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Fair Value of Financial Instruments - Level 3 Assets (Details) - Recurring basis - Level 3 - Residential whole loans, at fair value - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance at beginning of period $ 7,577,178 $ 7,719,191 $ 7,459,137 $ 7,455,729
Purchases and originations 601,317 432,232 1,748,138 1,456,353
Draws 77,373 132,944 282,224 448,849
Changes in fair value recorded in Net gain/(loss) on residential whole loans measured at fair value through earnings 51,301 137,859 145,804 164,748
Repayments (556,736) (532,502) (1,696,053) (1,434,164)
Loan sales and repurchases (92,543) (235,582) (231,392) (409,420)
Transfer to REO (24,962) (35,310) (74,930) (63,263)
Balance at end of period $ 7,632,928 $ 7,618,832 $ 7,632,928 $ 7,618,832