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Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
--- | --- | --- | ---
Jun. 30, 2026 USD ($) loan | Mar. 31, 2026 USD ($) | Jun. 30, 2025 USD ($) | Mar. 31, 2025 USD ($) | Jun. 30, 2026 USD ($) loan | Dec. 31, 2025 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Residential whole loans | [1],[2] | $ 8,767,868 |  |  |  | $ 8,767,868 | $ 8,810,354
Residential whole loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Allowance for Credit Losses |  | (9,393) |  |  |  | (9,393) | (9,705)
Total Residential whole loans |  | $ 8,767,867 |  |  |  | $ 8,767,867 | $ 8,810,354
Number of loans | loan |  | 23,433 |  |  |  | 23,433 | 23,765
Residential whole loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 1,012,195 |  |  |  | $ 1,012,195 |
Allowance for Credit Losses |  | (9,393) |  |  |  | (9,393) | $ (9,705)
Total Residential whole loans |  | $ 1,002,802 |  |  |  | $ 1,002,802 | $ 1,093,347
Number of loans | loan |  | 4,661 |  |  |  | 4,661 | 4,941
Residential whole loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 7,765,065 |  |  |  | $ 7,765,065 |
Allowance for Credit Losses |  | 0 |  |  |  | 0 | $ 0
Total Residential whole loans |  | $ 7,765,065 |  |  |  | $ 7,765,065 | $ 7,717,007
Number of loans | loan |  | 18,772 |  |  |  | 18,772 | 18,824
Residential whole loans | Non-QM loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 5,672,020 |  |  |  | $ 5,672,020 | $ 5,346,693
Total Residential whole loans |  | 5,670,728 |  |  |  | 5,670,728 | 5,344,968
Residential whole loans | Non-QM loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 530,198 |  |  |  | 530,198 | 593,213
Residential whole loans | Non-QM loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 5,141,822 |  |  |  | 5,141,822 | 4,753,480
Residential whole loans | Business purpose loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 2,131,029 |  |  |  | 2,131,029 | 2,443,328
Total Residential whole loans |  | 2,128,567 |  |  |  | 2,128,567 | 2,441,368
Residential whole loans | Business purpose loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 85,791 |  |  |  | 85,791 | 95,163
Residential whole loans | Business purpose loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 2,045,238 |  |  |  | 2,045,238 | 2,348,165
Residential whole loans | Business purpose loans | Single-family rental loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 1,154,384 |  |  |  | 1,154,384 | 1,235,346
Total Residential whole loans |  | 1,153,464 |  |  |  | 1,153,464 | 1,234,428
Gain (loss) from sale of loans |  | 1,700 | $ 1,500 | $ (100) | $ 700 |  |
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 78,747 |  |  |  | 78,747 | 88,112
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 1,075,637 |  |  |  | 1,075,637 | 1,147,234
Residential whole loans | Business purpose loans | Single-family transitional loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 655,763 |  |  |  | 655,763 | 718,345
Total Residential whole loans |  | 654,221 |  |  |  | 654,221 | 717,303
Loans held for sale |  | 0 |  | 0 |  | 0 | 0
Residential whole loans | Business purpose loans | Single-family transitional loans | Held for sale |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Gain (loss) from sale of loans |  |  |  | $ (300) |  | 0 |
Loss from changes in fair value |  |  |  |  | $ 500 |  |
Residential whole loans | Business purpose loans | Single-family transitional loans | New Construction Projects |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 311,700 |  |  |  | 311,700 | 300,200
Residential whole loans | Business purpose loans | Single-family transitional loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 7,044 |  |  |  | 7,044 | 7,051
Residential whole loans | Business purpose loans | Single-family transitional loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 648,719 |  |  |  | 648,719 | 711,294
Residential whole loans | Business purpose loans | Multifamily transitional loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 320,882 |  |  |  | 320,882 | 489,637
Total Residential whole loans |  | 320,882 |  |  |  | 320,882 | 489,637
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 0 |  |  |  | 0 | 0
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 320,882 |  |  |  | 320,882 | 489,637
Residential whole loans | Seasoned RPL/NPL loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 925,157 |  |  |  | 925,157 | 979,016
Total Residential whole loans |  | 919,518 |  |  |  | 919,518 | 972,996
Residential whole loans | Seasoned RPL/NPL loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 396,206 |  |  |  | 396,206 | 414,676
Residential whole loans | Seasoned RPL/NPL loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 528,951 |  |  |  | 528,951 | 564,340
Residential whole loans | Other loans |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 49,054 |  |  |  | 49,054 | 51,022
Total Residential whole loans |  | 49,054 |  |  |  | 49,054 | 51,022
Residential whole loans | Other loans | Held at Carrying Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 0 |  |  |  | 0 | 0
Residential whole loans | Other loans | Held at Fair Value |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 49,054 |  |  |  | $ 49,054 | $ 51,022
[1] | Includes approximately $7.2 billion and $7.6 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 2026 and December 31, 2025, 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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