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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