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Residential Whole Loans - Vintage Information Regarding Residential Whole Loans (Details) - Residential whole loans - USD ($) $ in Thousands | Jun. 30, 2026 | Dec. 31, 2025
--- | --- | ---
Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | $ 5,672,020 | $ 5,346,693
Business purpose loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 2,131,029 | 2,443,328
Business purpose loans | Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 1,154,384 | 1,235,346
Business purpose loans | Single-family transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 655,763 | 718,345
Business purpose loans | Multifamily transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 320,882 | 489,637
Seasoned RPL/NPL loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 925,157 | 979,016
Other loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Total | 49,054 | 51,022
Estimated Fair Value |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 954,616 |
2025 | 1,951,584 |
2024 | 943,365 |
2023 | 853,452 |
2022 | 1,048,096 |
Prior | 2,013,952 |
Total | 7,765,065 |
Estimated Fair Value | Non-QM loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 727,564 |
2025 | 1,647,412 |
2024 | 779,170 |
2023 | 455,301 |
2022 | 470,105 |
Prior | 1,062,270 |
Total | 5,141,822 | 4,753,480
Estimated Fair Value | Business purpose loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 227,052 |
2025 | 304,172 |
2024 | 164,195 |
2023 | 398,151 |
2022 | 577,991 |
Prior | 373,677 |
Total | 2,045,238 | 2,348,165
Estimated Fair Value | Business purpose loans | Single-family rental loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 64,589 |
2025 | 1,622 |
2024 | 37,118 |
2023 | 197,935 |
2022 | 456,264 |
Prior | 318,109 |
Total | 1,075,637 | 1,147,234
Estimated Fair Value | Business purpose loans | Single-family transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 162,463 |
2025 | 302,550 |
2024 | 97,744 |
2023 | 70,458 |
2022 | 12,550 |
Prior | 2,954 |
Total | 648,719 | 711,294
Estimated Fair Value | Business purpose loans | Multifamily transitional loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 0 |
2025 | 0 |
2024 | 29,333 |
2023 | 129,758 |
2022 | 109,177 |
Prior | 52,614 |
Total | 320,882 | 489,637
Estimated Fair Value | Seasoned RPL/NPL loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 0 |
2025 | 0 |
2024 | 0 |
2023 | 0 |
2022 | 0 |
Prior | 528,951 |
Total | 528,951 | 564,340
Estimated Fair Value | Other loans |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
2026 | 0 |
2025 | 0 |
2024 | 0 |
2023 | 0 |
2022 | 0 |
Prior | 49,054 |
Total | $ 49,054 | $ 51,022

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