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Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Assets and Liabilities of Consolidated VIEs (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents $ 167,422 $ 187,107 $ 244,718  
Assets of disposal group held for sale 118,613 426,017    
Other assets 437,874 315,357    
Total assets [1] 9,217,282 7,401,328    
Liabilities of disposal group held for sale 97,065 386,024    
Other liabilities 147,612 118,016    
Total liabilities [1] 7,806,148 5,773,202    
Non-controlling interest in Consolidated VIEs 4,055 20,453    
Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations 2,135,680 593,737    
Residential loan securitizations at amortized cost, net        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations 842,764 1,276,780    
VIE, Primary Beneficiary        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Real estate, net held in Consolidated VIEs 623,407 1,131,819    
Total assets 3,988,584 3,816,777    
Collateralized debt obligations 275,200      
Total liabilities 3,477,211 3,076,818    
Redeemable non-controlling interest in Consolidated VIEs 12,359 28,061 $ 63,803 $ 66,392
VIE, Primary Beneficiary | Financing And Other VIEs        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 4,151 15,612    
Residential loans, at fair value 3,209,472 2,256,768    
Real estate, net held in Consolidated VIEs 481,161 979,934    
Assets of disposal group held for sale 118,613 426,017    
Other assets 175,187 138,446    
Total assets 3,988,584 3,816,777    
Collateralized debt obligations 2,978,444 1,870,517    
Mortgages payable, net in consolidated variable interest entities 366,606 784,421    
Liabilities of disposal group held for sale 97,065 386,024    
Other liabilities 35,096 35,856    
Total liabilities 3,477,211 3,076,818    
Redeemable non-controlling interest in Consolidated VIEs 12,359 28,061    
Non-controlling interest in Consolidated VIEs 3,930 20,328    
Net investment 495,084 691,570    
VIE, Primary Beneficiary | Financing VIE's        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 0 0    
Residential loans, at fair value 2,243,800 1,501,908    
Real estate, net held in Consolidated VIEs 0 0    
Assets of disposal group held for sale 0 0    
Other assets 154,426 98,451    
Total assets 2,398,226 1,600,359    
Collateralized debt obligations 2,166,853 1,276,780    
Mortgages payable, net in consolidated variable interest entities 0 0    
Liabilities of disposal group held for sale 0 0    
Other liabilities 16,162 8,421    
Total liabilities 2,183,015 1,285,201    
Redeemable non-controlling interest in Consolidated VIEs 0 0    
Non-controlling interest in Consolidated VIEs 0 0    
Net investment 215,211 315,158    
VIE, Primary Beneficiary | Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 0 0    
Residential loans, at fair value 965,672 754,860    
Real estate, net held in Consolidated VIEs 0 0    
Assets of disposal group held for sale 0 0    
Other assets 4,065 2,960    
Total assets 969,737 757,820    
Collateralized debt obligations 811,591 593,737    
Mortgages payable, net in consolidated variable interest entities 0 0    
Liabilities of disposal group held for sale 0 0    
Other liabilities 8,313 5,638    
Total liabilities 819,904 599,375    
Redeemable non-controlling interest in Consolidated VIEs 0 0    
Non-controlling interest in Consolidated VIEs 0 0    
Net investment 149,833 158,445    
VIE, Primary Beneficiary | Consolidated Real Estate        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and cash equivalents 4,151 15,612    
Residential loans, at fair value 0 0    
Real estate, net held in Consolidated VIEs 481,161 979,934    
Assets of disposal group held for sale 118,613 426,017    
Other assets 16,696 37,035    
Total assets 620,621 1,458,598    
Collateralized debt obligations 0 0    
Mortgages payable, net in consolidated variable interest entities 366,606 784,421    
Liabilities of disposal group held for sale 97,065 386,024    
Other liabilities 10,621 21,797    
Total liabilities 474,292 1,192,242    
Redeemable non-controlling interest in Consolidated VIEs 12,359 28,061    
Non-controlling interest in Consolidated VIEs 3,930 20,328    
Net investment 130,040 217,967    
VIE, Primary Beneficiary | Consolidated SLST        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations 2,135,680 593,737    
VIE, Primary Beneficiary | Residential loan securitizations at amortized cost, net        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Collateralized debt obligations $ 842,764 $ 1,276,780    
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $3,988,584 and $3,816,777, respectively, and the liabilities of consolidated VIEs totaled $3,477,211 and $3,076,818, respectively. See Note 7 for further discussion.