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Financing - Summary of financing arrangements (Details) - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Repurchase Agreements [Abstract]    
Current Face $ 8,243,031,000  
Carrying Value $ 8,100,775,000 $ 6,329,796,000
Weighted Average Funding Cost 5.44%  
Weighted Average Life (in years) 5 years 18 days  
Cash pledged (i.e., restricted cash) under repurchase agreements $ 7,800,000 10,600,000
Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value 1,253,086,000  
February 2029 Senior Unsecured Notes    
Repurchase Agreements [Abstract]    
Carrying Value 33,327,000  
May 2029 Senior Unsecured Notes    
Repurchase Agreements [Abstract]    
Carrying Value 63,131,000  
Securitized Residential Mortgage Loans | Securitized Debt    
Repurchase Agreements [Abstract]    
Current Face 7,317,137,000  
Carrying Value $ 7,177,923,000 5,491,967,000
Weighted Average Funding Cost 5.39%  
Weighted Average Life (in years) 5 years 5 months 1 day  
Total Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face $ 826,394,000  
Total Financing Arrangements | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 826,394,000  
Carrying Value $ 826,394,000 742,108,000
Weighted Average Funding Cost 5.27%  
Weighted Average Life (in years) 2 months 12 days  
Total Financing Arrangements | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 1,253,086,000  
Non-Agency Loans    
Repurchase Agreements [Abstract]    
Current Face 29,817,000  
Non-Agency Loans | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 29,817,000  
Carrying Value $ 29,817,000 7,615,000
Weighted Average Funding Cost 5.73%  
Weighted Average Life (in years) 5 months 8 days  
Non-Agency Loans | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 35,108,000  
Non-Agency Loans | Securitized Residential Mortgage Loans    
Repurchase Agreements [Abstract]    
Current Face 428,657,000  
Non-Agency Loans | Securitized Residential Mortgage Loans | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 428,657,000  
Carrying Value $ 428,657,000 370,913,000
Weighted Average Funding Cost 5.28%  
Weighted Average Life (in years) 1 month 28 days  
Non-Agency Loans | Securitized Residential Mortgage Loans | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 641,399,000  
Non-Agency Loans | Securitized Residential Mortgage Loans | Securitized Debt    
Repurchase Agreements [Abstract]    
Current Face 6,432,326,000  
Carrying Value $ 6,265,540,000 5,391,413,000
Weighted Average Funding Cost 5.37%  
Weighted Average Life (in years) 5 years 8 months 23 days  
Non-Agency Loans | Counterparty One and Two    
Repurchase Agreements [Abstract]    
Line of credit facility, maximum borrowing capacity $ 1,600,000,000  
Maximum borrowing capacity committed by lender 50,000,000  
Home Equity Loans    
Repurchase Agreements [Abstract]    
Current Face 58,951,000  
Home Equity Loans | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 58,951,000  
Carrying Value $ 58,951,000 87,440,000
Weighted Average Funding Cost 6.27%  
Weighted Average Life (in years) 5 months 19 days  
Line of credit facility, maximum borrowing capacity $ 50,000,000  
Fair value of collateral pledged 69,700,000  
Unpaid Principal Balance 66,800,000  
Outstanding financing $ 0  
Advance rate, percentage of unpaid principal balance 87.50%  
Home Equity Loans | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 142,339,000  
Home Equity Loans | Securitized Residential Mortgage Loans    
Repurchase Agreements [Abstract]    
Current Face 67,752,000  
Notional balance 295,400,000  
Home Equity Loans | Securitized Residential Mortgage Loans | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 67,752,000  
Carrying Value $ 67,752,000 0
Weighted Average Funding Cost 4.67%  
Weighted Average Life (in years) 1 month 9 days  
Home Equity Loans | Securitized Residential Mortgage Loans | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 84,064,000  
Home Equity Loans | Securitized Residential Mortgage Loans | Securitized Debt    
Repurchase Agreements [Abstract]    
Current Face 784,881,000  
Carrying Value $ 817,889,000 0
Weighted Average Funding Cost 5.81%  
Weighted Average Life (in years) 2 years 7 months 20 days  
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans    
Repurchase Agreements [Abstract]    
Current Face $ 27,264,000  
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 27,264,000  
Carrying Value $ 27,264,000 31,798,000
Weighted Average Funding Cost 5.89%  
Weighted Average Life (in years) 25 days  
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 41,438,000  
Re- and Non-Performing Loans | Securitized Residential Mortgage Loans | Securitized Debt    
Repurchase Agreements [Abstract]    
Current Face 99,930,000  
Carrying Value $ 94,494,000 100,554,000
Weighted Average Funding Cost 3.45%  
Weighted Average Life (in years) 3 years 3 months 7 days  
Agency-Eligible Loans    
Repurchase Agreements [Abstract]    
Current Face $ 19,490,000  
Agency-Eligible Loans | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 19,490,000  
Carrying Value $ 19,490,000 95,688,000
Weighted Average Funding Cost 5.43%  
Weighted Average Life (in years) 10 months 13 days  
Agency-Eligible Loans | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 21,149,000  
Legacy WMC Commercial loans | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 27,436,000  
Carrying Value $ 27,436,000 47,222,000
Weighted Average Funding Cost 6.73%  
Weighted Average Life (in years) 2 months 23 days  
Legacy WMC Commercial loans | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 55,376,000  
Non-Agency RMBS    
Repurchase Agreements [Abstract]    
Current Face 137,386,000  
Non-Agency RMBS | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 137,386,000  
Carrying Value $ 137,386,000 78,978,000
Weighted Average Funding Cost 4.64%  
Weighted Average Life (in years) 1 month 20 days  
Non-Agency RMBS | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 173,891,000  
Legacy WMC CMBS    
Repurchase Agreements [Abstract]    
Current Face 18,540,000  
Unpaid Principal Balance 23,500,000 23,500,000
Legacy WMC CMBS | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 18,540,000  
Carrying Value $ 18,540,000 20,416,000
Weighted Average Funding Cost 5.29%  
Weighted Average Life (in years) 1 month 28 days  
Legacy WMC CMBS | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 42,538,000  
Agency RMBS    
Repurchase Agreements [Abstract]    
Current Face 10,857,000  
Agency RMBS | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 10,857,000  
Carrying Value $ 10,857,000 2,038,000
Weighted Average Funding Cost 4.32%  
Weighted Average Life (in years) 2 months 12 days  
Agency RMBS | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 15,465,000  
Other assets    
Repurchase Agreements [Abstract]    
Current Face 244,000  
Other assets | Financing Arrangements    
Repurchase Agreements [Abstract]    
Current Face 244,000  
Carrying Value $ 244,000 0
Weighted Average Funding Cost 5.73%  
Weighted Average Life (in years) 5 months 8 days  
Other assets | Financing Arrangements | Asset Pledged as Collateral    
Repurchase Agreements [Abstract]    
Collateral Fair Value $ 319,000  
Senior Notes    
Repurchase Agreements [Abstract]    
Current Face 99,500,000  
Carrying Value $ 96,458,000 95,721,000
Weighted Average Funding Cost 10.61%  
Weighted Average Life (in years) 3 years 3 months 29 days  
Long-term debt, fair value $ 101,700,000  
February 2029 Senior Unsecured Notes    
Repurchase Agreements [Abstract]    
Current Face $ 34,500,000  
Carrying Value   33,028,000
Weighted Average Funding Cost 10.79%  
Weighted Average Life (in years) 3 years 2 months 1 day  
May 2029 Senior Unsecured Notes    
Repurchase Agreements [Abstract]    
Current Face $ 65,000,000  
Carrying Value   $ 62,693,000
Weighted Average Funding Cost 10.52%  
Weighted Average Life (in years) 3 years 5 months 1 day  
Interest Only | Securitized Residential Mortgage Loans    
Repurchase Agreements [Abstract]    
Notional balance $ 3,700,000,000