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Real Estate Securities - Schedule of Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | $ 40,424 | $ 108,329
Unpaid principal balance | 16,567 | 215,592
Principal balance of securities acquired | 7,883 | 5,006
Principal balance of securities sold | 88,073 | 31,729
Net market valuation gains (losses) recorded | 12,694 | (34,222)
Senior Securities |  |
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | 36,109 | 28,867
Unpaid principal balance | 0 | 0
Subordinate |  |
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | 4,315 | 79,462
Unpaid principal balance | 16,567 | 215,592
Interest-only securities | Senior Securities |  |
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | 36,109 | 28,867
Interest-only securities | Senior Securities | Sequoia |  |
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | 28,000 | 26,000
RPL securities | Subordinate |  |
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | 0 | 29,002
Multifamily securities | Subordinate |  |
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | 2,641 | 5,027
Other third-party residential securities | Subordinate |  |
Investment Holdings [Line Items] |  |
Real estate securities, at fair value | $ 1,674 | $ 45,433

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