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Real Estate Securities - Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
--- | --- | --- | ---
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | $ 133,780 |  | $ 133,780 |  | $ 170,619
Unpaid principal balance | 221,473 |  | 221,473 |  | 235,306
Principal balance of securities acquired (1) | 0 | $ 1,750 | 0 | $ 17,630 |
Principal balance of securities sold (1) | 12,716 | 18,068 | 12,716 | 52,811 |
Net market valuation gains (losses) recorded | (16,042) | 1,798 | (17,498) | 23,147 |
Securities bought and sold during the same quarter | 0 | $ 0 | 2,000 | $ 2,000 |
Senior IO Securities |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | 31,498 |  | 31,498 |  | 21,787
Unpaid principal balance | 0 |  | 0 |  | 0
Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | 102,282 |  | 102,282 |  | 148,832
Unpaid principal balance | 221,473 |  | 221,473 |  | 235,306
Interest Only Senior Trading Securities | Senior IO Securities |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | 31,498 |  | 31,498 |  | 21,787
Interest Only Senior Trading Securities | Senior IO Securities | Sequoia |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | 24,000 |  | 24,000 |  | 15,000
RPL securities | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | 46,607 |  | 46,607 |  | 65,140
Consolidated Agency multifamily loans, at fair value | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | 7,960 |  | 7,960 |  | 10,549
Other third-party residential securities | Subordinate |  |  |  |  |
Investment Holdings [Line Items] |  |  |  |  |
Real estate securities, at fair value | $ 47,715 |  | $ 47,715 |  | $ 73,143

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