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Residential Whole Loans - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
loan
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
loan
Mar. 31, 2025
USD ($)
Jun. 30, 2026
USD ($)
loan
Jun. 30, 2025
loan
Dec. 31, 2025
USD ($)
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]              
Total Residential whole loans 8,767,867       8,767,867   8,810,354
Interest income 2,400       5,100    
Carrying value of loans past 12 months $ 840       $ 840    
Average increase in weighted average life           1 month  
Interest rate reduction (as a percent)           1.75%  
Residential whole loans | Term Extension              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Number of loan modifications during the past 12 months | loan 2   8   2 8  
Carrying value of loans past 12 months $ 1,330       $ 1,330    
Residential whole loans | 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    
Residential whole loans | Interest Rate Reduction              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Number of loan modifications during the past 12 months | loan 1   2   1 2  
Residential whole loans | Term Extension and Interest Rate Reduction              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Number of loan modifications during the past 12 months | loan 3       3    
Residential whole loans | Nonperforming              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Interest income $ 1,600       $ 3,400    
Residential whole loans | Business purpose loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Residential whole loans 2,128,567       2,128,567   2,441,368
Residential whole loans | Purchased Performing Loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing receivable, nonaccrual 571,200       571,200   579,900
Residential whole loans | Without associated credit losses              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing receivable, nonaccrual 23,000       23,000   25,700
Residential whole loans | Single-family rental loans | Business purpose loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Residential whole loans 1,153,464       $ 1,153,464   $ 1,234,428
Financing receivable, sale 92,200 $ 78,900 $ 37,400 $ 67,600      
Gain (loss) realized from sale 2,300 2,700 1,100 1,900      
Reversal of previously recognized unrealized gains or losses (600) (1,200) (1,200) (1,200)      
Gain (loss) from sale of loans 1,700 $ 1,500 (100) $ 700      
Residential whole loans | Transitional loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing receivable, sale 10,800   31,300        
Gain (loss) realized from sale (7,100)   (8,500)        
Reversal of previously recognized unrealized gains or losses 8,000   8,000        
Gain (loss) from sale of loans $ 900   $ (500)        
[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.