v3.25.2
Fair Value of Financial Instruments - Fair Value Methodology (Details) - Residential whole loans
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value $ 7,628,635 $ 7,511,210
UPB 9,079,445  
Marked to Market Approach    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value 59,400 44,900
UPB 96,200 78,200
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value 7,577,177 7,459,137
Level 3 | Discounted Cash Flow and Liquidation Model    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value 7,517,739 7,414,218
Level 3 | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value $ 7,208,812 $ 7,070,535
Level 3 | Discounted cash flow | Discount rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.070 0.076
Level 3 | Discounted cash flow | Discount rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.058 0.062
Level 3 | Discounted cash flow | Discount rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.200 0.200
Level 3 | Discounted cash flow | Prepayment rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.157 0.137
Level 3 | Discounted cash flow | Prepayment rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0 0
Level 3 | Discounted cash flow | Prepayment rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.497 0.583
Level 3 | Discounted cash flow | Default rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.016 0.018
Level 3 | Discounted cash flow | Default rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0 0
Level 3 | Discounted cash flow | Default rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.631 0.543
Level 3 | Discounted cash flow | Loss severity | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.119 0.123
Level 3 | Discounted cash flow | Loss severity | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.005 0
Level 3 | Discounted cash flow | Loss severity | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 1.000 1.000
Level 3 | Liquidation model    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value $ 308,927 $ 343,683
Level 3 | Liquidation model | Discount rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.085 0.088
Level 3 | Liquidation model | Discount rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.080 0.080
Level 3 | Liquidation model | Discount rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.150 0.200
Level 3 | Liquidation model | Annual change in home prices | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Annual change in home prices 2.80% 3.20%
Level 3 | Liquidation model | Annual change in home prices | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Annual change in home prices 0.00% 0.00%
Level 3 | Liquidation model | Annual change in home prices | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Annual change in home prices 9.20% 9.70%
Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liquidation timeline (in years) 1 year 8 months 12 days 1 year 8 months 12 days
Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liquidation timeline (in years) 9 months 18 days 1 month 6 days
Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liquidation timeline (in years) 4 years 6 months 4 years 6 months
Level 3 | Liquidation model | Current value of underlying properties | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current value of underlying properties $ 658 $ 618
Level 3 | Liquidation model | Current value of underlying properties | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current value of underlying properties 19 21
Level 3 | Liquidation model | Current value of underlying properties | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current value of underlying properties $ 10,000 $ 8,500