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Real Estate Securities - Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands | 3 Months Ended |
--- | --- | ---
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items] |  |  |
Real estate securities, at fair value | $ 102,220 |  | $ 40,424
Unpaid principal balance | 16,370 |  | 16,567
Fair value of securities acquired | 47,526 | $ 1,700 |
Fair value of securities sold | 0 | 3,509 |
Net market valuation gains (losses) recorded | 14,475 | $ 1,961 |
Senior |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |
Real estate securities, at fair value | 97,955 |  | 36,109
Unpaid principal balance | 0 |  | 0
Subordinate |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |
Real estate securities, at fair value | 4,265 |  | 4,315
Unpaid principal balance | 16,370 |  | 16,567
Interest-only securities | Senior |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |
Real estate securities, at fair value | 97,955 |  | 36,109
Interest-only securities | Senior | Sequoia |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |
Real estate securities, at fair value | 32,000 |  | 28,000
Multifamily securities | Subordinate |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |
Real estate securities, at fair value | 2,714 |  | 2,641
Other third-party residential securities | Subordinate |  |  |
Debt and Equity Securities, FV-NI [Line Items] |  |  |
Real estate securities, at fair value | $ 1,551 |  | $ 1,674

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