,208,637 $ 1,208,637 $ 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”) 18,900 18,900 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”) 4,056 4,056 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”) 36,225 36,225 49,287
Residential whole loans | Business purpose loans | Single-family transitional loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 791,019 791,019 1,099,466
Fair Value 791,443 791,443 1,099,700
Unpaid Principal Balance (“UPB”) $ 804,252 $ 804,252 $ 1,106,631
Weighted Average Coupon ( as a percent) 10.39% 10.39% 10.44%
Weighted Average Term to Maturity (Months)   6 months 5 months
LTV ratio (as a percent)   69.00% 67.00%
Weighted Average Original FICO   749 750
60+ Days Past Due % 12.80% 12.80% 10.50%
Gross coupon rate (as a percent) 10.40%   10.45%
Residential whole loans | Business purpose loans | Single-family transitional loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 667,779 $ 667,779 $ 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”) 33,374 33,374 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”) 18,293 18,293 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”) 84,806 84,806 100,008
Residential whole loans | Business purpose loans | Multifamily transitional loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 604,144 604,144 938,926
Fair Value 604,144 604,144 938,926
Unpaid Principal Balance (“UPB”) $ 635,928 $ 635,928 $ 976,964
Weighted Average Coupon ( as a percent) 9.94% 9.94% 9.17%
Weighted Average Term to Maturity (Months)   3 months 6 months
LTV ratio (as a percent)   64.00% 64.00%
Weighted Average Original FICO   752 751
60+ Days Past Due % 7.40% 7.40% 8.80%
Gross coupon rate (as a percent) 9.95%   9.18%
Residential whole loans | Business purpose loans | Multifamily transitional loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 533,567 $ 533,567 $ 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”) 55,599 55,599 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”) 6,210 6,210 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”) 40,552 40,552 85,624
Residential whole loans | Legacy RPL/NPL loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 1,000,224 1,000,224 1,075,764
Fair Value 1,020,640 1,020,640 1,090,991
Unpaid Principal Balance (“UPB”) $ 1,128,259 $ 1,128,259 $ 1,222,258
Weighted Average Coupon ( as a percent) 5.10% 5.10% 5.15%
Weighted Average Term to Maturity (Months)   246 months 253 months
LTV ratio (as a percent)   54.00% 55.00%
Weighted Average Original FICO   647 647
60+ Days Past Due % 19.20% 19.20% 21.40%
Gross coupon rate (as a percent) 5.11%   5.16%
Residential whole loans | Legacy RPL/NPL loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 794,824 $ 794,824 $ 831,844
Residential whole loans | Legacy RPL/NPL loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 116,852 116,852 129,081
Residential whole loans | Legacy RPL/NPL loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 41,589 41,589 45,074
Residential whole loans | Legacy RPL/NPL loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 174,994 174,994 216,259
Residential whole loans | Other loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Asset Amount 51,937 51,937 52,073
Fair Value 51,937 51,937 52,073
Unpaid Principal Balance (“UPB”) $ 60,963 $ 60,963 $ 63,614
Weighted Average Coupon ( as a percent) 3.43% 3.43% 3.44%
Weighted Average Term to Maturity (Months)   311 months 320 months
LTV ratio (as a percent)   63.00% 65.00%
Weighted Average Original FICO   757 758
60+ Days Past Due % 0.00% 0.00% 0.00%
Residential whole loans | Other loans | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 60,586 $ 60,586 $ 62,998
Residential whole loans | Other loans | 30-59      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 377 377 616
Residential whole loans | Other loans | 60-89      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) 0 0 0
Residential whole loans | Other loans | 90 or more      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unpaid Principal Balance (“UPB”) $ 0 $ 0 $ 0
[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.