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Mortgage Loans - Schedule of Mortgage Loan Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |  |  |  |  |
Beginning carrying value | [1] |  |  | $ 864,551 |
Ending carrying value | [1] | $ 403,056 |  | 403,056 |
Mortgage loans held-for-investment, net |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |  |  |  |  |
Beginning carrying value |  | 413,916 | $ 961,277 | 864,551 | $ 989,084
Mortgage loans acquired |  | 0 | 313 | 0 | 14,401
Accretion recognized |  | 6,288 | 12,696 | 26,338 | 38,906
Payments received on loans, net |  | (16,175) | (33,537) | (55,792) | (105,120)
Net reclassifications (to)/from mortgage loans held-for-sale, net |  |  |  | (428,029) | 0
Mark to market on loans held-for-sale |  | 0 | 0 | 0 | 0
Reclassifications to REO |  | 0 | (1,339) | (1,696) | (1,348)
Sale of mortgage loans |  | 0 | 0 | 0 | 0
Net change in the allowance for credit losses |  | 0 | (330) | (1,112) | 3,157
Other |  | (973) | 0 | (1,204) | 0
Ending carrying value |  | 403,056 | 939,080 | 403,056 | 939,080
Mortgage loans held-for-sale, net |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |  |  |  |  |
Beginning carrying value |  | 108,868 | 0 | 55,718 | 0
Mortgage loans acquired |  | 0 | 0 | 0 | 0
Accretion recognized |  | 0 | 0 | 0 | 0
Payments received on loans, net |  | (1,500) | 0 | (7,550) | 0
Net reclassifications (to)/from mortgage loans held-for-sale, net |  |  |  | 428,029 | 0
Mark to market on loans held-for-sale |  | (1,712) | 0 | (55,507) | 0
Reclassifications to REO |  | 0 | 0 | (345) | 0
Sale of mortgage loans |  | (74,341) | 0 | (388,590) | 0
Net change in the allowance for credit losses |  | 0 | 0 | 0 | 0
Other |  | 0 | 0 | (440) | 0
Ending carrying value |  | $ 31,315 | $ 0 | $ 31,315 | $ 0
[1] | Mortgage loans held-for-investment, net includes $400.6 million and $628.6 million of loans at September 30, 2024 and December 31, 2023, respectively, transferred to securitization trusts. These loans can only be used to settle obligations of the trusts. Secured borrowings consist of notes issued by the trusts that can only be settled with the assets and cash flows of the specific trust. The creditors do not have recourse to the Company. See Note 9 — Debt. Mortgage loans held-for-investment, net are net of an allowance of zero and $3.4 million at September 30, 2024 and December 31, 2023, respectively.

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