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Investment Securities Available For Sale, at Fair Value - Schedule of Investment Securities Available for Sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 5,066,908 $ 3,886,897
Unrealized Gains 62,748 18,959
Unrealized Losses (20,055) (77,312)
Fair Value 5,109,601 3,828,544
Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,888,646 3,163,035
Unrealized Gains 57,271 12,861
Unrealized Losses (16,118) (39,084)
Fair Value 4,929,799 3,136,812
Non-Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 36,849 66,203
Unrealized Gains 5,048 6,098
Unrealized Losses (2,530) (2,614)
Fair Value 39,367 69,687
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 141,413 657,659
Unrealized Gains 429 0
Unrealized Losses (1,407) (35,614)
Fair Value 140,435 622,045
Fixed rate | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,677,186 2,949,038
Unrealized Gains 50,651 11,733
Unrealized Losses (5,335) (21,711)
Fair Value 4,722,502 2,939,060
Fixed rate | Fannie Mae | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,574,338 1,483,619
Unrealized Gains 30,980 7,819
Unrealized Losses (2,302) (7,991)
Fair Value 2,603,016 1,483,447
Fixed rate | Freddie Mac | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,102,848 1,465,419
Unrealized Gains 19,671 3,914
Unrealized Losses (3,033) (13,720)
Fair Value 2,119,486 1,455,613
Adjustable rate | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 123,067 130,119
Unrealized Gains 2,239 285
Unrealized Losses 0 (822)
Fair Value 125,306 129,582
Adjustable rate | Fannie Mae | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 92,031 97,267
Unrealized Gains 1,759 265
Unrealized Losses 0 (631)
Fair Value 93,790 96,901
Adjustable rate | Freddie Mac | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 31,036 32,852
Unrealized Gains 480 20
Unrealized Losses 0 (191)
Fair Value 31,516 32,681
Interest-only | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 88,393 83,878
Unrealized Gains 4,381 843
Unrealized Losses (10,783) (16,551)
Fair Value 81,991 68,170
Interest-only | Freddie Mac | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,729 5,251
Unrealized Gains 0 0
Unrealized Losses (748) (459)
Fair Value 3,981 4,792
Interest-only | Ginnie Mae | Agency RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 83,664 78,627
Unrealized Gains 4,381 843
Unrealized Losses (10,035) (16,092)
Fair Value $ 78,010 $ 63,378