v3.26.1
Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details)
3 Months Ended
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Residential whole loans [1],[2] $ 8,783,700,000   $ 8,810,354,000
Residential whole loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for Credit Losses (9,437,000)   (9,705,000)
Total Residential whole loans $ 8,783,700,000   $ 8,810,354,000
Number of loans | loan 23,665   23,765
Gain (loss) from sale of loans $ 1,500,000 $ 700,000  
Residential whole loans | Held at Carrying Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses 1,053,323,000    
Allowance for Credit Losses (9,437,000)   $ (9,705,000)
Total Residential whole loans $ 1,043,886,000   $ 1,093,347,000
Number of loans | loan 4,789   4,941
Residential whole loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses $ 7,739,814,000    
Allowance for Credit Losses 0   $ 0
Total Residential whole loans $ 7,739,814,000   $ 7,717,007,000
Number of loans | loan 18,876   18,824
Residential whole loans | Non-QM loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses $ 5,531,388,000   $ 5,346,693,000
Total Residential whole loans 5,529,980,000   5,344,968,000
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 559,568,000   593,213,000
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 4,971,820,000   4,753,480,000
Residential whole loans | Business purpose loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses 2,261,932,000   2,443,328,000
Total Residential whole loans 2,260,014,000   2,441,368,000
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 88,597,000   95,163,000
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 2,173,335,000   2,348,165,000
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 1,196,609,000   1,235,346,000
Total Residential whole loans 1,195,847,000   1,234,428,000
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 81,553,000   88,112,000
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 1,115,056,000   1,147,234,000
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 658,713,000   718,345,000
Total Residential whole loans 657,557,000   717,303,000
Loans held for sale 0 2,100,000 0
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 0    
Loss from changes in fair value   $ 500,000  
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 293,200,000   300,200,000
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 7,044,000   7,051,000
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 651,669,000   711,294,000
Residential whole loans | Business purpose loans | Multifamily transitional loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses 406,610,000   489,637,000
Total Residential whole loans 406,610,000   489,637,000
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
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 406,610,000   489,637,000
Residential whole loans | Legacy RPL/NPL loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses 949,434,000   979,016,000
Total Residential whole loans 943,323,000   972,996,000
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 405,158,000   414,676,000
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 544,276,000   564,340,000
Residential whole loans | Other loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses 50,383,000   51,022,000
Total Residential whole loans 50,383,000   51,022,000
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
Residential whole loans | Other loans | Held at Fair Value      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans before allowance for credit losses $ 50,383,000   $ 51,022,000
[1] Includes approximately $7.4 billion and $7.6 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 2026 and December 31, 2025, 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.