v3.25.2
Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
loan
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
loan
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Residential whole loans [1],[2] $ 8,819,525       $ 8,819,525   $ 8,811,224
Residential whole loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for Credit Losses (9,949)       (9,949)   (10,665)
Total Residential whole loans $ 8,819,525       $ 8,819,525   $ 8,811,224
Number of loans | loan 23,926       23,926   24,170
Gain (loss) from sale of loans     $ 200        
Residential whole loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses $ 1,200,839       $ 1,200,839    
Allowance for Credit Losses (9,949)       (9,949)   $ (10,665)
Total Residential whole loans $ 1,190,890       $ 1,190,890   $ 1,300,014
Number of loans | loan 5,250       5,250   5,582
Residential whole loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses $ 7,628,635       $ 7,628,635    
Allowance for Credit Losses 0       0   $ 0
Total Residential whole loans $ 7,628,635       $ 7,628,635   $ 7,511,210
Number of loans | loan 18,676       18,676   18,588
Residential whole loans | Non-QM loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses $ 4,845,752       $ 4,845,752   $ 4,291,086
Total Residential whole loans 4,843,737       4,843,737   4,288,961
Residential whole loans | Non-QM loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 657,760       657,760   722,392
Residential whole loans | Non-QM loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 4,187,992       4,187,992   3,568,694
Residential whole loans | Business purpose loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 2,898,559       2,898,559   3,396,181
Total Residential whole loans 2,897,110       2,897,110   3,394,426
Residential whole loans | Business purpose loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 106,809       106,809   130,633
Residential whole loans | Business purpose loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 2,791,750       2,791,750   3,265,548
Residential whole loans | Business purpose loans | Single-family rental loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 1,292,584       1,292,584   1,356,400
Total Residential whole loans 1,291,647       1,291,647   1,356,034
Loans held for sale 0       0   0
Gain (loss) from sale of loans (100) $ 700          
Residential whole loans | Business purpose loans | Single-family rental loans | Held for sale              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Gain (loss) from sale of loans     $ 0 $ 500 0    
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 98,341       98,341   108,203
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 1,194,243       1,194,243   1,248,197
Residential whole loans | Business purpose loans | Single-family transitional loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 875,201       875,201   1,100,855
Total Residential whole loans 874,689       874,689   1,099,466
Loans held for sale 0       0   0
Gain (loss) from sale of loans (500)            
Residential whole loans | Business purpose loans | Single-family transitional loans | Held for sale              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Gain (loss) from sale of loans (300)         $ 0  
Loss from changes in fair value   $ 500          
Residential whole loans | Business purpose loans | Single-family transitional loans | New Construction Projects              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 349,100       349,100   442,400
Residential whole loans | Business purpose loans | Single-family transitional loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 8,468       8,468   22,430
Residential whole loans | Business purpose loans | Single-family transitional loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 866,733       866,733   1,078,425
Residential whole loans | Business purpose loans | Multifamily transitional loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 730,774       730,774   938,926
Total Residential whole loans 730,774       730,774   938,926
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 0       0   0
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 730,774       730,774   938,926
Residential whole loans | Legacy RPL/NPL loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 1,033,705       1,033,705   1,082,549
Total Residential whole loans 1,027,220       1,027,220   1,075,764
Residential whole loans | Legacy RPL/NPL loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 436,270       436,270   457,654
Residential whole loans | Legacy RPL/NPL loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 597,435       597,435   624,895
Residential whole loans | Other loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 51,458       51,458   52,073
Total Residential whole loans 51,458       51,458   52,073
Residential whole loans | Other loans | Held at Carrying Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses 0       0   0
Residential whole loans | Other loans | Held at Fair Value              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total Loans before allowance for credit losses $ 51,458       $ 51,458   $ 52,073
[1] Includes approximately $7.1 billion and $6.9 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 2025 and December 31, 2024, respectively. Such assets can be used only to settle the obligations of each respective VIE.
[2] See Note 6 for information regarding the Company’s pledged assets.