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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other assets $ 58,900 $ 41,940
Preferred stock, liquidation preference $ 227,991 $ 227,991
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 450,000,000 450,000,000
Common stock, shares issued (in shares) 31,744,000 29,640,000
Common stock, shares outstanding (in shares) 31,744,000 29,640,000
Asset Pledged as Collateral    
Mortgage loans $ 1,253,086  
Other assets 319 $ 0
Residential Portfolio Segment    
Fair Value 8,199,296 6,417,895
Residential Mortgage | Securitized Residential Mortgage Loans    
Mortgage loans [1] 7,999,619 6,197,678
Residential Mortgage | VIE, Not Primary Beneficiary    
Mortgage loans 199,677 220,217
Residential Mortgage | Residential Portfolio Segment    
Fair Value 199,677 220,217
Residential Mortgage | Residential Portfolio Segment | Securitized Residential Mortgage Loans    
Fair Value 7,999,619 6,197,678
Residential Mortgage | Residential Portfolio Segment | Asset Pledged as Collateral | Securitized Residential Mortgage Loans    
Mortgage loans 766,901 705,294
Residential Mortgage | Residential Portfolio Segment | Asset Pledged as Collateral | VIE, Not Primary Beneficiary    
Mortgage loans 198,596 215,773
Commercial Loans    
Fair Value 55,376 67,005
Commercial Loans | Commercial Portfolio Segment    
Fair Value 55,376 67,005
Commercial Loans | Commercial Portfolio Segment | Asset Pledged as Collateral    
Fair Value 55,376 67,005
Real Estate Securities    
Real estate securities, at fair value, pledged as collateral $ 231,894 $ 165,393
[1] These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. The "Securitized debt, at fair value" is collateralized by the "Securitized residential mortgage loans, at fair value" held within the securitization trusts. See Note 3 and Note 6 for additional details.