Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2026 |
Dec. 31, 2025 |
Sep. 30, 2026 |
Dec. 31, 2025 |
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
[1],[2] |
$ 8,683,876
|
$ 8,810,354
|
$ 8,683,876
|
$ 8,810,354
|
| LTV ratio (as a percent) |
|
|
|
80.00%
|
|
| Residential whole loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
8,683,876
|
8,810,354
|
$ 8,683,876
|
8,810,354
|
| Fair Value |
|
8,660,646
|
8,820,478
|
8,660,646
|
8,820,478
|
| Unpaid Principal Balance (“UPB”) |
|
$ 9,075,870
|
$ 8,989,910
|
$ 9,075,870
|
$ 8,989,910
|
| Weighted Average Coupon ( as a percent) |
|
6.84%
|
6.98%
|
6.84%
|
6.98%
|
| LTV ratio (as a percent) |
|
|
|
64.00%
|
64.00%
|
| 60+ Days Past Due % |
|
6.70%
|
7.10%
|
6.70%
|
7.10%
|
| Residential whole loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 8,175,374
|
$ 7,939,119
|
$ 8,175,374
|
$ 7,939,119
|
| Residential whole loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
290,439
|
411,142
|
290,439
|
411,142
|
| Residential whole loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
109,890
|
134,379
|
109,890
|
134,379
|
| Residential whole loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
500,167
|
505,270
|
500,167
|
505,270
|
| Residential whole loans | Non-QM loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
5,760,356
|
5,344,968
|
5,760,356
|
5,344,968
|
| Fair Value |
|
5,736,465
|
5,332,533
|
5,736,465
|
5,332,533
|
| Unpaid Principal Balance (“UPB”) |
|
$ 5,905,880
|
$ 5,322,321
|
$ 5,905,880
|
$ 5,322,321
|
| Weighted Average Coupon ( as a percent) |
|
6.71%
|
6.74%
|
6.71%
|
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 |
|
|
|
741
|
738
|
| 60+ Days Past Due % |
|
4.40%
|
4.20%
|
4.40%
|
4.20%
|
| Gross coupon rate (as a percent) |
|
6.83%
|
6.88%
|
|
|
| Residential whole loans | Non-QM loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 5,513,287
|
$ 4,929,485
|
$ 5,513,287
|
$ 4,929,485
|
| Residential whole loans | Non-QM loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
130,656
|
170,509
|
130,656
|
170,509
|
| Residential whole loans | Non-QM loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
54,963
|
47,154
|
54,963
|
47,154
|
| Residential whole loans | Non-QM loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
206,974
|
175,173
|
206,974
|
175,173
|
| Residential whole loans | Business purpose loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
1,998,722
|
2,441,368
|
1,998,722
|
2,441,368
|
| Fair Value |
|
1,999,078
|
2,444,803
|
1,999,078
|
2,444,803
|
| Unpaid Principal Balance (“UPB”) |
|
$ 2,097,228
|
$ 2,510,608
|
$ 2,097,228
|
$ 2,510,608
|
| Weighted Average Coupon ( as a percent) |
|
8.07%
|
8.31%
|
8.07%
|
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 % |
|
8.40%
|
8.10%
|
8.40%
|
8.10%
|
| Residential whole loans | Business purpose loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,858,365
|
$ 2,192,525
|
$ 1,858,365
|
$ 2,192,525
|
| Residential whole loans | Business purpose loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
62,591
|
115,012
|
62,591
|
115,012
|
| Residential whole loans | Business purpose loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
15,407
|
39,605
|
15,407
|
39,605
|
| Residential whole loans | Business purpose loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
160,865
|
163,466
|
160,865
|
163,466
|
| Residential whole loans | Business purpose loans | Single-family rental loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
1,057,222
|
1,234,428
|
1,057,222
|
1,234,428
|
| Fair Value |
|
1,057,305
|
1,237,464
|
1,057,305
|
1,237,464
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,105,465
|
$ 1,246,745
|
$ 1,105,465
|
$ 1,246,745
|
| Weighted Average Coupon ( as a percent) |
|
6.34%
|
6.34%
|
6.34%
|
6.34%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
302 months
|
311 months
|
| LTV ratio (as a percent) |
|
|
|
65.00%
|
66.00%
|
| Weighted Average Original FICO |
|
|
|
740
|
740
|
| 60+ Days Past Due % |
|
2.80%
|
2.50%
|
2.80%
|
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”) |
|
$ 1,049,963
|
$ 1,193,041
|
$ 1,049,963
|
$ 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”) |
|
24,563
|
22,309
|
24,563
|
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”) |
|
2,686
|
4,165
|
2,686
|
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”) |
|
28,253
|
27,230
|
28,253
|
27,230
|
| Residential whole loans | Business purpose loans | Single-family transitional loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
678,052
|
717,303
|
678,052
|
717,303
|
| Fair Value |
|
678,325
|
717,702
|
678,325
|
717,702
|
| Unpaid Principal Balance (“UPB”) |
|
$ 692,847
|
$ 732,059
|
$ 692,847
|
$ 732,059
|
| Weighted Average Coupon ( as a percent) |
|
9.93%
|
10.31%
|
9.93%
|
10.31%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
7 months
|
6 months
|
| LTV ratio (as a percent) |
|
|
|
68.00%
|
69.00%
|
| Weighted Average Original FICO |
|
|
|
756
|
750
|
| 60+ Days Past Due % |
|
10.80%
|
11.50%
|
10.80%
|
11.50%
|
| Gross coupon rate (as a percent) |
|
9.94%
|
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”) |
|
$ 597,146
|
$ 599,798
|
$ 597,146
|
$ 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”) |
|
21,141
|
48,180
|
21,141
|
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”) |
|
3,966
|
2,535
|
3,966
|
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”) |
|
70,594
|
81,546
|
70,594
|
81,546
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
263,448
|
489,637
|
263,448
|
489,637
|
| Fair Value |
|
263,448
|
489,637
|
263,448
|
489,637
|
| Unpaid Principal Balance (“UPB”) |
|
$ 298,916
|
$ 531,804
|
$ 298,916
|
$ 531,804
|
| Weighted Average Coupon ( as a percent) |
|
10.04%
|
10.17%
|
10.04%
|
10.17%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
1 month
|
1 month
|
| LTV ratio (as a percent) |
|
|
|
95.00%
|
64.00%
|
| Weighted Average Original FICO |
|
|
|
751
|
749
|
| 60+ Days Past Due % |
|
23.70%
|
16.50%
|
23.70%
|
16.50%
|
| Gross coupon rate (as a percent) |
|
10.06%
|
10.18%
|
|
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 211,256
|
$ 399,686
|
$ 211,256
|
$ 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”) |
|
16,887
|
44,523
|
16,887
|
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”) |
|
8,755
|
32,905
|
8,755
|
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”) |
|
62,018
|
54,690
|
62,018
|
54,690
|
| Residential whole loans | Seasoned RPL/NPL loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
880,060
|
972,996
|
880,060
|
972,996
|
| Fair Value |
|
880,365
|
992,120
|
880,365
|
992,120
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,016,119
|
$ 1,097,698
|
$ 1,016,119
|
$ 1,097,698
|
| Weighted Average Coupon ( as a percent) |
|
5.08%
|
5.09%
|
5.08%
|
5.09%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
239 months
|
245 months
|
| LTV ratio (as a percent) |
|
|
|
52.00%
|
54.00%
|
| Weighted Average Original FICO |
|
|
|
646
|
646
|
| 60+ Days Past Due % |
|
16.90%
|
19.50%
|
16.90%
|
19.50%
|
| Gross coupon rate (as a percent) |
|
5.09%
|
5.10%
|
|
|
| Residential whole loans | Seasoned RPL/NPL loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 747,447
|
$ 757,826
|
$ 747,447
|
$ 757,826
|
| Residential whole loans | Seasoned RPL/NPL loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
97,192
|
125,621
|
97,192
|
125,621
|
| Residential whole loans | Seasoned RPL/NPL loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
39,152
|
47,620
|
39,152
|
47,620
|
| Residential whole loans | Seasoned RPL/NPL loans | 90 or more |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
132,328
|
166,631
|
132,328
|
166,631
|
| Residential whole loans | Other loans |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Asset Amount |
|
44,738
|
51,022
|
44,738
|
51,022
|
| Fair Value |
|
44,738
|
51,022
|
44,738
|
51,022
|
| Unpaid Principal Balance (“UPB”) |
|
$ 56,643
|
$ 59,283
|
$ 56,643
|
$ 59,283
|
| Weighted Average Coupon ( as a percent) |
|
3.44%
|
3.43%
|
3.44%
|
3.43%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
299 months
|
308 months
|
| LTV ratio (as a percent) |
|
|
|
62.00%
|
63.00%
|
| Weighted Average Original FICO |
|
|
|
758
|
757
|
| 60+ Days Past Due % |
|
0.60%
|
0.00%
|
0.60%
|
0.00%
|
| Residential whole loans | Other loans | Current |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 56,275
|
$ 59,283
|
$ 56,275
|
$ 59,283
|
| Residential whole loans | Other loans | 30-59 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
0
|
0
|
0
|
0
|
| Residential whole loans | Other loans | 60-89 |
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
368
|
0
|
368
|
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
|
|
|