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Segment Reporting - Summary (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]              
Interest Income $ 196,774   $ 188,344   $ 388,700 $ 368,849  
Interest Expense 138,203   127,068   270,939 250,036  
Net Interest Income 58,571   61,276   117,761 118,813  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 62   (791)   304 (936)  
Reversal/(Provision) for Credit Losses on Other Assets 0   0   0 0  
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 58,633   60,485   118,065 117,877  
Net gain/(loss) on residential whole loans measured at fair value through earnings (45,480)   23,799   (84,613) 74,449  
Impairment and other net gain/(loss) on securities and other portfolio investments (3,850)   6,645   (42,120) 27,824  
Net gain/(loss) on real estate owned (1,491)   (2,911)   (4,472) (4,419)  
Net gain/(loss) on derivatives 44,625   (18,251)   76,686 (49,306)  
Net gain/(loss) on securitized debt measured at fair value through earnings 25,268   (7,105)   45,113 (29,036)  
Lima One mortgage banking income 8,367   6,087   16,027 11,524  
Net realized gain/(loss) on residential whole loans held at carrying value 0   (343)   0 (882)  
Other, net 2,246   4,329   7,179 6,608  
Other Income/(Loss), net 29,685   12,250   13,800 36,762  
Compensation and benefits 17,992   19,308   40,151 42,565  
Other general and administrative expense 13,162   10,621   25,316 20,912  
Loan servicing, financing and other related costs 10,066   8,584   19,984 15,836  
Amortization of intangible assets 300   800   600 1,600  
Income/(loss) before income taxes 46,798   33,422   45,814 73,726  
Provision for/(benefit from) income taxes 0   238   0 (634)  
Net Income/(Loss) 46,798 $ (984) 33,184 $ 41,176 45,814 74,360  
Less Preferred Stock Dividend Requirement 10,559   10,560   20,983 18,779  
Net Income/(Loss) Available to Common Stock and Participating Securities 36,239   22,624   24,831 55,581  
Total Assets 13,653,692       13,653,692   $ 13,046,449
Operating Segments | Mortgage-Related Assets              
Segment Reporting [Line Items]              
Interest Income 155,380   125,987   303,567 238,753  
Interest Expense 108,287   84,424   209,550 161,783  
Net Interest Income 47,093   41,563   94,017 76,970  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 62   (791)   304 (936)  
Reversal/(Provision) for Credit Losses on Other Assets 0   0   0 0  
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 47,155   40,772   94,321 76,034  
Net gain/(loss) on residential whole loans measured at fair value through earnings (26,768)   26,675   (51,687) 75,107  
Impairment and other net gain/(loss) on securities and other portfolio investments (4,362)   4,007   (43,051) 24,442  
Net gain/(loss) on real estate owned 534   (1,374)   917 (1,305)  
Net gain/(loss) on derivatives 40,009   (15,289)   69,408 (40,852)  
Net gain/(loss) on securitized debt measured at fair value through earnings 20,843   (8,607)   36,977 (25,756)  
Lima One mortgage banking income 0   0   0 0  
Net realized gain/(loss) on residential whole loans held at carrying value 0   (343)   0 (882)  
Other, net (326)   (681)   (50) (1,195)  
Other Income/(Loss), net 29,930   4,388   12,514 29,559  
Compensation and benefits 0   0   0 0  
Other general and administrative expense 0   (30)   0 (22)  
Loan servicing, financing and other related costs 3,780   4,790   7,389 9,032  
Amortization of intangible assets 0   0   0 0  
Income/(loss) before income taxes 73,305   40,400   99,446 96,583  
Provision for/(benefit from) income taxes 0   0   0 0  
Net Income/(Loss) 73,305   40,400   99,446 96,583  
Less Preferred Stock Dividend Requirement 0   0   0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities 73,305   40,400   99,446 96,583  
Total Assets 11,186,791       11,186,791   10,128,088
Operating Segments | Lima One              
Segment Reporting [Line Items]              
Interest Income 39,909   59,830   82,046 125,102  
Interest Expense 25,339   38,099   52,244 79,171  
Net Interest Income 14,570   21,731   29,802 45,931  
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/(Expense) after Reversal/(Provision) for Credit Losses 14,570   21,731   29,802 45,931  
Net gain/(loss) on residential whole loans measured at fair value through earnings (18,712)   (2,876)   (32,926) (658)  
Impairment and other net gain/(loss) on securities and other portfolio investments 11   2   25 (7)  
Net gain/(loss) on real estate owned (2,025)   (1,537)   (5,389) (3,114)  
Net gain/(loss) on derivatives 4,616   (2,962)   7,278 (8,454)  
Net gain/(loss) on securitized debt measured at fair value through earnings 4,425   1,502   8,136 (3,280)  
Lima One mortgage banking income 8,367   6,087   16,027 11,524  
Net realized gain/(loss) on residential whole loans held at carrying value 0   0   0 0  
Other, net 1,685   3,972   2,474 5,475  
Other Income/(Loss), net (1,633)   4,188   (4,375) 1,486  
Compensation and benefits 8,926   9,700   17,808 19,493  
Other general and administrative expense 4,086   4,867   8,398 9,243  
Loan servicing, financing and other related costs 2,169   1,796   4,523 2,944  
Amortization of intangible assets 300   800   600 1,600  
Income/(loss) before income taxes (2,544)   8,756   (5,902) 14,137  
Provision for/(benefit from) income taxes 0   0   0 0  
Net Income/(Loss) (2,544)   8,756   (5,902) 14,137  
Less Preferred Stock Dividend Requirement 0   0   0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities (2,544)   8,756   (5,902) 14,137  
Total Assets 2,299,954       2,299,954   2,632,740
Corporate              
Segment Reporting [Line Items]              
Interest Income 1,485   2,527   3,087 4,994  
Interest Expense 4,577   4,545   9,145 9,082  
Net Interest Income (3,092)   (2,018)   (6,058) (4,088)  
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/(Expense) after Reversal/(Provision) for Credit Losses (3,092)   (2,018)   (6,058) (4,088)  
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 501   2,636   906 3,389  
Net gain/(loss) on real estate owned 0   0   0 0  
Net gain/(loss) on derivatives 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 887   1,038   4,755 2,328  
Other Income/(Loss), net 1,388   3,674   5,661 5,717  
Compensation and benefits 9,066   9,608   22,343 23,072  
Other general and administrative expense 9,076   5,784   16,918 11,691  
Loan servicing, financing and other related costs 4,117   1,998   8,072 3,860  
Amortization of intangible assets 0   0   0 0  
Income/(loss) before income taxes (23,963)   (15,734)   (47,730) (36,994)  
Provision for/(benefit from) income taxes 0   238   0 (634)  
Net Income/(Loss) (23,963)   (15,972)   (47,730) (36,360)  
Less Preferred Stock Dividend Requirement 10,559   10,560   20,983 18,779  
Net Income/(Loss) Available to Common Stock and Participating Securities (34,522)   $ (26,532)   (68,713) $ (55,139)  
Total Assets $ 166,947       $ 166,947   $ 285,621