v3.26.3
Residential Whole Loans - LTV on Loans (Details) - Residential whole loans
$ in Thousands
Sep. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB $ 9,075,870 $ 8,989,910
Non-QM loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 5,905,880 5,322,321
Business purpose loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 2,097,228 2,510,608
Business purpose loans | Single-family rental loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 1,105,465 1,246,745
Business purpose loans | Single-family transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 692,847 732,059
Business purpose loans | Multifamily transitional loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 298,916 531,804
Seasoned RPL/NPL loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 1,016,119 1,097,698
Other loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 56,643 59,283
Financial Asset, Equal to or Greater than 60 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value 542,901 571,976
UPB 610,057 639,649
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 252,137 218,793
UPB $ 261,937 $ 222,327
LTV (as a percent) 0.67 0.64
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 $ 135,685 $ 155,672
UPB 176,272 203,071
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 30,139 29,967
UPB $ 30,939 $ 31,395
LTV (as a percent) 0.64 0.68
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 $ 62,428 $ 70,821
UPB $ 74,560 $ 84,081
LTV (as a percent) 0.84 0.83
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 $ 43,118 $ 54,884
UPB $ 70,773 $ 87,595
LTV (as a percent) 1.56 0.68
Financial Asset, Equal to or Greater than 60 Days Past Due | Seasoned RPL/NPL loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value / Fair Value $ 154,765 $ 197,511
UPB $ 171,480 $ 214,251
LTV (as a percent) 0.58 0.60
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 $ 314 $ 0
UPB $ 368 $ 0
LTV (as a percent) 0.61 0