v3.26.1
Financing Agreements - Borrowings Under Repurchase Agreement and Associated Assets Pledged as Collateral (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Asset Pledged as Collateral with Right    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 12,130,730 $ 11,961,120
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 4,580,869 4,187,770
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 8,746,260 8,764,343
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 1,251,321 1,043,363
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 96,231 89,372
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 41,309 37,002
Non-agency MBS | Agreements with mark-to-market collateral provisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value 396,000 466,900
Fair value of securities pledged as collateral under financing agreements 497,600 600,000
Held at Fair Value | Mark-to-market financing agreements secured by residential whole loans    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 1,402,884 $ 1,308,661
Weighted average haircut (percent) 19.73% 20.28%
Held at Fair Value | 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 $ 1,748,101 $ 1,642,252
Held at Fair Value | Mark-to-market financing agreements secured by securities at fair value    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 3,140,730 $ 2,980,762
Weighted average haircut (percent) 3.79% 3.82%
Held at Fair Value | Mark-to-market financing agreements secured by securities 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 $ 3,288,239 $ 3,107,405
Held at Fair Value | Mark-to-market financing agreements secured by real estate owned    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 29,330 $ 23,307
Weighted average haircut (percent) 37.14% 42.24%
Held at Fair Value | 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 $ 46,687 $ 41,072
Held at Fair Value | Non-mark-to-market financing secured by residential whole loans    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 64,570 $ 82,016
Weighted average haircut (percent) 23.21% 28.88%
Held at Fair Value | Non-mark-to-market financing 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 $ 84,099 $ 115,326
Held at Fair Value | Non-mark-to-market financing secured by real estate owned    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying value $ 0 $ 0
Weighted average haircut (percent) 0.00% 0.00%
Held at Fair Value | Non-mark-to-market financing 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 $ 0 $ 0