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Real Estate Securities - Schedule of Real Estate Securities Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 265,170 $ 224,214
Premium / (Discount) (45,465) (49,774)
Amortized Cost 255,799 207,992
Gross Unrealized Gains 16,907 8,795
Gross Unrealized Losses (12,402) (15,427)
Fair Value $ 260,304 $ 201,360
Weighted Average Coupon 4.55% 3.62%
Weighted Average Yield 9.89% 11.58%
Weighted Average Life (Years) 4 years 11 months 4 days 5 years 2 months 12 days
Residential Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Unpaid Principal Balance $ 8,251,113 $ 6,781,862
Loans at fair value 8,199,296 6,417,895
Total Non-Agency RMBS | Residential Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Current Face 182,208 123,318
Premium / (Discount) (8,450) (7,895)
Amortized Cost 193,222 128,458
Gross Unrealized Gains 10,844 5,310
Gross Unrealized Losses (2,685) (6,189)
Fair Value $ 201,381 $ 127,579
Weighted Average Coupon 4.09% 3.08%
Weighted Average Yield 8.82% 9.40%
Weighted Average Life (Years) 5 years 4 months 20 days 5 years 7 months 24 days
Non-QM Loans | Residential Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 48,814 $ 49,516
Premium / (Discount) (2,160) (2,772)
Amortized Cost 48,526 49,015
Gross Unrealized Gains 816 1,678
Gross Unrealized Losses (2,379) (5,544)
Fair Value $ 46,963 $ 45,149
Weighted Average Coupon 3.11% 2.83%
Weighted Average Yield 6.66% 7.65%
Weighted Average Life (Years) 3 years 6 months 25 days 4 years 7 months 13 days
Real estate securities notional amount $ 66,300 $ 85,600
Retained securities amount 42,400 40,300
Unpaid Principal Balance 36,578 13,098
Loans at fair value 35,108 12,279
Agency-Eligible Loans | Residential Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Current Face 44,491 51,861
Premium / (Discount) (2,656) (3,062)
Amortized Cost 42,439 49,488
Gross Unrealized Gains 1,841 1,555
Gross Unrealized Losses (117) (148)
Fair Value $ 44,163 $ 50,895
Weighted Average Coupon 3.57% 3.45%
Weighted Average Yield 7.41% 7.47%
Weighted Average Life (Years) 6 years 8 months 26 days 6 years 10 months 28 days
Real estate securities notional amount $ 40,400 $ 50,400
Retained securities amount 42,200 48,200
Unpaid Principal Balance 20,524 101,570
Loans at fair value 21,149 102,145
Home Equity Loans | Residential Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Current Face 84,647 15,526
Premium / (Discount) (2,018) 640
Amortized Cost 99,617 26,076
Gross Unrealized Gains 7,514 1,445
Gross Unrealized Losses (189) (491)
Fair Value $ 106,942 $ 27,030
Weighted Average Coupon 5.55% 3.40%
Weighted Average Yield 10.47% 16.36%
Weighted Average Life (Years) 5 years 6 months 3 days 5 years 3 months 3 days
Real estate securities notional amount $ 249,100 $ 163,300
Retained securities amount 78,700  
Unpaid Principal Balance 135,804 99,863
Loans at fair value 142,339 103,964
Prime Jumbo Loans | Residential Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Current Face 4,256 6,415
Premium / (Discount) (1,616) (2,701)
Amortized Cost 2,640 3,879
Gross Unrealized Gains 673 632
Gross Unrealized Losses 0 (6)
Fair Value $ 3,313 $ 4,505
Weighted Average Coupon 4.49% 0.97%
Weighted Average Yield 8.82% 9.41%
Weighted Average Life (Years) 18 years 4 months 9 days 7 years 11 months 12 days
Real estate securities notional amount   $ 28,300
Legacy WMC CMBS    
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 82,962 100,896
Premium / (Discount) (37,015) (41,879)
Amortized Cost 45,947 59,017
Gross Unrealized Gains 5,814 2,577
Gross Unrealized Losses (9,196) (8,809)
Fair Value $ 42,565 $ 52,785
Weighted Average Coupon 5.95% 5.13%
Weighted Average Yield 15.30% 16.74%
Weighted Average Life (Years) 1 year 8 months 23 days 1 year 9 months 7 days
Unpaid Principal Balance $ 23,500 $ 23,500
Loans at fair value 6,300 6,000
Agency RMBS Interest Only    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 16,630 20,517
Gross Unrealized Gains 249 908
Gross Unrealized Losses (521) (429)
Fair Value $ 16,358 $ 20,996
Weighted Average Coupon 4.57% 4.32%
Weighted Average Yield 7.30% 10.35%
Weighted Average Life (Years) 5 years 2 months 1 day 6 years 6 months 18 days
Agency RMBS Interest Only | Residential Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Real estate securities notional amount $ 85,000 $ 107,200