v3.25.2
Financing Agreements - Borrowings Under Repurchase Agreement and Associated Assets Pledged as Collateral (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 10,519,165 $ 10,170,472
Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 3,053,002 2,516,502
Mark-to-market financing agreements secured by residential whole loans | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 8,746,530 8,734,115
Mark-to-market financing agreements secured by residential whole loans | Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 1,322,262 1,107,079
Mark-to-market financing agreements secured by residential whole loans | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 1,540,850 $ 1,295,653
Weighted average haircut (percent) 20.35% 19.24%
Mark-to-market financing agreements secured by residential whole loans | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 1,936,409 $ 1,608,344
Mark-to-market financing agreements secured by securities at fair value | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 1,602,493 $ 1,279,007
Weighted average haircut (percent) 4.16% 4.99%
Mark-to-market financing agreements secured by securities at fair value | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 1,687,438 $ 1,352,918
Mark-to-market financing agreements secured by real estate owned | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 85,197 83,439
Mark-to-market financing agreements secured by real estate owned | Asset Pledged as Collateral with Right | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements 43,302 56,505
Mark-to-market financing agreements secured by real estate owned | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 17,348 $ 25,390
Weighted average haircut (percent) 47.45% 55.71%
Mark-to-market financing agreements secured by real estate owned | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 48,591 $ 62,659
Non-mark-to-market financing secured by residential whole loans | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 256,813 $ 576,774
Weighted average haircut (percent) 22.37% 21.40%
Non-mark-to-market financing secured by residential whole loans | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 333,557 $ 740,494
Non-mark-to-market financing secured by real estate owned | Held at Fair Value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 0 $ 0
Weighted average haircut (percent) 0.00% 0.00%
Non-mark-to-market financing secured by real estate owned | Held at Fair Value | Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 0 $ 0
Non-agency MBS | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value 467,500 394,900
Fair value of securities pledged as collateral under financing agreements $ 616,100 $ 506,600