v3.26.3
Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
loan
Jun. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2026
USD ($)
loan
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Residential whole loans [1],[2] $ 8,683,876           $ 8,683,876   $ 8,810,354
Loans held for sale 133,785           133,785   0
Residential whole loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Allowance for Credit Losses (7,953)           (7,953)   (9,705)
Total Residential whole loans $ 8,683,876           $ 8,683,876   $ 8,810,354
Number of loans | loan 23,284           23,284   23,765
Residential whole loans | Held at Carrying Value                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses $ 965,563           $ 965,563    
Allowance for Credit Losses (7,953)           (7,953)   $ (9,705)
Total Residential whole loans $ 957,610           $ 957,610   $ 1,093,347
Number of loans | loan 4,506           4,506   4,941
Residential whole loans | Held at Fair Value                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses $ 7,726,266           $ 7,726,266    
Allowance for Credit Losses 0           0   $ 0
Total Residential whole loans $ 7,726,266           $ 7,726,266   $ 7,717,007
Number of loans | loan 18,778           18,778   18,824
Residential whole loans | Non-QM loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses $ 5,761,774           $ 5,761,774   $ 5,346,693
Total Residential whole loans 5,760,356           5,760,356   5,344,968
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 502,529           502,529   593,213
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 5,259,245           5,259,245   4,753,480
Residential whole loans | Business purpose loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses 1,999,999           1,999,999   2,443,328
Total Residential whole loans 1,998,722           1,998,722   2,441,368
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 78,071           78,071   95,163
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 1,921,928           1,921,928   2,348,165
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 1,058,094           1,058,094   1,235,346
Total Residential whole loans 1,057,222           1,057,222   1,234,428
Gain (loss) from sale of loans 1,200 $ 1,700 $ 1,500 $ (200) $ (100) $ 700      
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 72,058           72,058   88,112
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 986,036           986,036   1,147,234
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 678,457           678,457   718,345
Total Residential whole loans 678,052           678,052   717,303
Loans held for sale 0     $ 0     0 $ 0 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 (300)  
Loss from changes in fair value               $ 500  
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 348,400           348,400   300,200
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 6,013           6,013   7,051
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 672,444           672,444   711,294
Residential whole loans | Business purpose loans | Multifamily transitional loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses 263,448           263,448   489,637
Total Residential whole loans 263,448           263,448   489,637
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   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 263,448           263,448   489,637
Residential whole loans | Seasoned RPL/NPL loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses 885,318           885,318   979,016
Total Residential whole loans 880,060           880,060   972,996
Residential whole loans | Seasoned RPL/NPL loans | Held at Carrying Value                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses 384,963           384,963   414,676
Residential whole loans | Seasoned RPL/NPL loans | Held at Fair Value                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses 500,355           500,355   564,340
Residential whole loans | Other loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Total Loans before allowance for credit losses 44,738           44,738   51,022
Total Residential whole loans 44,738           44,738   51,022
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   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 $ 44,738           $ 44,738   $ 51,022
[1] Includes approximately $6.9 billion and $7.6 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 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.