Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
[1],[2] |
$ 8,819,525
|
$ 8,811,224
|
$ 8,819,525
|
$ 8,811,224
|
| LTV ratio (as a percent) |
|
|
|
80.00%
|
|
| Single-family transitional loans | As is value of collateral |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
380,200
|
445,600
|
$ 380,200
|
445,600
|
| Multifamily transitional loans | As is value of collateral |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
199,600
|
252,100
|
199,600
|
252,100
|
| Residential whole loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
8,819,525
|
8,811,224
|
8,819,525
|
8,811,224
|
| Fair Value |
|
8,821,341
|
|
8,821,341
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 9,079,445
|
|
$ 9,079,445
|
|
| Weighted Average Coupon ( as a percent) |
|
7.05%
|
|
7.05%
|
|
| LTV ratio (as a percent) |
|
|
|
64.00%
|
|
| 60+ Days Past Due % |
|
7.30%
|
|
7.30%
|
|
| Residential whole loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 8,074,584
|
|
$ 8,074,584
|
|
| Residential whole loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
340,963
|
|
340,963
|
|
| Residential whole loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
139,368
|
|
139,368
|
|
| Residential whole loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
524,530
|
|
524,530
|
|
| Residential whole loans | Non-QM loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
4,843,737
|
4,288,961
|
4,843,737
|
4,288,961
|
| Fair Value |
|
4,823,546
|
4,258,298
|
4,823,546
|
4,258,298
|
| Unpaid Principal Balance (“UPB”) |
|
$ 4,879,953
|
$ 4,408,660
|
$ 4,879,953
|
$ 4,408,660
|
| Weighted Average Coupon ( as a percent) |
|
6.68%
|
6.50%
|
6.68%
|
6.50%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
339 months
|
339 months
|
| LTV ratio (as a percent) |
|
|
|
64.00%
|
64.00%
|
| Weighted Average Original FICO |
|
|
|
737
|
735
|
| 60+ Days Past Due % |
|
4.00%
|
3.80%
|
4.00%
|
3.80%
|
| Gross coupon rate (as a percent) |
|
6.82%
|
6.65%
|
|
|
| Residential whole loans | Non-QM loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 4,559,049
|
$ 4,114,436
|
$ 4,559,049
|
$ 4,114,436
|
| Residential whole loans | Non-QM loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
125,528
|
124,765
|
125,528
|
124,765
|
| Residential whole loans | Non-QM loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
57,255
|
50,619
|
57,255
|
50,619
|
| Residential whole loans | Non-QM loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
138,121
|
118,840
|
138,121
|
118,840
|
| Residential whole loans | Business purpose loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
2,897,110
|
3,394,426
|
2,897,110
|
3,394,426
|
| Fair Value |
|
2,899,503
|
3,394,591
|
2,899,503
|
3,394,591
|
| Unpaid Principal Balance (“UPB”) |
|
$ 2,974,915
|
$ 3,500,300
|
$ 2,974,915
|
$ 3,500,300
|
| Weighted Average Coupon ( as a percent) |
|
8.42%
|
8.43%
|
8.42%
|
8.43%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
|
|
| LTV ratio (as a percent) |
|
|
|
67.00%
|
67.00%
|
| Weighted Average Original FICO |
|
|
|
|
|
| 60+ Days Past Due % |
|
7.70%
|
7.30%
|
7.70%
|
7.30%
|
| Residential whole loans | Business purpose loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 2,647,194
|
$ 3,174,103
|
$ 2,647,194
|
$ 3,174,103
|
| Residential whole loans | Business purpose loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
98,635
|
69,869
|
98,635
|
69,869
|
| Residential whole loans | Business purpose loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
37,465
|
21,409
|
37,465
|
21,409
|
| Residential whole loans | Business purpose loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
191,621
|
234,919
|
191,621
|
234,919
|
| Residential whole loans | Business purpose loans | Single-family rental loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
1,291,647
|
1,356,034
|
1,291,647
|
1,356,034
|
| Fair Value |
|
1,294,127
|
1,355,965
|
1,294,127
|
1,355,965
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,324,122
|
$ 1,416,705
|
$ 1,324,122
|
$ 1,416,705
|
| Weighted Average Coupon ( as a percent) |
|
6.36%
|
6.36%
|
6.36%
|
6.36%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
316 months
|
321 months
|
| LTV ratio (as a percent) |
|
|
|
67.00%
|
68.00%
|
| Weighted Average Original FICO |
|
|
|
739
|
739
|
| 60+ Days Past Due % |
|
3.80%
|
3.90%
|
3.80%
|
3.90%
|
| Gross coupon rate (as a percent) |
|
6.39%
|
6.39%
|
|
|
| Residential whole loans | Business purpose loans | Single-family rental loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,259,020
|
$ 1,346,312
|
$ 1,259,020
|
$ 1,346,312
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
14,987
|
15,661
|
14,987
|
15,661
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
4,809
|
5,445
|
4,809
|
5,445
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
45,306
|
49,287
|
45,306
|
49,287
|
| Residential whole loans | Business purpose loans | Single-family transitional loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
874,689
|
1,099,466
|
874,689
|
1,099,466
|
| Fair Value |
|
874,602
|
1,099,700
|
874,602
|
1,099,700
|
| Unpaid Principal Balance (“UPB”) |
|
$ 885,983
|
$ 1,106,631
|
$ 885,983
|
$ 1,106,631
|
| Weighted Average Coupon ( as a percent) |
|
10.42%
|
10.44%
|
10.42%
|
10.44%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
5 months
|
5 months
|
| LTV ratio (as a percent) |
|
|
|
68.00%
|
67.00%
|
| Weighted Average Original FICO |
|
|
|
750
|
750
|
| 60+ Days Past Due % |
|
13.10%
|
10.50%
|
13.10%
|
10.50%
|
| Gross coupon rate (as a percent) |
|
10.43%
|
10.45%
|
|
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 723,842
|
$ 957,266
|
$ 723,842
|
$ 957,266
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
46,467
|
33,393
|
46,467
|
33,393
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
31,854
|
15,964
|
31,854
|
15,964
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
83,820
|
100,008
|
83,820
|
100,008
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
730,774
|
938,926
|
730,774
|
938,926
|
| Fair Value |
|
730,774
|
938,926
|
730,774
|
938,926
|
| Unpaid Principal Balance (“UPB”) |
|
$ 764,810
|
$ 976,964
|
$ 764,810
|
$ 976,964
|
| Weighted Average Coupon ( as a percent) |
|
9.66%
|
9.17%
|
9.66%
|
9.17%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
3 months
|
6 months
|
| LTV ratio (as a percent) |
|
|
|
64.00%
|
64.00%
|
| Weighted Average Original FICO |
|
|
|
751
|
751
|
| 60+ Days Past Due % |
|
8.30%
|
8.80%
|
8.30%
|
8.80%
|
| Gross coupon rate (as a percent) |
|
9.67%
|
9.18%
|
|
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 664,332
|
$ 870,525
|
$ 664,332
|
$ 870,525
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
37,181
|
20,815
|
37,181
|
20,815
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
802
|
0
|
802
|
0
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
62,495
|
85,624
|
62,495
|
85,624
|
| Residential whole loans | Legacy RPL/NPL loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
1,027,220
|
1,075,764
|
1,027,220
|
1,075,764
|
| Fair Value |
|
1,046,834
|
1,090,991
|
1,046,834
|
1,090,991
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,163,226
|
$ 1,222,258
|
$ 1,163,226
|
$ 1,222,258
|
| Weighted Average Coupon ( as a percent) |
|
5.12%
|
5.15%
|
5.12%
|
5.15%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
248 months
|
253 months
|
| LTV ratio (as a percent) |
|
|
|
55.00%
|
55.00%
|
| Weighted Average Original FICO |
|
|
|
647
|
647
|
| 60+ Days Past Due % |
|
20.60%
|
21.40%
|
20.60%
|
21.40%
|
| Gross coupon rate (as a percent) |
|
5.13%
|
5.16%
|
|
|
| Residential whole loans | Legacy RPL/NPL loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 806,990
|
$ 831,844
|
$ 806,990
|
$ 831,844
|
| Residential whole loans | Legacy RPL/NPL loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
116,800
|
129,081
|
116,800
|
129,081
|
| Residential whole loans | Legacy RPL/NPL loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
44,648
|
45,074
|
44,648
|
45,074
|
| Residential whole loans | Legacy RPL/NPL loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
194,788
|
216,259
|
194,788
|
216,259
|
| Residential whole loans | Other loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
51,458
|
52,073
|
51,458
|
52,073
|
| Fair Value |
|
51,458
|
52,073
|
51,458
|
52,073
|
| Unpaid Principal Balance (“UPB”) |
|
$ 61,351
|
$ 63,614
|
$ 61,351
|
$ 63,614
|
| Weighted Average Coupon ( as a percent) |
|
3.43%
|
3.44%
|
3.43%
|
3.44%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
314 months
|
320 months
|
| LTV ratio (as a percent) |
|
|
|
64.00%
|
65.00%
|
| Weighted Average Original FICO |
|
|
|
757
|
758
|
| 60+ Days Past Due % |
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
| Residential whole loans | Other loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 61,351
|
$ 62,998
|
$ 61,351
|
$ 62,998
|
| Residential whole loans | Other loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
0
|
616
|
0
|
616
|
| Residential whole loans | Other loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
0
|
0
|
0
|
0
|
| Residential whole loans | Other loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 0
|
0
|
$ 0
|
0
|
| Residential Whole Loan Excluding Unsettled Purchases |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
|
8,811,224
|
|
8,811,224
|
| Fair Value |
|
|
8,795,953
|
|
8,795,953
|
| Unpaid Principal Balance (“UPB”) |
|
|
$ 9,194,832
|
|
$ 9,194,832
|
| Weighted Average Coupon ( as a percent) |
|
|
7.06%
|
|
7.06%
|
| LTV ratio (as a percent) |
|
|
|
|
64.00%
|
| 60+ Days Past Due % |
|
|
7.50%
|
|
7.50%
|
| Residential Whole Loan Excluding Unsettled Purchases | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
|
$ 8,183,381
|
|
$ 8,183,381
|
| Residential Whole Loan Excluding Unsettled Purchases | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
|
324,331
|
|
324,331
|
| Residential Whole Loan Excluding Unsettled Purchases | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
|
117,102
|
|
117,102
|
| Residential Whole Loan Excluding Unsettled Purchases | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
|
$ 570,018
|
|
$ 570,018
|
|
|