v3.26.1
Fair Value of Financial Instruments - Fair Value Methodology (Details) - Residential whole loans
$ in Thousands
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value $ 7,739,814 $ 7,717,007
UPB 8,989,250 8,989,910
Marked to Market Approach    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value 59,500 138,700
UPB 100,000 170,800
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value 7,689,431 7,665,985
Level 3 | Discounted Cash Flow and Liquidation Model    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value 7,629,904 7,527,250
Level 3 | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value $ 7,312,494 $ 7,196,955
Level 3 | Discounted cash flow | Discount rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.065 0.065
Level 3 | Discounted cash flow | Discount rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.056 0.055
Level 3 | Discounted cash flow | Discount rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.200 0.200
Level 3 | Discounted cash flow | Prepayment rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.177 0.171
Level 3 | Discounted cash flow | Prepayment rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0 0
Level 3 | Discounted cash flow | Prepayment rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.499 0.505
Level 3 | Discounted cash flow | Default rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.016 0.016
Level 3 | Discounted cash flow | Default rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0 0
Level 3 | Discounted cash flow | Default rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.643 0.682
Level 3 | Discounted cash flow | Loss severity | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.113 0.114
Level 3 | Discounted cash flow | Loss severity | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0 0
Level 3 | Discounted cash flow | Loss severity | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 1.000 1.000
Level 3 | Liquidation model    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Residential whole loans, fair value $ 317,410 $ 330,295
Level 3 | Liquidation model | Discount rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.093 0.091
Level 3 | Liquidation model | Discount rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.080 0.080
Level 3 | Liquidation model | Discount rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.200 0.200
Level 3 | Liquidation model | Annual change in home prices | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.017 0.019
Level 3 | Liquidation model | Annual change in home prices | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0 (0.009)
Level 3 | Liquidation model | Annual change in home prices | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.067 0.087
Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 1.7 1.7
Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.8 0.1
Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 4.5 4.5
Level 3 | Liquidation model | Current value of underlying properties | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 772 748
Level 3 | Liquidation model | Current value of underlying properties | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 50 19
Level 3 | Liquidation model | Current value of underlying properties | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 13,250 11,400