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Financing Agreements - Borrowings Under Repurchase Agreement and Associated Assets Pledged as Collateral (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 10,794,350 $ 10,170,472
Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 2,926,181 2,516,502
Mark-to-market financing agreements secured by residential whole loans | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 8,748,064 8,734,115
Mark-to-market financing agreements secured by residential whole loans | Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 928,382 1,107,079
Mark-to-market financing agreements secured by residential whole loans | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 1,230,756 $ 1,295,653
Weighted average haircut (percent) 20.81% 19.24%
Mark-to-market financing agreements secured by residential whole loans | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 1,554,603 $ 1,608,344
Mark-to-market financing agreements secured by securities at fair value | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 1,878,417 $ 1,279,007
Weighted average haircut (percent) 4.13% 4.99%
Mark-to-market financing agreements secured by securities at fair value | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 1,960,923 $ 1,352,918
Mark-to-market financing agreements secured by real estate owned | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 85,363 83,439
Mark-to-market financing agreements secured by real estate owned | Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 36,876 56,505
Mark-to-market financing agreements secured by real estate owned | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 19,106 $ 25,390
Weighted average haircut (percent) 47.51% 55.71%
Mark-to-market financing agreements secured by real estate owned | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 41,645 $ 62,659
Non-mark-to-market financing secured by residential whole loans | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 166,126 $ 576,774
Weighted average haircut (percent) 18.15% 21.40%
Non-mark-to-market financing secured by residential whole loans | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 208,911 $ 740,494
Non-mark-to-market financing secured by real estate owned | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 0 $ 0
Weighted average haircut (percent) 0.00% 0.00%
Non-mark-to-market financing secured by real estate owned | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 0 $ 0
Non-agency MBS | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value 482,900 394,900
Fair value of securities pledged as collateral under financing agreements $ 627,800 $ 506,600