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Fair Value of Financial Instruments - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Liabilities |  |  |  |
Total Investment fair value changes, net | $ 6,971 | $ 12,202 | $ 96,863 | $ (10,733)
Total Residential Investor Loans |  |  |  |
Liabilities |  |  |  |
Total Investment fair value changes, net |  |  | 136,000 |
Total ABS Issued |  |  |  |
Liabilities |  |  |  |
Beginning balance |  |  | 12,879,530 |
Acquisitions |  |  | 6,046,604 |
Sales |  |  | 0 |
Principal paydowns |  |  | (2,661,532) |
Gains (losses) in net income (loss), net |  |  | 345,479 |
Other settlements, net |  |  | 0 |
Ending balance | 16,610,081 |  | 16,610,081 |
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period |  |  | 813,558 |
Non-controlling interest |  |  |  |
Liabilities |  |  |  |
Beginning balance |  |  | 99,510 |
Acquisitions |  |  | 0 |
Sales |  |  | (46,086) |
Principal paydowns |  |  | 9,707 |
Gains (losses) in net income (loss), net |  |  | 15,955 |
Other settlements, net |  |  | (987) |
Ending balance | 78,099 |  | 78,099 |
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period |  |  | 1,577 |
Residential Consumer Loans |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 11,077,823 |
Acquisitions |  |  | 9,186,044 |
Originations |  |  | 0 |
Sales |  |  | (2,090,189) |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | (1,703,261) |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | 317,296 |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | (4,432) |
Ending balance | 16,783,281 |  | 16,783,281 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | 278,972 |
Total Residential Investor Loans |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 4,587,090 |
Acquisitions |  |  | 43,804 |
Originations |  |  | 1,419,506 |
Sales |  |  | (1,620,187) |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | (1,059,564) |
Consolidation of securitized bridge loans |  |  | 475,326 |
Gains (losses) in net income, net |  |  | (39,391) |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | (50,823) |
Ending balance | 3,755,761 |  | 3,755,761 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | 1,569 |
Liabilities |  |  |  |
Joint venture transferred |  |  | 339,000 |
Consolidated Agency Multifamily Loans |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 424,597 |
Acquisitions |  |  | 0 |
Originations |  |  | 0 |
Sales |  |  | 0 |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | (430,230) |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | 5,633 |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | 0 |
Ending balance | 0 |  | 0 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | 0 |
HEI |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 589,785 |
Acquisitions |  |  | 0 |
Originations | 3,000 |  | 8,986 |
Sales |  |  | (262,447) |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | (26,796) |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | 16,521 |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | 174 |
Ending balance | 326,223 |  | 326,223 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | 17,269 |
Real Estate Trading Securities |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 193,749 |
Acquisitions |  |  | 46,475 |
Originations |  |  | 0 |
Sales |  |  | (31,839) |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | (447) |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | (73,392) |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | 0 |
Ending balance | 134,546 |  | 134,546 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | (56,323) |
Real Estate AFS Securities |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 211,474 |
Acquisitions |  |  | 182,850 |
Originations |  |  | 0 |
Sales |  |  | (102,378) |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | (15,309) |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | 4,468 |
Unrealized gains in OCI, net |  |  | 3,267 |
Other settlements, net |  |  | 0 |
Ending balance | 284,372 |  | 284,372 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | 6,322 |
Servicing Investments |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 297,683 |
Acquisitions |  |  | 0 |
Originations |  |  | 0 |
Sales |  |  | 0 |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | (8,067) |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | (7,361) |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | 0 |
Ending balance | 282,255 |  | 282,255 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | (6,247) |
Strategic Investments |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 3,460 |
Acquisitions |  |  | 0 |
Originations |  |  | 0 |
Sales |  |  | 0 |
Transfer to fair value option |  |  | 1,150 |
Principal paydowns |  |  | 0 |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | 1,850 |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | 0 |
Ending balance | 6,460 |  | 6,460 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | 1,850 |
Derivatives |  |  |  |
Assets |  |  |  |
Beginning balance |  |  | 5,323 |
Acquisitions |  |  | 0 |
Originations |  |  | 0 |
Sales |  |  | 0 |
Transfer to fair value option |  |  | 0 |
Principal paydowns |  |  | 0 |
Consolidation of securitized bridge loans |  |  | 0 |
Gains (losses) in net income, net |  |  | 80,763 |
Unrealized gains in OCI, net |  |  | 0 |
Other settlements, net |  |  | (59,863) |
Ending balance | $ 26,223 |  | 26,223 |
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  |  | $ 26,223 |

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