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Real Estate Securities - Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands | 3 Months Ended |
--- | --- | ---
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020
Investment Holdings [Line Items] |  |  |
Real estate securities | $ 145,390 |  | $ 125,667
Unpaid principal balance | 225,762 |  | 245,855
Principal balance of securities acquired | 15,880 | $ 56,471 |
Principal balance of securities sold | 34,743 | 618,867 |
Net market valuation gains (losses) recorded | 21,349 | $ (263,325) |
Senior IO Securities |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 31,580 |  | 28,464
Unpaid principal balance | 0 |  | 0
Mezzanine |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 0 |  | 3,649
Unpaid principal balance | 0 |  | 3,577
Subordinate |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 113,810 |  | 93,554
Unpaid principal balance | 225,762 |  | 242,278
Interest Only Senior Trading Securities | Senior IO Securities |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 31,580 |  | 28,464
Interest Only Senior Trading Securities | Senior IO Securities | Sequoia Choice |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 18,000 |  | 13,000
Sequoia securities | Mezzanine |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 0 |  | 3,649
RPL securities | Subordinate |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 59,958 |  | 47,448
Multifamily loans, held-for-investment, at fair value | Subordinate |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | 9,437 |  | 5,592
Other third-party residential securities | Subordinate |  |  |
Investment Holdings [Line Items] |  |  |
Real estate securities | $ 44,415 |  | $ 40,514

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