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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
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Unpaid Principal/ Notional $ 6,231,729 $ 5,488,456
Loans held for investment, at fair value 11,283,775 11,397,046
Liabilities:    
Secured Financing Agreements, Unpaid Principal/Notional 3,228,748 2,432,115
Securitized debt at fair value, collateralized by Loans held for investment, Fair Value 7,314,411 7,601,881
Non-Agency RMBS | Senior    
Assets:    
Unpaid Principal/ Notional 14,381 15,820
Fair Value 13,632 14,321
Non-Agency RMBS | Subordinated    
Assets:    
Unpaid Principal/ Notional 490,049 409,043
Fair Value 278,115 171,633
Non-Agency RMBS | Interest-only    
Assets:    
Unpaid Principal/ Notional 2,699,126 2,874,680
Fair Value 92,119 90,775
Agency RMBS | Interest-only    
Assets:    
Unpaid Principal/ Notional 384,826 392,284
Fair Value 16,810 15,023
Agency RMBS | CMO    
Assets:    
Unpaid Principal/ Notional 956,976 0
Fair Value 959,143 0
Agency CMBS | Interest-only    
Assets:    
Unpaid Principal/ Notional 468,136 478,239
Fair Value 6,664 8,282
Agency CMBS | Project loans    
Assets:    
Unpaid Principal/ Notional 40,890 78,752
Fair Value 36,302 71,383
Loans held for investment    
Assets:    
Loans held for investment, Unpaid Principal/Notional 11,557,126 12,028,480
Loans held for investment, at fair value 11,283,775 11,397,046
Secured Financing Agreements, at fair value    
Liabilities:    
Secured Financing Agreements, Unpaid Principal/Notional 345,107 362,215
Secured Financing Agreements, at fair value 338,782 350,238
Securitized debt    
Liabilities:    
Securitized debt at fair value, collateralized by loans held for investment, Unpaid Principal/Notional 7,866,891 8,389,563
Securitized debt at fair value, collateralized by Loans held for investment, Fair Value $ 7,314,411 $ 7,601,881