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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.