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Real Estate Securities - Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
--- | --- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | $ 142,425 |  | $ 142,425 |  | $ 125,667
Unpaid principal balance | 208,381 |  | 208,381 |  | 245,855
Principal balance of securities acquired | 1,750 | $ 10,250 | 17,630 | $ 66,721 |
Principal balance of securities sold | 18,068 | 85,747 | 52,811 | 704,614 |
Net market valuation gains (losses) recorded | 1,798 | $ 42,246 | 23,147 | $ (221,079) |
Senior IO Securities |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 25,267 |  | 25,267 |  | 28,464
Unpaid principal balance | 0 |  | 0 |  | 0
Mezzanine |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 0 |  | 0 |  | 3,649
Unpaid principal balance | 0 |  | 0 |  | 3,577
Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 117,158 |  | 117,158 |  | 93,554
Unpaid principal balance | 208,381 |  | 208,381 |  | 242,278
Interest Only Senior Trading Securities | Senior IO Securities |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 25,267 |  | 25,267 |  | 28,464
Interest Only Senior Trading Securities | Senior IO Securities | Sequoia |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 17,000 |  | 17,000 |  | 13,000
Sequoia securities | Mezzanine |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 0 |  | 0 |  | 3,649
RPL securities | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 60,887 |  | 60,887 |  | 47,448
Multifamily loans, held-for-investment, at fair value | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 8,266 |  | 8,266 |  | 5,592
Other third-party residential securities | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | $ 48,005 |  | $ 48,005 |  | $ 40,514

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