Investment in Securities (Summary of Investment in Securities) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 596,860
|
$ 565,244
|
| Unamortized Premium (Discount) |
|
(252,107)
|
(245,735)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
876,281
|
789,184
|
| Gross Unrealized Gains |
|
57,921
|
56,778
|
| Gross Unrealized Losses |
|
(94,608)
|
(83,782)
|
| Investment Owned At Fair Value, Net |
|
839,594
|
762,180
|
| Securities, at fair value(1)(2) |
[1],[2] |
1,136,825
|
1,034,882
|
| Securities sold short, at fair value |
|
$ (297,231)
|
$ (272,702)
|
| Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
5.05%
|
5.21%
|
| Weighted Average Yield |
|
8.25%
|
8.27%
|
| Weighted average life |
|
5 years 18 days
|
5 years 3 months 10 days
|
| Long |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 896,758
|
$ 836,079
|
| Unamortized Premium (Discount) |
|
(251,729)
|
(244,558)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
1,176,557
|
1,061,196
|
| Gross Unrealized Gains |
|
54,861
|
56,319
|
| Gross Unrealized Losses |
|
(94,593)
|
(82,633)
|
| Securities, at fair value(1)(2) |
|
$ 1,136,825
|
$ 1,034,882
|
| Long | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
5.43%
|
5.61%
|
| Weighted Average Yield |
|
9.41%
|
9.42%
|
| Weighted average life |
|
4 years 8 months 26 days
|
4 years 9 months 21 days
|
| Long | 15-year fixed-rate mortgages |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 4,874
|
$ 5,271
|
| Unamortized Premium (Discount) |
|
(16)
|
(20)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
4,858
|
5,251
|
| Gross Unrealized Gains |
|
25
|
47
|
| Gross Unrealized Losses |
|
(104)
|
(94)
|
| Securities, at fair value(1)(2) |
|
$ 4,779
|
$ 5,204
|
| Long | 15-year fixed-rate mortgages | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.50%
|
3.50%
|
| Weighted Average Yield |
|
3.68%
|
3.77%
|
| Weighted average life |
|
2 years 5 months 1 day
|
2 years 6 months
|
| Long | 30-year fixed-rate mortgages |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 204,988
|
$ 209,771
|
| Unamortized Premium (Discount) |
|
(471)
|
(356)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
204,517
|
209,415
|
| Gross Unrealized Gains |
|
1,928
|
2,564
|
| Gross Unrealized Losses |
|
(14,469)
|
(14,106)
|
| Securities, at fair value(1)(2) |
|
$ 191,976
|
$ 197,873
|
| Long | 30-year fixed-rate mortgages | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.92%
|
3.93%
|
| Weighted Average Yield |
|
3.62%
|
3.84%
|
| Weighted average life |
|
7 years 2 months 26 days
|
7 years 3 months 21 days
|
| Long | Reverse mortgages |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 567
|
$ 655
|
| Unamortized Premium (Discount) |
|
31
|
33
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
598
|
688
|
| Gross Unrealized Gains |
|
0
|
0
|
| Gross Unrealized Losses |
|
(38)
|
(132)
|
| Securities, at fair value(1)(2) |
|
$ 560
|
$ 556
|
| Long | Reverse mortgages | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
4.44%
|
4.46%
|
| Weighted Average Yield |
|
2.77%
|
2.75%
|
| Weighted average life |
|
3 years 11 months 23 days
|
4 years 1 month 24 days
|
| Long | Interest only securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 13,985
|
$ 13,012
|
| Gross Unrealized Gains |
|
1,428
|
1,913
|
| Gross Unrealized Losses |
|
(402)
|
(191)
|
| Securities, at fair value(1)(2) |
|
$ 15,011
|
$ 14,734
|
| Long | Interest only securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
1.50%
|
1.21%
|
| Weighted Average Yield |
|
11.22%
|
12.00%
|
| Weighted average life |
|
4 years 5 months 15 days
|
6 years 6 months 25 days
|
| Long | Non-Agency RMBS |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 288,054
|
$ 308,570
|
| Unamortized Premium (Discount) |
|
(74,299)
|
(80,178)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
213,755
|
228,392
|
| Gross Unrealized Gains |
|
22,509
|
24,999
|
| Gross Unrealized Losses |
|
(7,467)
|
(5,226)
|
| Securities, at fair value(1)(2) |
|
$ 228,797
|
$ 248,165
|
| Long | Non-Agency RMBS | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
5.03%
|
5.09%
|
| Weighted Average Yield |
|
8.74%
|
8.42%
|
| Weighted average life |
|
3 years 10 months 17 days
|
4 years 6 months 3 days
|
| Long | CMBS |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 69,251
|
$ 66,252
|
| Unamortized Premium (Discount) |
|
(25,806)
|
(25,995)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
43,445
|
40,257
|
| Gross Unrealized Gains |
|
638
|
700
|
| Gross Unrealized Losses |
|
(16,541)
|
(15,800)
|
| Securities, at fair value(1)(2) |
|
$ 27,542
|
$ 25,157
|
| Long | CMBS | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.96%
|
3.74%
|
| Weighted Average Yield |
|
7.92%
|
9.91%
|
| Weighted average life |
|
3 years 5 months 15 days
|
4 years 1 month 17 days
|
| Long | Non-Agency IOs |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 263,794
|
$ 212,700
|
| Gross Unrealized Gains |
|
13,518
|
10,853
|
| Gross Unrealized Losses |
|
(17,979)
|
(16,773)
|
| Securities, at fair value(1)(2) |
|
$ 259,333
|
$ 206,780
|
| Long | Non-Agency IOs | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
0.80%
|
0.76%
|
| Weighted Average Yield |
|
15.01%
|
13.58%
|
| Weighted average life |
|
3 years 4 months 20 days
|
3 years 1 month 9 days
|
| Long | CLOs |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 130,753
|
$ 138,068
|
| Gross Unrealized Gains |
|
617
|
1,139
|
| Gross Unrealized Losses |
|
(22,279)
|
(14,167)
|
| Securities, at fair value(1)(2) |
|
$ 109,091
|
$ 125,040
|
| Long | CLOs | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
2.78%
|
3.22%
|
| Weighted Average Yield |
|
11.41%
|
11.10%
|
| Weighted average life |
|
7 years 3 months 25 days
|
7 years 29 days
|
| Long | Other asset-backed securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 112,440
|
$ 95,378
|
| Gross Unrealized Gains |
|
6,254
|
5,866
|
| Gross Unrealized Losses |
|
(3,815)
|
(3,471)
|
| Securities, at fair value(1)(2) |
|
$ 114,879
|
$ 97,773
|
| Long | Other asset-backed securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.18%
|
2.87%
|
| Weighted Average Yield |
|
12.14%
|
13.98%
|
| Weighted average life |
|
2 years 11 months 19 days
|
3 years 3 months 3 days
|
| Long | Asset-backed securities, backed by consumer loans |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 159,813
|
$ 157,165
|
| Unamortized Premium (Discount) |
|
(101,524)
|
(97,017)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
58,289
|
60,148
|
| Gross Unrealized Gains |
|
390
|
382
|
| Gross Unrealized Losses |
|
(4,999)
|
(7,443)
|
| Securities, at fair value(1)(2) |
|
$ 53,680
|
$ 53,087
|
| Long | Asset-backed securities, backed by consumer loans | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
12.00%
|
12.00%
|
| Weighted Average Yield |
|
8.13%
|
9.83%
|
| Weighted average life |
|
1 year 8 months 1 day
|
1 year 7 months 20 days
|
| Long | Corporate debt securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 69,153
|
$ 55,795
|
| Unamortized Premium (Discount) |
|
(49,685)
|
(40,981)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
19,468
|
14,814
|
| Gross Unrealized Gains |
|
3,714
|
3,826
|
| Gross Unrealized Losses |
|
(3,177)
|
(3,110)
|
| Securities, at fair value(1)(2) |
|
$ 20,005
|
$ 15,530
|
| Long | Corporate debt securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
0.08%
|
0.10%
|
| Weighted Average Yield |
|
0.00%
|
0.00%
|
| Weighted average life |
|
2 years 9 months 10 days
|
2 years 9 months 3 days
|
| Long | Corporate equity securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 10,556
|
$ 10,517
|
| Gross Unrealized Gains |
|
3,799
|
3,594
|
| Gross Unrealized Losses |
|
(2,379)
|
(2,120)
|
| Securities, at fair value(1)(2) |
|
11,976
|
11,991
|
| Long | U.S. Treasury securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
100,058
|
32,600
|
| Unamortized Premium (Discount) |
|
41
|
(44)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
100,099
|
32,556
|
| Gross Unrealized Gains |
|
41
|
436
|
| Gross Unrealized Losses |
|
(944)
|
0
|
| Securities, at fair value(1)(2) |
|
$ 99,196
|
$ 32,992
|
| Long | U.S. Treasury securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
4.00%
|
4.14%
|
| Weighted Average Yield |
|
3.95%
|
3.97%
|
| Weighted average life |
|
7 years 1 month 28 days
|
5 years 14 days
|
| Short |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ (299,898)
|
$ (270,835)
|
| Unamortized Premium (Discount) |
|
(378)
|
(1,177)
|
| Investment Sold, Not yet Purchased, Sale Proceeds |
|
(300,276)
|
(272,012)
|
| Gross Unrealized Gains |
|
3,060
|
459
|
| Gross Unrealized Losses |
|
(15)
|
(1,149)
|
| Securities sold short, at fair value |
|
$ (297,231)
|
$ (272,702)
|
| Short | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.92%
|
3.99%
|
| Weighted Average Yield |
|
3.86%
|
3.91%
|
| Weighted average life |
|
6 years 2 months 19 days
|
7 years 7 days
|
| Short | U.S. Treasury securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ (299,898)
|
$ (268,105)
|
| Unamortized Premium (Discount) |
|
(378)
|
(1,213)
|
| Investment Sold, Not yet Purchased, Sale Proceeds |
|
(300,276)
|
(269,318)
|
| Gross Unrealized Gains |
|
3,060
|
459
|
| Gross Unrealized Losses |
|
(15)
|
(1,119)
|
| Securities sold short, at fair value |
|
$ (297,231)
|
$ (269,978)
|
| Short | U.S. Treasury securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.92%
|
4.03%
|
| Weighted Average Yield |
|
3.86%
|
3.93%
|
| Weighted average life |
|
6 years 2 months 19 days
|
7 years 1 month 2 days
|
| Short | European sovereign bonds |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
|
$ (2,730)
|
| Unamortized Premium (Discount) |
|
|
36
|
| Investment Sold, Not yet Purchased, Sale Proceeds |
|
|
(2,694)
|
| Gross Unrealized Gains |
|
|
0
|
| Gross Unrealized Losses |
|
|
(30)
|
| Securities sold short, at fair value |
|
|
$ (2,724)
|
| Short | European sovereign bonds | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
|
0.13%
|
| Weighted Average Yield |
|
|
1.28%
|
| Weighted average life |
|
|
29 days
|
|
|