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Fair Value Measurements - Unpaid Principal, Fair Value and Impact of Changes in Fair Value on Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Assets:    
Unpaid Principal/ Notional $ 5,696,623 $ 8,261,615
Loans held for investment, at fair value 11,929,537 11,359,236
Liabilities:    
Secured financing agreements ($3.9 billion and $4.7 billion pledged as collateral, respectively, and includes $354 million and $374 million at fair value, respectively) 2,686,522 3,434,765
Securitized debt at fair value, collateralized by loans held for investment, Fair value 8,041,276 7,100,742
Non-Agency RMBS | Senior    
Assets:    
Unpaid Principal/ Notional 17,084 18,513
Fair Value 15,556 16,731
Non-Agency RMBS | Subordinated    
Assets:    
Unpaid Principal/ Notional 416,437 429,273
Fair Value 171,265 175,603
Non-Agency RMBS | Senior, interest-only    
Assets:    
Unpaid Principal/ Notional 2,983,593 3,114,930
Fair Value 95,126 98,764
Agency RMBS | Interest-only    
Assets:    
Unpaid Principal/ Notional 401,285 409,940
Fair Value 12,924 15,148
Agency MBS - Project Loans    
Assets:    
Unpaid Principal/ Notional 123,579 302,685
Agency MBS - Project Loans | Interest-only    
Assets:    
Unpaid Principal/ Notional 484,297 2,669,396
Fair Value 9,192 126,378
Agency MBS - Project Loans | Project loans    
Assets:    
Unpaid Principal/ Notional 115,611 268,078
Fair Value 106,260 256,950
Loans held for investment    
Assets:    
Loans held for investment, Unpaid Principal/Notional 12,570,243 12,060,631
Loans held for investment, at fair value 11,929,537 11,359,236
Secured Financing Agreements, at fair value    
Liabilities:    
Secured financing agreements ($3.9 billion and $4.7 billion pledged as collateral, respectively, and includes $354 million and $374 million at fair value, respectively) 374,929 382,838
Secured Financing Agreements, at fair value 353,817 374,172
Securitized debt    
Liabilities:    
Securitized debt at fair value, collateralized by loans held for investment, Unpaid Principal/Notional 8,839,169 7,856,140
Securitized debt at fair value, collateralized by loans held for investment, Fair value $ 8,041,276 $ 7,100,742