v3.25.2
Residential Whole Loans - Vintage Information Regarding Residential Whole Loans (Details) - Residential whole loans - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Non-QM loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total $ 4,845,752 $ 4,291,086
Business purpose loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 2,898,559 3,396,181
Business purpose loans | Single-family rental loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 1,292,584 1,356,400
Business purpose loans | Single-family transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 875,201 1,100,855
Business purpose loans | Multifamily transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 730,774 938,926
Legacy RPL/NPL loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 1,033,705 1,082,549
Other loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 51,458 52,073
Estimated Fair Value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
2025 1,036,664  
2024 1,605,467  
2023 1,359,521  
2022 1,343,097  
2021 1,647,915  
Prior 635,971  
Total 7,628,635  
Estimated Fair Value | Non-QM loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
2025 795,199  
2024 1,076,775  
2023 588,523  
2022 548,284  
2021 1,148,144  
Prior 31,067  
Total 4,187,992 3,568,694
Estimated Fair Value | Business purpose loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 2,791,750 3,265,548
Estimated Fair Value | Business purpose loans | Single-family rental loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
2025 49,378  
2024 41,913  
2023 228,508  
2022 516,186  
2021 350,826  
Prior 7,432  
Total 1,194,243 1,248,197
Estimated Fair Value | Business purpose loans | Single-family transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
2025 192,087  
2024 413,003  
2023 200,914  
2022 55,679  
2021 5,013  
Prior 37  
Total 866,733 1,078,425
Estimated Fair Value | Business purpose loans | Multifamily transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
2025 0  
2024 73,776  
2023 341,576  
2022 222,948  
2021 92,474  
Prior 0  
Total 730,774 938,926
Estimated Fair Value | Legacy RPL/NPL loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
2025 0  
2024 0  
2023 0  
2022 0  
2021 0  
Prior 597,435  
Total 597,435 624,895
Estimated Fair Value | Other loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
2025 0  
2024 0  
2023 0  
2022 0  
2021 51,458  
Prior 0  
Total $ 51,458 $ 52,073