Financing - Repurchase Agreements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Repurchase agreements	$ 8,782,622	$ 7,805,057
Weighted average days to maturity	83 days	94 days
Weighted average borrowing rate	4.74%	5.15%
Within 30 days
Debt Instrument [Line Items]
Repurchase agreements	$ 2,359,326	$ 2,377,824
30 to 59 days
Debt Instrument [Line Items]
Repurchase agreements	2,357,350	2,316,237
60 to 89 days
Debt Instrument [Line Items]
Repurchase agreements	2,152,072	1,305,113
90 to 119 days
Debt Instrument [Line Items]
Repurchase agreements	789,250	759,177
120 to 364 days
Debt Instrument [Line Items]
Repurchase agreements	954,624	366,706
One year and over
Debt Instrument [Line Items]
Repurchase agreements	170,000	680,000
Agency RMBS
Debt Instrument [Line Items]
Repurchase agreements	$ 7,938,891	$ 7,044,857
Weighted average days to maturity	60 days	49 days
Weighted average borrowing rate	4.48%	4.90%
Agency RMBS \| Within 30 days
Debt Instrument [Line Items]
Repurchase agreements	$ 2,343,912	$ 2,373,562
Agency RMBS \| 30 to 59 days
Debt Instrument [Line Items]
Repurchase agreements	2,319,847	2,316,237
Agency RMBS \| 60 to 89 days
Debt Instrument [Line Items]
Repurchase agreements	2,151,258	1,304,175
Agency RMBS \| 90 to 119 days
Debt Instrument [Line Items]
Repurchase agreements	789,250	759,177
Agency RMBS \| 120 to 364 days
Debt Instrument [Line Items]
Repurchase agreements	334,624	291,706
Agency RMBS \| One year and over
Debt Instrument [Line Items]
Repurchase agreements	0	0
Non-Agency
Debt Instrument [Line Items]
Repurchase agreements	$ 195	$ 207
Weighted average days to maturity	66 days	66 days
Weighted average borrowing rate	5.01%	5.39%
Non-Agency \| Within 30 days
Debt Instrument [Line Items]
Repurchase agreements	$ 0	$ 0
Non-Agency \| 30 to 59 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Non-Agency \| 60 to 89 days
Debt Instrument [Line Items]
Repurchase agreements	195	207
Non-Agency \| 90 to 119 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Non-Agency \| 120 to 364 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Non-Agency \| One year and over
Debt Instrument [Line Items]
Repurchase agreements	0	0
Inverse interest-only securities
Debt Instrument [Line Items]
Repurchase agreements	$ 53,536	$ 4,993
Weighted average days to maturity	28 days	17 days
Weighted average borrowing rate	4.84%	5.31%
Inverse interest-only securities \| Within 30 days
Debt Instrument [Line Items]
Repurchase agreements	$ 15,414	$ 4,262
Inverse interest-only securities \| 30 to 59 days
Debt Instrument [Line Items]
Repurchase agreements	37,503	0
Inverse interest-only securities \| 60 to 89 days
Debt Instrument [Line Items]
Repurchase agreements	619	731
Inverse interest-only securities \| 90 to 119 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Inverse interest-only securities \| 120 to 364 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Inverse interest-only securities \| One year and over
Debt Instrument [Line Items]
Repurchase agreements	0	0
Mortgage Servicing Rights
Debt Instrument [Line Items]
Repurchase agreements	$ 790,000	$ 755,000
Weighted average days to maturity	321 days	520 days
Weighted average borrowing rate	7.39%	7.44%
Mortgage Servicing Rights \| Within 30 days
Debt Instrument [Line Items]
Repurchase agreements	$ 0	$ 0
Mortgage Servicing Rights \| 30 to 59 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Mortgage Servicing Rights \| 60 to 89 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Mortgage Servicing Rights \| 90 to 119 days
Debt Instrument [Line Items]
Repurchase agreements	0	0
Mortgage Servicing Rights \| 120 to 364 days
Debt Instrument [Line Items]
Repurchase agreements	620,000	75,000
Mortgage Servicing Rights \| One year and over
Debt Instrument [Line Items]
Repurchase agreements	$ 170,000	$ 680,000