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Securities, at Fair Value - Interest Income (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Securities, Available-for-sale [Line Items]        
Interest income $ 27,708 $ 14,742 $ 81,156 $ 41,363
Agency MBS        
Debt Securities, Available-for-sale [Line Items]        
Coupon interest 25,596 10,967 69,372 27,379
Effective yield adjustment 44 (28) 105 (80)
Interest income 25,640 10,939 69,477 27,299
Other MBS        
Debt Securities, Available-for-sale [Line Items]        
Coupon interest 1,420 2,009 4,383 6,170
Effective yield adjustment 648 13 1,146 87
Interest income 2,068 2,022 5,529 6,257
Term notes backed by MSR collateral        
Debt Securities, Available-for-sale [Line Items]        
Coupon interest 0 1,265 1,789 5,026
Effective yield adjustment 0 516 4,361 2,781
Interest income $ 0 $ 1,781 6,150 $ 7,807
MSR related assets        
Debt Securities, Available-for-sale [Line Items]        
Accelerated discount accretion     $ 2,600