v3.25.2
Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Total assets carried at fair value $ 9,458,444 $ 9,048,723
Liabilities:    
Securitized debt 5,374,319 5,211,380
Total liabilities carried at fair value 5,648,623 5,516,005
Residential whole loans    
Assets:    
Residential whole loans, fair value 7,628,635 7,511,210
Securities, at fair value    
Assets:    
Residential whole loans, fair value 1,829,809 1,537,513
Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 76,880 284,843
Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 197,424 19,782
Level 1    
Assets:    
Total assets carried at fair value 0 0
Liabilities:    
Securitized debt 0 0
Total liabilities carried at fair value 0 0
Level 1 | Residential whole loans    
Assets:    
Residential whole loans, fair value 0 0
Level 1 | Securities, at fair value    
Assets:    
Residential whole loans, fair value 0 0
Level 1 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 1 | Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 2    
Assets:    
Total assets carried at fair value 1,881,267 1,589,586
Liabilities:    
Securitized debt 5,374,319 5,211,380
Total liabilities carried at fair value 5,374,319 5,211,380
Level 2 | Residential whole loans    
Assets:    
Residential whole loans, fair value 51,458 52,073
Level 2 | Securities, at fair value    
Assets:    
Residential whole loans, fair value 1,829,809 1,537,513
Level 2 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 2 | Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 0 0
Level 3    
Assets:    
Total assets carried at fair value 7,577,177 7,459,137
Liabilities:    
Securitized debt 0 0
Total liabilities carried at fair value 274,304 304,625
Level 3 | Residential whole loans    
Assets:    
Residential whole loans, fair value 7,577,177 7,459,137
Level 3 | Securities, at fair value    
Assets:    
Residential whole loans, fair value 0 0
Level 3 | Agreements with non-mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value 76,880 284,843
Level 3 | Agreements with mark-to-market collateral provisions    
Liabilities:    
Liabilities carried at fair value $ 197,424 $ 19,782