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Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]                  
Interest Income $ 185,791     $ 181,974     $ 554,640 $ 545,636  
Interest Expense 129,001     131,349     379,037 393,708  
Net Interest Income 56,790     50,625     175,603 151,928  
Reversal/(Provision) for Credit Losses on Residential Whole Loans (276)     1,942     (1,212) 3,481  
Reversal/(Provision) for Credit Losses on Other Assets 0     0     0 (1,135)  
Net Interest Income after Reversal/(Provision) for Credit Losses 56,514     52,567     174,391 154,274  
Net gain/(loss) on residential whole loans measured at fair value through earnings 41,293     143,416     129,284 148,333  
Impairment and other net gain/(loss) on securities and other portfolio investments 18,004     22,928     45,828 15,310  
Net gain/(loss) on real estate owned 300     241     (4,119) 3,112  
Net gain/(loss) on derivatives used for risk management purposes 200     (56,818)     (49,106) 9,210  
Net gain/(loss) on securitized debt measured at fair value through earnings (24,646)     (75,273)     (53,682) (108,377)  
Lima One mortgage banking income 5,594     8,921     17,118 24,468  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     (882) 418  
Other, net (9,786)     (3,131)     (16,720) 61  
Other Income/(Loss), net 30,959     40,284     67,721 92,535  
Compensation and benefits 18,185     22,417     60,750 69,632  
Other general and administrative expense 10,769     11,430     31,681 34,260  
Loan servicing, financing and other related costs 10,216     8,503     26,052 24,262  
Amortization of intangible assets 300     800     1,900 2,400  
Income/(loss) before income taxes 48,003     49,701     121,729 116,255  
Provision for/(benefit from) income taxes (101)     1,518     (735) 2,913  
Net Income/(Loss) 48,104 $ 33,184 $ 41,176 48,183 $ 41,946 $ 23,213 122,464 113,342  
Less Preferred Stock Dividend Requirement 10,834     8,219     29,613 24,656  
Net Income/(Loss) Available to Common Stock and Participating Securities 37,270     39,964     92,851 88,686  
Total Assets 12,097,481           12,097,481   $ 11,409,604
Operating Segments | Mortgage-Related Assets                  
Segment Reporting Information [Line Items]                  
Interest Income 128,336     101,374     367,089 297,990  
Interest Expense 89,849     72,373     251,633 209,234  
Net Interest Income 38,487     29,001     115,456 88,756  
Reversal/(Provision) for Credit Losses on Residential Whole Loans (276)     1,942     (1,212) 3,481  
Reversal/(Provision) for Credit Losses on Other Assets 0     0     0 (1,135)  
Net Interest Income after Reversal/(Provision) for Credit Losses 38,211     30,943     114,244 91,102  
Net gain/(loss) on residential whole loans measured at fair value through earnings 34,969     117,957     111,749 137,732  
Impairment and other net gain/(loss) on securities and other portfolio investments 17,978     24,431     42,420 18,297  
Net gain/(loss) on real estate owned 1,691     656     386 4,080  
Net gain/(loss) on derivatives used for risk management purposes 163     (42,823)     (40,689) 4,631  
Net gain/(loss) on securitized debt measured at fair value through earnings (22,267)     (53,766)     (48,024) (71,962)  
Lima One mortgage banking income 0     0     0 0  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     (882) 418  
Other, net (1,114)     163     (3,982) 1,038  
Other Income/(Loss), net 31,420     46,618     60,978 94,234  
Compensation and benefits 0     0     0 0  
Other general and administrative expense 0     70     (22) 190  
Loan servicing, financing and other related costs 4,550     4,297     13,581 14,363  
Amortization of intangible assets 0     0     0 0  
Income/(loss) before income taxes 65,081     73,194     161,663 170,783  
Provision for/(benefit from) income taxes 0     0     0 0  
Net Income/(Loss) 65,081     73,194     161,663 170,783  
Less Preferred Stock Dividend Requirement 0     0     0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities 65,081     73,194     161,663 170,783  
Total Assets 8,844,673           8,844,673   7,395,925
Operating Segments | Lima One                  
Segment Reporting Information [Line Items]                  
Interest Income 54,710     77,234     179,812 237,104  
Interest Expense 34,599     54,460     113,769 167,796  
Net Interest Income 20,111     22,774     66,043 69,308  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 0     0     0 0  
Reversal/(Provision) for Credit Losses on Other Assets 0     0     0 0  
Net Interest Income after Reversal/(Provision) for Credit Losses 20,111     22,774     66,043 69,308  
Net gain/(loss) on residential whole loans measured at fair value through earnings 6,324     25,459     17,535 10,601  
Impairment and other net gain/(loss) on securities and other portfolio investments 26     0     19 0  
Net gain/(loss) on real estate owned (1,391)     (415)     (4,505) (968)  
Net gain/(loss) on derivatives used for risk management purposes 37     (13,995)     (8,417) 4,579  
Net gain/(loss) on securitized debt measured at fair value through earnings (2,379)     (21,507)     (5,658) (36,415)  
Lima One mortgage banking income 5,594     8,921     17,118 24,468  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     0 0  
Other, net (8,814)     (3,757)     (15,208) (2,339)  
Other Income/(Loss), net (603)     (5,294)     884 (74)  
Compensation and benefits 9,271     10,757     28,764 33,646  
Other general and administrative expense 5,237     5,068     14,480 15,642  
Loan servicing, financing and other related costs 1,911     595     4,855 1,729  
Amortization of intangible assets 300     800     1,900 2,400  
Income/(loss) before income taxes 2,789     260     16,928 15,817  
Provision for/(benefit from) income taxes 0     0     0 0  
Net Income/(Loss) 2,789     260     16,928 15,817  
Less Preferred Stock Dividend Requirement 0     0     0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities 2,789     260     16,928 15,817  
Total Assets 2,884,551           2,884,551   3,632,472
Corporate                  
Segment Reporting Information [Line Items]                  
Interest Income 2,745     3,366     7,739 10,542  
Interest Expense 4,553     4,516     13,635 16,678  
Net Interest Income (1,808)     (1,150)     (5,896) (6,136)  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 0     0     0 0  
Reversal/(Provision) for Credit Losses on Other Assets 0     0     0 0  
Net Interest Income after Reversal/(Provision) for Credit Losses (1,808)     (1,150)     (5,896) (6,136)  
Net gain/(loss) on residential whole loans measured at fair value through earnings 0     0     0 0  
Impairment and other net gain/(loss) on securities and other portfolio investments 0     (1,503)     3,389 (2,987)  
Net gain/(loss) on real estate owned 0     0     0 0  
Net gain/(loss) on derivatives used for risk management purposes 0     0     0 0  
Net gain/(loss) on securitized debt measured at fair value through earnings 0     0     0 0  
Lima One mortgage banking income 0     0     0 0  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     0 0  
Other, net 142     463     2,470 1,362  
Other Income/(Loss), net 142     (1,040)     5,859 (1,625)  
Compensation and benefits 8,914     11,660     31,986 35,986  
Other general and administrative expense 5,532     6,292     17,223 18,428  
Loan servicing, financing and other related costs 3,755     3,611     7,616 8,170  
Amortization of intangible assets 0     0     0 0  
Income/(loss) before income taxes (19,867)     (23,753)     (56,862) (70,345)  
Provision for/(benefit from) income taxes (101)     1,518     (735) 2,913  
Net Income/(Loss) (19,766)     (25,271)     (56,127) (73,258)  
Less Preferred Stock Dividend Requirement 10,834     8,219     29,613 24,656  
Net Income/(Loss) Available to Common Stock and Participating Securities (30,600)     $ (33,490)     (85,740) $ (97,914)  
Total Assets $ 368,257           $ 368,257   $ 381,207