v3.26.1
Secured Financing Agreements - Narrative (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
facility
Dec. 31, 2025
USD ($)
Repurchase Agreement Counterparty [Line Items]    
Secured Financing Agreements, Unpaid Principal/Notional $ 7,725,542 $ 6,031,182
Margin cash collateral pledged to repurchase agreement counterparties $ 7,756 $ 16,968
Securities sold under agreements to repurchase, haircut 8.00% 8.00%
Weighted average maturity 1 year  
Decrease in share price (as a percent) 50.00%  
Number of warehouse financing facilities under master repurchase agreements | facility 7  
Secured financing agreements $ 283,984 $ 298,663
Securities sold under agreements to repurchase, weighted average borrowing rate 5.00% 5.00%
Nomura    
Repurchase Agreement Counterparty [Line Items]    
Amount at risk $ 347,000 $ 459,000
Warehouse Agreement Borrowings    
Repurchase Agreement Counterparty [Line Items]    
Unused warehouse credit facilities $ 2,100,000  
Repurchase Agreements | Nomura | Stockholders' Equity, Total | Credit Concentration Risk | Asset Pledged as Collateral    
Repurchase Agreement Counterparty [Line Items]    
Concentration risk (as a percent) 14.00% 18.00%
Weighted average maturity 172 days 287 days
Minimum | Warehouse Agreement Borrowings    
Repurchase Agreement Counterparty [Line Items]    
Maturity dates of credit facility 3 months  
Maximum | Warehouse Agreement Borrowings    
Repurchase Agreement Counterparty [Line Items]    
Maturity dates of credit facility 1 year  
Not Subject to Additional Margin Requirements Upon Change in Fair Value of Collateral Pledged    
Repurchase Agreement Counterparty [Line Items]    
Secured Financing Agreements, Unpaid Principal/Notional $ 833,000 $ 890,000
Not Subject to Additional Margin Requirements Until Drop in Fair Value of Collateral    
Repurchase Agreement Counterparty [Line Items]    
Secured Financing Agreements, Unpaid Principal/Notional $ 356,000 $ 402,000
Agency RMBS - Interest-only | Investment Portfolio Segment    
Repurchase Agreement Counterparty [Line Items]    
Securities sold under agreements to repurchase, haircut 4.20% 4.40%
Agency CMBS - Project loans | Investment Portfolio Segment    
Repurchase Agreement Counterparty [Line Items]    
Securities sold under agreements to repurchase, haircut 4.00% 5.40%
Loans held for sale, at fair value | Investment Portfolio Segment    
Repurchase Agreement Counterparty [Line Items]    
Securities sold under agreements to repurchase, haircut 9.00%  
Non-agency MBS and Loans held for investment | Investment Portfolio Segment    
Repurchase Agreement Counterparty [Line Items]    
Securities sold under agreements to repurchase, haircut 25.90% 27.10%
Secured financing agreements, at fair value    
Repurchase Agreement Counterparty [Line Items]    
Secured Financing Agreements, Unpaid Principal/Notional $ 293,052 $ 305,817
Fair value of pledged collateral 340,000 360,000
Secured financing agreements $ 283,984 $ 298,663