v3.25.2
Residential Whole Loans - LTV on Loans (Details) - Residential whole loans
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB $ 9,079,445  
Non-QM loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 4,879,953 $ 4,408,660
Business purpose loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 2,974,915 3,500,300
Business purpose loans | Single-family rental loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 1,324,122 1,416,705
Business purpose loans | Single-family transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 885,983 1,106,631
Business purpose loans | Multifamily transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 764,810 976,964
Legacy RPL/NPL loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 1,163,226 1,222,258
Other loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 61,351 63,614
Financial Asset, Equal to or Greater than 60 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value 589,690 615,841
UPB 663,898 687,120
Financial Asset, Equal to or Greater than 60 Days Past Due | Non-QM loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value 192,830 166,299
UPB $ 195,376 $ 169,459
LTV (as a percent) 0.64 0.66
Financial Asset, Equal to or Greater than 60 Days Past Due | Business purpose loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value $ 178,787 $ 209,186
UPB 229,086 256,328
Financial Asset, Equal to or Greater than 60 Days Past Due | Business purpose loans | Single-family rental loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value 41,862 42,995
UPB $ 50,115 $ 54,732
LTV (as a percent) 0.92 0.99
Financial Asset, Equal to or Greater than 60 Days Past Due | Business purpose loans | Single-family transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value $ 104,741 $ 109,221
UPB $ 115,674 $ 115,972
LTV (as a percent) 0.77 0.79
Financial Asset, Equal to or Greater than 60 Days Past Due | Business purpose loans | Multifamily transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value $ 32,184 $ 56,970
UPB $ 63,297 $ 85,624
LTV (as a percent) 0.73 0.79
Financial Asset, Equal to or Greater than 60 Days Past Due | Legacy RPL/NPL loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value $ 218,073 $ 240,356
UPB $ 239,436 $ 261,333
LTV (as a percent) 0.63 0.63
Financial Asset, Equal to or Greater than 60 Days Past Due | Other loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value $ 0 $ 0
UPB $ 0 $ 0
LTV (as a percent) 0 0