v3.25.2
Residential Whole Loans - Allowance for Credit Losses (Details) - Residential whole loans - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance $ 10,194 $ 10,665 $ 19,612 $ 20,451 $ 10,665  
Current provision/(reversal) 791 145 (1,079) (460)    
Write-offs (1,036) (616) (5,262) (379)    
Ending balance 9,949 10,194 13,271 19,612 9,949  
Non-QM loans            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Loans 4,845,752       4,845,752 $ 4,291,086
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 1,928 2,125 1,681 1,871 2,125  
Current provision/(reversal) 87 (197) (326) (190)    
Write-offs 0 0 0 0    
Ending balance 2,015 1,928 1,355 1,681 2,015  
Business purpose loans            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Loans 2,898,559       2,898,559 3,396,181
Business purpose loans | Single-family rental loans            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Loans 1,292,584       1,292,584 1,356,400
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 980 366 4,642 4,355 366  
Current provision/(reversal) (43) 614 978 228    
Write-offs 0 0 (5,011)      
Write-offs       59    
Ending balance 937 980 609 4,642 937  
Business purpose loans | Single-family transitional loans            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Loans 875,201       875,201 1,100,855
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 865 1,389 1,699 2,587 1,389  
Current provision/(reversal) 669 (88) (317) (472)    
Write-offs (1,022) (436) (81) (416)    
Ending balance 512 865 1,301 1,699 512  
Business purpose loans | Single-family transitional loans | Collateral Dependent Methodology            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Loans 5,200   20,400   5,200  
Legacy RPL/NPL loans            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Loans 1,033,705       1,033,705 $ 1,082,549
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 6,421 6,785 11,590 11,638 6,785  
Current provision/(reversal) 78 (184) (1,414) (26)    
Write-offs (14) (180) (170) (22)    
Ending balance 6,485 $ 6,421 10,006 $ 11,590 6,485  
Legacy RPL/NPL loans | Collateral Dependent Methodology            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Loans $ 31,800   $ 44,400   $ 31,800