v3.26.1
Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Assets:      
Non-Agency RMBS, at fair value $ 727,621 $ 817,280  
Agency MBS, at fair value 5,264,559 3,463,485  
Loans held for investment, at fair value 7,890,790 9,803,615  
Loans held-for-sale, at fair value 1,126,461 896,117  
Counterparty and Cash Collateral, netting (69,445) (4,065)  
Net Amounts Offset in the Consolidated Statements of Financial Position 49,647 25,187  
Interests in MSR financing receivables 35,471 37,294 $ 0
Liabilities      
Secured financing agreements, at fair value 283,984 298,663  
Securitized debt at fair value, collateralized by Loans held for investment 5,408,277 6,721,302  
Counterparty and Cash Collateral, netting 0 0  
Net Amounts Offset in the Consolidated Statements of Financial Position 0 1,759  
Level 1      
Assets:      
Non-Agency RMBS, at fair value 0 0  
Agency MBS, at fair value 0 0  
Loans held for investment, at fair value 0 0  
Loans held-for-sale, at fair value 0 0  
Derivatives, at fair value 234 57  
Interests in MSR financing receivables 0 0  
Liabilities      
Secured financing agreements, at fair value 0 0  
Securitized debt at fair value, collateralized by Loans held for investment 0 0  
Derivatives, at fair value 0 0  
Level 2      
Assets:      
Non-Agency RMBS, at fair value 0 0  
Agency MBS, at fair value 5,264,559 3,463,485  
Loans held for investment, at fair value 35,679 75,351  
Loans held-for-sale, at fair value 1,126,461 896,117  
Derivatives, at fair value 114,803 25,340  
Interests in MSR financing receivables 0 0  
Liabilities      
Secured financing agreements, at fair value 283,984 298,663  
Securitized debt at fair value, collateralized by Loans held for investment 0 0  
Derivatives, at fair value 0 1,759  
Level 3      
Assets:      
Non-Agency RMBS, at fair value 727,621 817,280  
Agency MBS, at fair value 0 0  
Loans held for investment, at fair value 7,855,111 9,728,264  
Loans held-for-sale, at fair value 0 0  
Derivatives, at fair value 4,055 3,855  
Interests in MSR financing receivables 35,471 37,294  
Liabilities      
Secured financing agreements, at fair value 0 0  
Securitized debt at fair value, collateralized by Loans held for investment 5,408,277 6,721,302  
Derivatives, at fair value $ 0 $ 0