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Real Estate Securities - Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | $ 48,041 |  | $ 48,041 |  | $ 108,329
Unpaid principal balance | 19,354 |  | 19,354 |  | 215,592
Fair value of securities acquired | 0 | $ 0 | 7,883 | $ 5,006 |
Fair value of securities sold | 27,183 | 4,142 | 82,270 | 27,471 |
Net market valuation gains (losses) recorded | 5,967 | $ (12,521) | 14,423 | $ (30,019) |
Senior |  |  |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | 41,169 |  | 41,169 |  | 28,867
Unpaid principal balance | 0 |  | 0 |  | 0
Subordinate |  |  |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | 6,872 |  | 6,872 |  | 79,462
Unpaid principal balance | 19,354 |  | 19,354 |  | 215,592
Interest-only securities | Senior |  |  |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | 41,169 |  | 41,169 |  | 28,867
Interest-only securities | Senior | Sequoia |  |  |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | 29,000 |  | 29,000 |  | 26,000
RPL securities | Subordinate |  |  |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | 0 |  | 0 |  | 29,002
Consolidated Agency multifamily loans, at fair value | Subordinate |  |  |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | 5,239 |  | 5,239 |  | 5,027
Other third-party residential securities | Subordinate |  |  |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |  |  |
Real estate securities, at fair value | $ 1,633 |  | $ 1,633 |  | $ 45,433

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