Valuation (Significant Unobservable Inputs Rollforward) (Details) - Level 3 - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2026 |
Mar. 31, 2025 |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
$ 17,574,550
|
$ 14,661,702
|
| Assets, Accreted Discounts/Amortized Premiums |
(20,984)
|
(5,099)
|
| Assets, Realized Gain (Loss) |
19,841
|
(16,454)
|
| Assets, Change In Net Unrealized Gain/(Loss) |
235,923
|
256,932
|
| Assets, Purchases |
3,042,968
|
1,679,921
|
| Assets, Sales |
(2,424,503)
|
(1,554,212)
|
| Assets, Transfers into Level 3 |
17,401
|
12,914
|
| Assets, Transfers out of Level 3 |
(18,672)
|
(31,600)
|
| Assets, Ending Balance |
18,426,524
|
15,004,104
|
| Liabilities, Beginning Balance |
(14,011,786)
|
(11,368,709)
|
| Liabilities, Accreted Discounts/Amortized Premiums |
(3,406)
|
(1,458)
|
| Liabilities, Realized Gain/(Loss) |
(47)
|
(1,383)
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
(170,497)
|
(175,400)
|
| Liabilities Purchases/Payments |
291,002
|
261,269
|
| Liabilities, Sales/Issuance |
(641,355)
|
(383,502)
|
| Liabilities, Transfers into Level 3 |
0
|
0
|
| Liabilities, Transfers out of Level 3 |
0
|
0
|
| Liabilities, Ending Balance |
(14,536,089)
|
(11,669,183)
|
| Non-Agency RMBS |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Total assets |
310,784
|
|
| CMBS |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Total assets |
9,786
|
|
| CLOs |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Total assets |
37,367
|
|
| Asset-backed securities, backed by consumer loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Total assets |
168,559
|
|
| Other secured borrowings, at fair value |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Liabilities, Beginning Balance |
(2,945,578)
|
(1,934,309)
|
| Liabilities, Accreted Discounts/Amortized Premiums |
(3,406)
|
(1,458)
|
| Liabilities, Realized Gain/(Loss) |
0
|
0
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
8,823
|
(30,559)
|
| Liabilities Purchases/Payments |
62,305
|
39,615
|
| Liabilities, Sales/Issuance |
(247,476)
|
0
|
| Liabilities, Transfers into Level 3 |
0
|
0
|
| Liabilities, Transfers out of Level 3 |
0
|
0
|
| Liabilities, Ending Balance |
(3,125,332)
|
(1,926,711)
|
| Change in unrealized gains (losses), liabilities |
8,823
|
(30,559)
|
| Unsecured Borrowings |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Liabilities, Beginning Balance |
(659,832)
|
(281,912)
|
| Liabilities, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Liabilities, Realized Gain/(Loss) |
0
|
(1,383)
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
21,188
|
1,027
|
| Liabilities Purchases/Payments |
0
|
34,931
|
| Liabilities, Sales/Issuance |
0
|
0
|
| Liabilities, Transfers into Level 3 |
0
|
0
|
| Liabilities, Transfers out of Level 3 |
0
|
0
|
| Liabilities, Ending Balance |
(638,644)
|
(247,337)
|
| Change in unrealized gains (losses), liabilities |
21,188
|
(127)
|
| HMBS-related obligations |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Liabilities, Beginning Balance |
(10,406,332)
|
(9,150,883)
|
| Liabilities, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Liabilities, Realized Gain/(Loss) |
0
|
0
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
(194,107)
|
(147,470)
|
| Liabilities Purchases/Payments |
228,649
|
186,723
|
| Liabilities, Sales/Issuance |
(393,878)
|
(383,502)
|
| Liabilities, Transfers into Level 3 |
0
|
0
|
| Liabilities, Transfers out of Level 3 |
0
|
0
|
| Liabilities, Ending Balance |
(10,765,668)
|
(9,495,132)
|
| Change in unrealized gains (losses), liabilities |
(194,107)
|
(147,470)
|
| Loan Purchase Commitments |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Liabilities, Beginning Balance |
(42)
|
(1,602)
|
| Liabilities, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Liabilities, Realized Gain/(Loss) |
0
|
0
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
(6,401)
|
1,602
|
| Liabilities Purchases/Payments |
0
|
0
|
| Liabilities, Sales/Issuance |
0
|
0
|
| Liabilities, Transfers into Level 3 |
0
|
0
|
| Liabilities, Transfers out of Level 3 |
0
|
0
|
| Liabilities, Ending Balance |
(6,443)
|
0
|
| Securities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Change in unrealized gain (loss), assets |
(6,584)
|
(3,514)
|
| Securities | Agency RMBS |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
12,578
|
10,660
|
| Assets, Accreted Discounts/Amortized Premiums |
(617)
|
(368)
|
| Assets, Realized Gain (Loss) |
629
|
38
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(710)
|
355
|
| Assets, Purchases |
6,089
|
753
|
| Assets, Sales |
(6,171)
|
(848)
|
| Assets, Transfers into Level 3 |
549
|
655
|
| Assets, Transfers out of Level 3 |
0
|
(492)
|
| Assets, Ending Balance |
12,347
|
10,753
|
| Securities | Non-Agency RMBS |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
267,747
|
153,188
|
| Assets, Accreted Discounts/Amortized Premiums |
(19,364)
|
(7,022)
|
| Assets, Realized Gain (Loss) |
2,889
|
406
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(2,513)
|
(633)
|
| Assets, Purchases |
101,608
|
74,919
|
| Assets, Sales |
(35,148)
|
(10,903)
|
| Assets, Transfers into Level 3 |
10,946
|
6,957
|
| Assets, Transfers out of Level 3 |
(15,381)
|
(25,438)
|
| Assets, Ending Balance |
310,784
|
191,474
|
| Securities | CMBS |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
12,935
|
21,399
|
| Assets, Accreted Discounts/Amortized Premiums |
26
|
306
|
| Assets, Realized Gain (Loss) |
0
|
516
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(651)
|
(1,116)
|
| Assets, Purchases |
0
|
0
|
| Assets, Sales |
0
|
(3,050)
|
| Assets, Transfers into Level 3 |
0
|
5,302
|
| Assets, Transfers out of Level 3 |
2,524
|
5,670
|
| Assets, Ending Balance |
9,786
|
17,687
|
| Securities | CLOs |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
34,265
|
22,678
|
| Assets, Accreted Discounts/Amortized Premiums |
(203)
|
(1,413)
|
| Assets, Realized Gain (Loss) |
(435)
|
83
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(3,913)
|
(1,175)
|
| Assets, Purchases |
4,089
|
623
|
| Assets, Sales |
(1,575)
|
(8,680)
|
| Assets, Transfers into Level 3 |
5,906
|
0
|
| Assets, Transfers out of Level 3 |
(767)
|
0
|
| Assets, Ending Balance |
37,367
|
12,116
|
| Securities | Asset-backed securities, backed by consumer loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
53,087
|
60,227
|
| Assets, Accreted Discounts/Amortized Premiums |
(1,833)
|
(1,714)
|
| Assets, Realized Gain (Loss) |
(2,572)
|
(2,008)
|
| Assets, Change In Net Unrealized Gain/(Loss) |
2,452
|
(667)
|
| Assets, Purchases |
7,451
|
6,857
|
| Assets, Sales |
(4,905)
|
(6,347)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
53,680
|
56,348
|
| Securities | Other asset-backed securities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
97,773
|
35,483
|
| Assets, Accreted Discounts/Amortized Premiums |
(2,543)
|
132
|
| Assets, Realized Gain (Loss) |
(188)
|
1,070
|
| Assets, Change In Net Unrealized Gain/(Loss) |
45
|
(1,127)
|
| Assets, Purchases |
31,930
|
1,020
|
| Assets, Sales |
(12,138)
|
(12,097)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
114,879
|
24,481
|
| Securities | Corporate debt securities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
15,530
|
14,352
|
| Assets, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Assets, Realized Gain (Loss) |
(235)
|
382
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(179)
|
(513)
|
| Assets, Purchases |
7,691
|
3,344
|
| Assets, Sales |
(2,802)
|
(4,177)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
20,005
|
13,388
|
| Securities | Corporate equity securities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
11,654
|
9,759
|
| Assets, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Assets, Realized Gain (Loss) |
3
|
636
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(177)
|
68
|
| Assets, Purchases |
41
|
493
|
| Assets, Sales |
(5)
|
(1,646)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
11,516
|
9,310
|
| Loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Change in unrealized gain (loss), assets |
222,098
|
211,522
|
| Loans | Residential mortgage loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
3,643,094
|
3,539,534
|
| Assets, Accreted Discounts/Amortized Premiums |
835
|
2,316
|
| Assets, Realized Gain (Loss) |
14,159
|
(2,459)
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(21,358)
|
23,797
|
| Assets, Purchases |
1,857,344
|
917,705
|
| Assets, Sales |
(1,745,909)
|
(1,155,729)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
3,748,165
|
3,325,164
|
| Loans | Commercial mortgage loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
640,712
|
350,515
|
| Assets, Accreted Discounts/Amortized Premiums |
256
|
45
|
| Assets, Realized Gain (Loss) |
520
|
(10,075)
|
| Assets, Change In Net Unrealized Gain/(Loss) |
372
|
11,717
|
| Assets, Purchases |
183,147
|
58,746
|
| Assets, Sales |
(201,811)
|
(54,770)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
623,196
|
356,178
|
| Loans | Consumer loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
159
|
477
|
| Assets, Accreted Discounts/Amortized Premiums |
(18)
|
(35)
|
| Assets, Realized Gain (Loss) |
(20)
|
25
|
| Assets, Change In Net Unrealized Gain/(Loss) |
32
|
(22)
|
| Assets, Purchases |
10
|
14
|
| Assets, Sales |
(28)
|
(89)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
135
|
370
|
| Loans | Corporate loan [Member] |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
25,366
|
11,767
|
| Assets, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Assets, Realized Gain (Loss) |
0
|
0
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(158)
|
115
|
| Assets, Purchases |
10,496
|
22,200
|
| Assets, Sales |
(4,225)
|
(22,965)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
31,479
|
11,117
|
| Loans | Reverse mortgage loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
12,331,316
|
10,097,279
|
| Assets, Accreted Discounts/Amortized Premiums |
(266)
|
0
|
| Assets, Realized Gain (Loss) |
(16)
|
0
|
| Assets, Change In Net Unrealized Gain/(Loss) |
248,307
|
196,378
|
| Assets, Purchases |
656,242
|
464,479
|
| Assets, Sales |
(245,397)
|
(176,807)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
12,990,186
|
10,581,329
|
| Forward MSR-related Investments |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
77,852
|
77,848
|
| Assets, Accreted Discounts/Amortized Premiums |
2,743
|
2,654
|
| Assets, Realized Gain (Loss) |
0
|
0
|
| Assets, Change In Net Unrealized Gain/(Loss) |
(482)
|
14,748
|
| Assets, Purchases |
0
|
0
|
| Assets, Sales |
(7,289)
|
(8,047)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
72,824
|
87,203
|
| Change in unrealized gain (loss), assets |
(482)
|
14,748
|
| Mortgage servicing rights |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
28,913
|
29,766
|
| Assets, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Assets, Realized Gain (Loss) |
0
|
0
|
| Assets, Change In Net Unrealized Gain/(Loss) |
1,279
|
(230)
|
| Assets, Purchases |
0
|
0
|
| Assets, Sales |
0
|
0
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
30,192
|
29,536
|
| Change in unrealized gain (loss), assets |
1,279
|
(230)
|
| Loan commitments |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
9,124
|
6,692
|
| Assets, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Assets, Realized Gain (Loss) |
0
|
0
|
| Assets, Change In Net Unrealized Gain/(Loss) |
1,083
|
523
|
| Assets, Purchases |
0
|
0
|
| Assets, Sales |
0
|
0
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
10,207
|
7,215
|
| Change in unrealized gain (loss), assets |
9,623
|
1,342
|
| Investment in unconsolidated entities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
312,421
|
220,078
|
| Assets, Accreted Discounts/Amortized Premiums |
0
|
0
|
| Assets, Realized Gain (Loss) |
5,100
|
(5,068)
|
| Assets, Change In Net Unrealized Gain/(Loss) |
12,464
|
13,372
|
| Assets, Purchases |
176,783
|
128,768
|
| Assets, Sales |
(157,046)
|
(88,057)
|
| Assets, Transfers into Level 3 |
0
|
0
|
| Assets, Transfers out of Level 3 |
0
|
0
|
| Assets, Ending Balance |
349,722
|
269,093
|
| Change in unrealized gain (loss), assets |
12,743
|
4,093
|
| Financial Derivatives - Assets |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Change in unrealized gain (loss), assets |
30
|
|
| Financial Derivatives - Assets | Credit default swaps on asset-backed securities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Liabilities, Beginning Balance |
|
3
|
| Liabilities, Accreted Discounts/Amortized Premiums |
|
0
|
| Liabilities, Realized Gain/(Loss) |
|
0
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
|
0
|
| Liabilities Purchases/Payments |
|
0
|
| Liabilities, Sales/Issuance |
|
0
|
| Liabilities, Transfers into Level 3 |
|
0
|
| Liabilities, Transfers out of Level 3 |
|
0
|
| Liabilities, Ending Balance |
|
3
|
| Financial Derivatives - Assets | Total return swaps |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
24
|
|
| Assets, Accreted Discounts/Amortized Premiums |
0
|
|
| Assets, Realized Gain (Loss) |
7
|
|
| Assets, Change In Net Unrealized Gain/(Loss) |
30
|
|
| Assets, Purchases |
47
|
|
| Assets, Sales |
(54)
|
|
| Assets, Transfers into Level 3 |
0
|
|
| Assets, Transfers out of Level 3 |
0
|
|
| Assets, Ending Balance |
54
|
|
| Loan Purchase Commitments |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Assets, Beginning Balance |
|
0
|
| Assets, Accreted Discounts/Amortized Premiums |
|
0
|
| Assets, Realized Gain (Loss) |
|
0
|
| Assets, Change In Net Unrealized Gain/(Loss) |
|
1,342
|
| Assets, Purchases |
|
0
|
| Assets, Sales |
|
0
|
| Assets, Transfers into Level 3 |
|
0
|
| Assets, Transfers out of Level 3 |
|
0
|
| Assets, Ending Balance |
|
1,342
|
| Change in unrealized gain (loss), assets |
(6,419)
|
$ 6,540
|
| Financial Derivatives - Liabilities | Credit default swaps on asset-backed securities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Liabilities, Beginning Balance |
2
|
|
| Liabilities, Accreted Discounts/Amortized Premiums |
0
|
|
| Liabilities, Realized Gain/(Loss) |
0
|
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
0
|
|
| Liabilities Purchases/Payments |
0
|
|
| Liabilities, Sales/Issuance |
0
|
|
| Liabilities, Transfers into Level 3 |
0
|
|
| Liabilities, Transfers out of Level 3 |
0
|
|
| Liabilities, Ending Balance |
2
|
|
| Financial Derivatives - Liabilities | Total return swaps |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Liabilities, Beginning Balance |
0
|
|
| Liabilities, Accreted Discounts/Amortized Premiums |
0
|
|
| Liabilities, Realized Gain/(Loss) |
(47)
|
|
| Liabilities, Change In Net Unrealized Gain/(Loss) |
0
|
|
| Liabilities Purchases/Payments |
48
|
|
| Liabilities, Sales/Issuance |
(1)
|
|
| Liabilities, Transfers into Level 3 |
0
|
|
| Liabilities, Transfers out of Level 3 |
0
|
|
| Liabilities, Ending Balance |
$ 0
|
|