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Fair Value - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financial Assets:    
Loans under fair value option $ 2,323,543 $ 2,516,008
Equity security 628 5,146
Woodstar Fund investments 1,727,499 2,073,533
Domestic servicing rights 28,280 22,390
Derivative assets 45,813 175,520
VIE assets 34,493,164 38,937,576
Total 38,739,732 43,851,324
Financial Liabilities:    
Derivative liabilities 83,983 94,890
VIE liabilities 32,803,806 37,288,545
Total 32,887,789 37,383,435
RMBS    
Financial Assets:    
Available-for-sale securities 88,283 93,806
CMBS    
Financial Assets:    
Available-for-sale securities 32,522 27,345
Level I    
Financial Assets:    
Loans under fair value option 0 0
Equity security 628 5,146
Woodstar Fund investments 0 0
Domestic servicing rights 0 0
Derivative assets 0 0
VIE assets 0 0
Total 628 5,146
Financial Liabilities:    
Derivative liabilities 0 0
VIE liabilities 0 0
Total 0 0
Level I | RMBS    
Financial Assets:    
Available-for-sale securities 0 0
Level I | CMBS    
Financial Assets:    
Available-for-sale securities 0 0
Level II    
Financial Assets:    
Loans under fair value option 0 0
Equity security 0 0
Woodstar Fund investments 0 0
Domestic servicing rights 0 0
Derivative assets 45,813 175,520
VIE assets 0 0
Total 50,138 175,520
Financial Liabilities:    
Derivative liabilities 83,983 94,890
VIE liabilities 28,972,753 31,774,393
Total 29,056,736 31,869,283
Level II | RMBS    
Financial Assets:    
Available-for-sale securities 0 0
Level II | CMBS    
Financial Assets:    
Available-for-sale securities 4,325 0
Level III    
Financial Assets:    
Loans under fair value option 2,323,543 2,516,008
Equity security 0 0
Woodstar Fund investments 1,727,499 2,073,533
Domestic servicing rights 28,280 22,390
Derivative assets 0 0
VIE assets 34,493,164 38,937,576
Total 38,688,966 43,670,658
Financial Liabilities:    
Derivative liabilities 0 0
VIE liabilities 3,831,053 5,514,152
Total 3,831,053 5,514,152
Level III | RMBS    
Financial Assets:    
Available-for-sale securities 88,283 93,806
Level III | CMBS    
Financial Assets:    
Available-for-sale securities $ 28,197 $ 27,345