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Fair Value of Financial Instruments - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liabilities      
Investment fair value changes, net $ 97,369 $ 14,759 $ 44,400
Residential Investor Loans      
Liabilities      
Investment fair value changes, net 178,000    
ABS Issued      
Liabilities      
Beginning balance 12,879,530    
Acquisitions 8,667,333    
Consolidation 567,890    
Sales (4,404)    
Principal paydowns (4,090,889)    
Deconsolidation of ABS (988,446)    
Losses (gains) in net income (loss), net 402,586    
Other settlements, net 0    
Ending balance 17,433,600 12,879,530  
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period 192,096    
Non-controlling interest      
Liabilities      
Beginning balance 99,510    
Acquisitions 0    
Consolidation 21,739    
Sales (46,449)    
Principal paydowns 0    
Deconsolidation of ABS 0    
Losses (gains) in net income (loss), net 22,357    
Other settlements, net (4,512)    
Ending balance 92,645 99,510  
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period 18,262    
Residential consumer loans      
Assets      
Beginning balance 11,077,823    
Acquisitions 14,692,367    
Originations 0    
Sales (3,968,157)    
Transfer to fair value option 0    
Principal paydowns (3,009,235)    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans (1,239,652)    
Gains (losses) in net income, net 387,047    
Unrealized gains in OCI, net 0    
Other settlements, net (4,432)    
Ending balance 17,935,761 11,077,823  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period 279,385    
Residential Investor Loans      
Assets      
Beginning balance 4,587,090    
Acquisitions 42,539    
Originations 1,845,096    
Sales (2,050,098)    
Transfer to fair value option 0    
Principal paydowns (1,464,144)    
Consolidation of securitized bridge loans 805,008    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net (26,471)    
Unrealized gains in OCI, net 0    
Other settlements, net (136,770)    
Ending balance 3,602,250 4,587,090  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period 41,594    
Liabilities      
Joint venture transferred 627,000    
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, consolidation of transferred at the issuance 294,000    
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, consolidation of transferred to the securitizations 333,000    
Consolidated Agency Multifamily Loans      
Assets      
Beginning balance 424,597    
Acquisitions 0    
Originations 0    
Sales 0    
Transfer to fair value option 0    
Principal paydowns (430,230)    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net 5,633    
Unrealized gains in OCI, net 0    
Other settlements, net 0    
Ending balance 0 424,597  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period 0    
HEI      
Assets      
Beginning balance 589,785    
Acquisitions 0    
Originations 12,967    
Sales (262,447)    
Transfer to fair value option 0    
Principal paydowns (32,423)    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net 21,794    
Unrealized gains in OCI, net 0    
Other settlements, net 207    
Ending balance 329,883 589,785  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period 21,295    
Real Estate Trading Securities      
Assets      
Beginning balance 193,749    
Acquisitions 74,494    
Originations 0    
Sales (31,839)    
Transfer to fair value option 0    
Principal paydowns (490)    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net (100,455)    
Unrealized gains in OCI, net 0    
Other settlements, net 0    
Ending balance 135,459 193,749  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period (99,271)    
Real Estate AFS Securities      
Assets      
Beginning balance 211,474    
Acquisitions 182,850    
Originations 0    
Sales (102,378)    
Transfer to fair value option 0    
Principal paydowns (15,391)    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net 7,735    
Unrealized gains in OCI, net 3,267    
Other settlements, net 0    
Ending balance 287,557 211,474  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period 9,041    
Servicing Investments      
Assets      
Beginning balance 297,683    
Acquisitions 2,410    
Originations 0    
Sales 0    
Transfer to fair value option 0    
Principal paydowns (5,491)    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net 7,987    
Unrealized gains in OCI, net 0    
Other settlements, net (359)    
Ending balance 302,230 297,683  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period 9,842    
Strategic Investments      
Assets      
Beginning balance 3,460    
Acquisitions 0    
Originations 0    
Sales 0    
Transfer to fair value option 1,150    
Principal paydowns 0    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net 1,700    
Unrealized gains in OCI, net 0    
Other settlements, net 0    
Ending balance 6,310 3,460  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period 1,700    
Derivatives, net      
Assets      
Beginning balance 5,323    
Acquisitions 0    
Originations 0    
Sales 0    
Transfer to fair value option 0    
Principal paydowns 0    
Consolidation of securitized bridge loans 0    
Deconsolidation of securitized re-performing loans 0    
Gains (losses) in net income, net 129,734    
Unrealized gains in OCI, net 0    
Other settlements, net (118,214)    
Ending balance 16,843 $ 5,323  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period $ 16,843