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Real Estate Securities - Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | $ 153,010 |  | $ 153,010 |  | $ 125,667
Unpaid principal balance | 216,771 |  | 216,771 |  | 245,855
Principal balance of securities acquired | 10,750 | $ 11,000 | 28,380 | $ 77,721 |
Principal balance of securities sold | 750 | 15,903 | 53,561 | 720,517 |
Net market valuation gains (losses) recorded | 1,578 | $ (3,600) | 24,725 | $ (224,679) |
Senior IO Securities |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 22,494 |  | 22,494 |  | 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 | 130,516 |  | 130,516 |  | 93,554
Unpaid principal balance | 216,771 |  | 216,771 |  | 242,278
Interest Only Senior Trading Securities | Senior IO Securities |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 22,494 |  | 22,494 |  | 28,464
Interest Only Senior Trading Securities | Senior IO Securities | Sequoia |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 15,000 |  | 15,000 |  | 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 | 64,845 |  | 64,845 |  | 47,448
Multifamily loans, held-for-investment, at fair value | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | 11,298 |  | 11,298 |  | 5,592
Other third-party residential securities | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities | $ 54,373 |  | $ 54,373 |  | $ 40,514

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