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Residential Investor Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 USD ($) | Jun. 30, 2025 USD ($) | Dec. 31, 2024 USD ($) | Sep. 30, 2024 USD ($) | Sep. 30, 2025 USD ($) securitization | Sep. 30, 2024 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Real estate owned, variable rate (as a percent) |  |  |  |  | 37.00% |
Real estate owned, fixed rate (as a percent) |  |  |  |  | 0.63 |
Investment fair value changes, net | $ (6,971) |  |  | $ (12,202) | $ (96,863) | $ 10,733
AFS | 284,372 |  | $ 211,474 |  | 284,372 |
Principal payments on real estate securities |  |  |  |  | 15,756 | 5,331
Mortgage banking activities, net | 40,132 |  |  | 39,569 | 114,042 | 73,049
Fee income, net | 4,579 |  |  | 4,788 | $ 9,139 | 7,452
Securitization entity | securitization |  |  |  |  | 3 |
Unsecuritized residential investor bridge loan modifications (UPB) |  |  |  |  | $ 130,149 |
Estimated Fair Value |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans | 307,111 |  |  |  | 307,111 |
Carrying Value |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans | 358,269 |  |  |  | 358,269 |
Carrying Value | Non-Accrual of Contractual Coupon Interest |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans | 229,136 |  |  |  | 229,136 |
Carrying Value | Non-Accrual of Deferred Interest Only |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans | $ 129,133 |  |  |  | 129,133 |
Simple Modifications (Extensions) |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Unsecuritized residential investor bridge loan modifications (UPB) |  |  |  |  | 126,254 |
Financing receivable, previously modified |  |  |  |  | 4,000 |
Complex Modifications |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Unsecuritized residential investor bridge loan modifications (UPB) |  |  |  |  | $ 3,895 |
Contractual interest rate | 10.73% |  |  |  | 10.73% |
Financing receivable, previously modified |  |  |  |  | $ 38,000 |
CoreVest Mortgage Banking |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Mortgage banking activities, net | $ 11,413 |  |  | 12,854 | 38,776 | 32,262
Commitment To Fund Residential Investor Bridge Loan |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Funding commitment | 261,000 |  |  |  | 261,000 |
Commitment To Fund Residential Investor Bridge Loan | Corporate Joint Venture |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Funding commitment | 84,000 |  |  |  | 84,000 |
Commitment To Fund Residential Bridge Loan |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Funding commitment | 35,000 |  |  |  | 35,000 |
Residential Investor Bridge, Unsecuritized |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Fair value of loans | 101,000 |  |  |  | 101,000 |
Principal payments on real estate securities | 625,196 |  |  | 67,655 | 1,007,770 | 277,170
Legacy Bridge Loans |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Fair value of loans | 484,000 | $ 484,000 |  |  | 484,000 |
Investment fair value changes, net |  | 6,000 |  |  |  |
Servicer advance financing |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Investment fair value changes, net | (1,000) |  |  | (4,000) | (6,000) | 4,000
Subordinate Securities |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
AFS | 284,372 |  | 140,242 |  | 284,372 |
Subordinate Securities | Legacy Investments |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
AFS | $ 182,000 | $ 182,000 |  |  | $ 182,000 |
Residential Investor Term Loans | Minimum |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Financing receivable, term | 5 years |  |  |  | 5 years |
Residential Investor Term Loans | Maximum |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Financing receivable, term | 30 years |  |  |  | 30 years |
Bridge Loans | Minimum |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Residential bridge loans held-for-investment, original maturities (in months) |  |  |  |  | 8 months |
Bridge Loans | Maximum |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Residential bridge loans held-for-investment, original maturities (in months) |  |  |  |  | 36 months |
Total Residential Investor Loans |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Fair value of loans | $ 3,857,597 |  | 4,587,090 |  | $ 3,857,597 |
Total Residential Investor Loans | Residential Investor Bridge, Unsecuritized |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Fair value of loans | 625,932 |  | 1,120,281 |  | 625,932 |
Residential Investor Bridge |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Loans sold | 114,000 |  |  |  | 416,000 |
Principal payments on real estate securities | 6,000 |  |  | $ 13,000 | 38,000 | $ 34,000
Unsecuritized residential investor bridge loan modifications (UPB) | 130,000 |  | 353,000 |  |  |
Residential Investor Bridge | Non-Accrual of Contractual Coupon Interest |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans |  |  | 151,000 |  |  |
Residential Investor Bridge | Non-Accrual of Deferred Interest Only |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans |  |  | 192,000 |  |  |
Residential Investor Bridge | Estimated Fair Value |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans |  |  | 282,000 |  |  |
Residential Investor Bridge | Carrying Value |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Total Non-Accrual Loans |  |  | 343,000 |  |  |
Residential Investor Bridge | Simple Modifications (Extensions) |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Unsecuritized residential investor bridge loan modifications (UPB) |  |  | $ 167,000 |  |  |
Contractual interest rate |  |  | 8.64% |  |  |
Financing receivable, modified, weighted average interest rate, deferred |  |  | 0.0539 |  |  |
Financing receivable, previously modified |  |  | $ 24,000 |  |  |
Residential Investor Bridge | Complex Modifications |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Unsecuritized residential investor bridge loan modifications (UPB) |  |  | 186,000 |  |  |
Financing receivable, previously modified |  |  | 103,000 |  |  |
Held-for-sale at fair value |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Fair value of loans | 783,271 |  | 237,224 |  | 783,271 |
Held-for-sale at fair value | Residential Investor Bridge, Unsecuritized |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |
Fair value of loans | $ 625,932 |  | $ 78,587 |  | $ 625,932 |

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