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Financing Agreements - Pledged Collateral (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Non-agency MBS | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 627,800 $ 506,600
Carrying value 482,900 394,900
Asset Pledged as Collateral with Right    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 10,794,350 10,170,472
Accrued interest 20,900 27,100
Asset Pledged as Collateral with Right | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 7,659,258 6,913,710
Asset Pledged as Collateral with Right | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 208,911 740,260
Asset Pledged as Collateral with Right | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 2,926,181 2,516,502
Asset Pledged as Collateral with Right | Residential whole loans    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 8,748,064 8,734,115
Asset Pledged as Collateral with Right | Residential whole loans | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 7,610,771 6,886,776
Asset Pledged as Collateral with Right | Residential whole loans | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 208,911 740,260
Asset Pledged as Collateral with Right | Residential whole loans | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 928,382 1,107,079
Asset Pledged as Collateral with Right | Securities, at fair value    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 1,960,923 1,352,918
Asset Pledged as Collateral with Right | Securities, at fair value | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 0 0
Asset Pledged as Collateral with Right | Securities, at fair value | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 0 0
Asset Pledged as Collateral with Right | Securities, at fair value | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 1,960,923 1,352,918
Asset Pledged as Collateral with Right | Other assets: REO    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 85,363 83,439
Asset Pledged as Collateral with Right | Other assets: REO | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 48,487 26,934
Asset Pledged as Collateral with Right | Other assets: REO | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 0 0
Asset Pledged as Collateral with Right | Other assets: REO | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 36,876 $ 56,505