v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2025
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 866,300 866,300 866,300
Common stock, shares issued (in shares) 101,596 101,663 101,663
Common stock, shares outstanding (in shares) 101,596 101,663 101,663
VIEs      
Residential whole loans transferred to consolidated VIEs $ 7,400,000 $ 7,600,000 $ 7,600,000
Series B Preferred Stock      
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, dividend rate (as a percent) 7.50% 7.50% 7.50%
Preferred stock, shares authorized (in shares) 12,050 12,050 12,050
Preferred stock, shares issued (in shares) 8,186 8,125 8,125
Preferred stock, shares outstanding (in shares) 8,186 8,125 8,125
Preferred stock, liquidation preference, value $ 204,643 $ 203,132 $ 203,132
Series C Preferred Stock      
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, dividend rate (as a percent) 6.50%   6.50%
Preferred stock, shares authorized (in shares) 16,650 16,650 16,650
Preferred stock, shares issued (in shares) 11,386 11,286 11,286
Preferred stock, shares outstanding (in shares) 11,386 11,286 11,286
Preferred stock, liquidation preference, value $ 284,648 $ 282,148 $ 282,148
Asset Pledged as Collateral      
Financing agreements held at fair value 5,920,250 5,956,057 5,956,057
Residential whole loans      
Residential whole loans, fair value $ 7,739,814 $ 7,717,007 $ 7,717,007