Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
[1],[2] |
$ 8,767,868
|
$ 8,810,354
|
$ 8,767,868
|
$ 8,810,354
|
| LTV ratio (as a percent) |
|
|
|
80.00%
|
|
| Residential whole loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
8,767,867
|
8,810,354
|
$ 8,767,867
|
8,810,354
|
| Fair Value |
|
8,770,292
|
8,820,478
|
8,770,292
|
8,820,478
|
| Unpaid Principal Balance (“UPB”) |
|
$ 8,983,707
|
$ 8,989,910
|
$ 8,983,707
|
$ 8,989,910
|
| Weighted Average Coupon ( as a percent) |
|
6.85%
|
6.98%
|
6.85%
|
6.98%
|
| LTV ratio (as a percent) |
|
|
|
64.00%
|
64.00%
|
| 60+ Days Past Due % |
|
7.00%
|
7.10%
|
7.00%
|
7.10%
|
| Residential whole loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 8,047,256
|
$ 7,939,119
|
$ 8,047,256
|
$ 7,939,119
|
| Residential whole loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
306,487
|
411,142
|
306,487
|
411,142
|
| Residential whole loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
103,708
|
134,379
|
103,708
|
134,379
|
| Residential whole loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
526,256
|
505,270
|
526,256
|
505,270
|
| Residential whole loans | Non-QM loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
5,670,728
|
5,344,968
|
5,670,728
|
5,344,968
|
| Fair Value |
|
5,655,660
|
5,332,533
|
5,655,660
|
5,332,533
|
| Unpaid Principal Balance (“UPB”) |
|
$ 5,684,786
|
$ 5,322,321
|
$ 5,684,786
|
$ 5,322,321
|
| Weighted Average Coupon ( as a percent) |
|
6.70%
|
6.74%
|
6.70%
|
6.74%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
336 months
|
337 months
|
| LTV ratio (as a percent) |
|
|
|
64.00%
|
64.00%
|
| Weighted Average Original FICO |
|
|
|
740
|
738
|
| 60+ Days Past Due % |
|
4.20%
|
4.20%
|
4.20%
|
4.20%
|
| Gross coupon rate (as a percent) |
|
6.82%
|
6.88%
|
|
|
| Residential whole loans | Non-QM loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 5,290,874
|
$ 4,929,485
|
$ 5,290,874
|
$ 4,929,485
|
| Residential whole loans | Non-QM loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
153,057
|
170,509
|
153,057
|
170,509
|
| Residential whole loans | Non-QM loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
53,291
|
47,154
|
53,291
|
47,154
|
| Residential whole loans | Non-QM loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
187,564
|
175,173
|
187,564
|
175,173
|
| Residential whole loans | Business purpose loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
2,128,567
|
2,441,368
|
2,128,567
|
2,441,368
|
| Fair Value |
|
2,131,156
|
2,444,803
|
2,131,156
|
2,444,803
|
| Unpaid Principal Balance (“UPB”) |
|
$ 2,198,748
|
$ 2,510,608
|
$ 2,198,748
|
$ 2,510,608
|
| Weighted Average Coupon ( as a percent) |
|
8.11%
|
8.31%
|
8.11%
|
8.31%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
|
|
| LTV ratio (as a percent) |
|
|
|
70.00%
|
66.00%
|
| Weighted Average Original FICO |
|
|
|
|
|
| 60+ Days Past Due % |
|
9.50%
|
8.10%
|
9.50%
|
8.10%
|
| Residential whole loans | Business purpose loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,942,655
|
$ 2,192,525
|
$ 1,942,655
|
$ 2,192,525
|
| Residential whole loans | Business purpose loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
47,103
|
115,012
|
47,103
|
115,012
|
| Residential whole loans | Business purpose loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
14,811
|
39,605
|
14,811
|
39,605
|
| Residential whole loans | Business purpose loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
194,179
|
163,466
|
194,179
|
163,466
|
| Residential whole loans | Business purpose loans | Single-family rental loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
1,153,464
|
1,234,428
|
1,153,464
|
1,234,428
|
| Fair Value |
|
1,155,689
|
1,237,464
|
1,155,689
|
1,237,464
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,166,676
|
$ 1,246,745
|
$ 1,166,676
|
$ 1,246,745
|
| Weighted Average Coupon ( as a percent) |
|
6.35%
|
6.34%
|
6.35%
|
6.34%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
306 months
|
311 months
|
| LTV ratio (as a percent) |
|
|
|
66.00%
|
66.00%
|
| Weighted Average Original FICO |
|
|
|
741
|
740
|
| 60+ Days Past Due % |
|
2.50%
|
2.50%
|
2.50%
|
2.50%
|
| Gross coupon rate (as a percent) |
|
6.37%
|
6.37%
|
|
|
| Residential whole loans | Business purpose loans | Single-family rental loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,113,690
|
$ 1,193,041
|
$ 1,113,690
|
$ 1,193,041
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
23,882
|
22,309
|
23,882
|
22,309
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
1,644
|
4,165
|
1,644
|
4,165
|
| 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”) |
|
27,460
|
27,230
|
27,460
|
27,230
|
| Residential whole loans | Business purpose loans | Single-family transitional loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
654,221
|
717,303
|
654,221
|
717,303
|
| Fair Value |
|
654,585
|
717,702
|
654,585
|
717,702
|
| Unpaid Principal Balance (“UPB”) |
|
$ 671,699
|
$ 732,059
|
$ 671,699
|
$ 732,059
|
| Weighted Average Coupon ( as a percent) |
|
10.09%
|
10.31%
|
10.09%
|
10.31%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
6 months
|
6 months
|
| LTV ratio (as a percent) |
|
|
|
68.00%
|
69.00%
|
| Weighted Average Original FICO |
|
|
|
754
|
750
|
| 60+ Days Past Due % |
|
13.70%
|
11.50%
|
13.70%
|
11.50%
|
| Gross coupon rate (as a percent) |
|
10.10%
|
10.32%
|
|
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 559,111
|
$ 599,798
|
$ 559,111
|
$ 599,798
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
20,782
|
48,180
|
20,782
|
48,180
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
13,167
|
2,535
|
13,167
|
2,535
|
| 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”) |
|
78,639
|
81,546
|
78,639
|
81,546
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
320,882
|
489,637
|
320,882
|
489,637
|
| Fair Value |
|
320,882
|
489,637
|
320,882
|
489,637
|
| Unpaid Principal Balance (“UPB”) |
|
$ 360,373
|
$ 531,804
|
$ 360,373
|
$ 531,804
|
| Weighted Average Coupon ( as a percent) |
|
10.09%
|
10.17%
|
10.09%
|
10.17%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
2 months
|
1 month
|
| LTV ratio (as a percent) |
|
|
|
90.00%
|
64.00%
|
| Weighted Average Original FICO |
|
|
|
750
|
749
|
| 60+ Days Past Due % |
|
24.40%
|
16.50%
|
24.40%
|
16.50%
|
| Gross coupon rate (as a percent) |
|
10.10%
|
10.18%
|
|
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 269,854
|
$ 399,686
|
$ 269,854
|
$ 399,686
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
2,439
|
44,523
|
2,439
|
44,523
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
0
|
32,905
|
0
|
32,905
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
88,080
|
54,690
|
88,080
|
54,690
|
| Residential whole loans | Seasoned RPL/NPL loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
919,518
|
972,996
|
919,518
|
972,996
|
| Fair Value |
|
934,422
|
992,120
|
934,422
|
992,120
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,042,205
|
$ 1,097,698
|
$ 1,042,205
|
$ 1,097,698
|
| Weighted Average Coupon ( as a percent) |
|
5.07%
|
5.09%
|
5.07%
|
5.09%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
241 months
|
245 months
|
| LTV ratio (as a percent) |
|
|
|
53.00%
|
54.00%
|
| Weighted Average Original FICO |
|
|
|
646
|
646
|
| 60+ Days Past Due % |
|
17.30%
|
19.50%
|
17.30%
|
19.50%
|
| Gross coupon rate (as a percent) |
|
5.08%
|
5.10%
|
|
|
| Residential whole loans | Seasoned RPL/NPL loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 756,263
|
$ 757,826
|
$ 756,263
|
$ 757,826
|
| Residential whole loans | Seasoned RPL/NPL loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
105,823
|
125,621
|
105,823
|
125,621
|
| Residential whole loans | Seasoned RPL/NPL loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
35,606
|
47,620
|
35,606
|
47,620
|
| Residential whole loans | Seasoned RPL/NPL loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
144,513
|
166,631
|
144,513
|
166,631
|
| Residential whole loans | Other loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
49,054
|
51,022
|
49,054
|
51,022
|
| Fair Value |
|
49,054
|
51,022
|
49,054
|
51,022
|
| Unpaid Principal Balance (“UPB”) |
|
$ 57,968
|
$ 59,283
|
$ 57,968
|
$ 59,283
|
| Weighted Average Coupon ( as a percent) |
|
3.43%
|
3.43%
|
3.43%
|
3.43%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
302 months
|
308 months
|
| LTV ratio (as a percent) |
|
|
|
62.00%
|
63.00%
|
| Weighted Average Original FICO |
|
|
|
757
|
757
|
| 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”) |
|
$ 57,464
|
$ 59,283
|
$ 57,464
|
$ 59,283
|
| Residential whole loans | Other loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
504
|
0
|
504
|
0
|
| 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
|
|
|