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Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Securities, at fair value [1] $ 4,147,194 $ 3,360,280
Total assets carried at fair value 11,912,259 11,077,287
Liabilities:    
Securitized debt 5,756,179 5,846,744
Total liabilities carried at fair value 5,812,397 5,956,057
Residential whole loans    
Assets:    
Residential whole loans, fair value 7,765,065 7,717,007
Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 26,088 48,245
Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 30,130 61,068
Level 1    
Assets:    
Securities, at fair value 0 0
Total assets carried at fair value 0 0
Liabilities:    
Securitized debt 0 0
Total liabilities carried at fair value 0 0
Level 1 | Residential whole loans    
Assets:    
Residential whole loans, fair value 0 0
Level 1 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 1 | Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 2    
Assets:    
Securities, at fair value 4,147,194 3,360,280
Total assets carried at fair value 4,196,248 3,411,302
Liabilities:    
Securitized debt 5,756,179 5,846,744
Total liabilities carried at fair value 5,756,179 5,846,744
Level 2 | Residential whole loans    
Assets:    
Residential whole loans, fair value 49,054 51,022
Level 2 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 2 | Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 3    
Assets:    
Securities, at fair value 0 0
Total assets carried at fair value 7,716,011 7,665,985
Liabilities:    
Securitized debt 0 0
Total liabilities carried at fair value 56,218 109,313
Level 3 | Residential whole loans    
Assets:    
Residential whole loans, fair value 7,716,011 7,665,985
Level 3 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 26,088 48,245
Level 3 | Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value $ 30,130 $ 61,068
[1] See Note 6 for information regarding the Company’s pledged assets.