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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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