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Financing Agreements - Borrowings Under Repurchase Agreement and Associated Assets Pledged as Collateral (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 12,654,156 $ 11,961,120
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 5,287,762 4,187,770
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 8,743,501 8,764,343
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 1,422,570 1,043,363
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 89,135 89,372
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 43,672 37,002
Non-agency MBS | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value 285,800 466,900
Fair value of securities pledged as collateral under financing agreements 357,400 600,000
Held at Fair Value | Mark-to-market financing agreements secured by residential whole loans    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 1,449,401 $ 1,308,661
Weighted average haircut (percent) 18.49% 20.28%
Held at Fair Value | 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 $ 1,778,651 $ 1,642,252
Held at Fair Value | Mark-to-market financing agreements secured by securities at fair value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 3,686,157 $ 2,980,762
Weighted average haircut (percent) 3.33% 3.82%
Held at Fair Value | Mark-to-market financing agreements secured by securities 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 $ 3,821,520 $ 3,107,405
Held at Fair Value | Mark-to-market financing agreements secured by real estate owned    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 29,606 $ 23,307
Weighted average haircut (percent) 39.71% 42.24%
Held at Fair Value | 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 $ 49,189 $ 41,072
Held at Fair Value | Non-mark-to-market financing secured by residential whole loans    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 71,309 $ 82,016
Weighted average haircut (percent) 20.84% 28.88%
Held at Fair Value | Non-mark-to-market financing 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 $ 90,091 $ 115,326
Held at Fair Value | Non-mark-to-market financing secured by real estate owned    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 0 $ 0
Weighted average haircut (percent) 0.00% 0.00%
Held at Fair Value | Non-mark-to-market financing 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 $ 0 $ 0