v3.26.1
Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Significant Accounting Policies [Line Items]                
Number of days to determine non-performance of loan     90 days          
Level 3                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value $ 19,068,385 $ 15,509,523 $ 19,068,385 $ 15,509,523 $ 18,426,524 $ 17,574,550 $ 15,004,104 $ 14,661,702
Assets, Accreted Discounts/Amortized Premiums (21,799) (15,098) (41,877) (20,215)        
Assets, Realized Gain (Loss) (9,056) 14,955 11,639 (2,023)        
Assets, Change In Net Unrealized Gain/(Loss) 182,308 242,730 417,885 498,502        
Assets, Purchases 3,304,559 1,959,450 6,361,775 3,610,254        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (2,836,175) (1,666,213) (5,264,991) (3,217,012)        
Assets, Transfers into Level 3 29,901 7,981 44,842 19,154        
Assets, Transfers out of Level 3 (7,877) (38,386) (35,438) (40,839)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value (15,164,049) (12,191,075) (15,164,049) (12,191,075) (14,536,089) (14,011,786) (11,669,183) (11,368,709)
Liabilities, Accreted Discounts/Amortized Premiums (5,003) (1,834) (8,409) (3,292)        
Liabilities, Realized Gain/(Loss) (85) 0 (131) (1,383)        
Liabilities, Change In Net Unrealized Gain/(Loss) (122,588) (174,682) (293,084) (350,083)        
Liabilities Purchases/Payments 378,462 271,318 669,464 532,588        
Liabilities, Sales/Issuance (878,746) (616,694) (1,520,103) (1,000,196)        
Liabilities, Transfers into Level 3 0 0 0 0        
Liabilities, Transfers out of Level 3 0 0 0 0        
Level 3 | Loan Purchase Commitments                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 0 0 0 0 (6,443) (42)   (1,602)
Liabilities, Accreted Discounts/Amortized Premiums 0   0 0        
Liabilities, Realized Gain/(Loss) 0   0 0        
Liabilities, Change In Net Unrealized Gain/(Loss) 6,443   42 1,602        
Liabilities Purchases/Payments 0   0 0        
Liabilities, Sales/Issuance 0   0 0        
Liabilities, Transfers into Level 3 0   0 0        
Liabilities, Transfers out of Level 3 0   0 0        
Level 3 | Other secured borrowings, at fair value                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value (3,451,333) (2,127,225) (3,451,333) (2,127,225) (3,125,332) (2,945,578) (1,926,711) (1,934,309)
Liabilities, Accreted Discounts/Amortized Premiums (5,003) (1,834) (8,409) (3,292)        
Liabilities, Realized Gain/(Loss) 0 0 0 0        
Liabilities, Change In Net Unrealized Gain/(Loss) 8,428 (30,771) 17,252 (61,330)        
Liabilities Purchases/Payments 96,909 54,745 159,214 94,360        
Liabilities, Sales/Issuance (426,335) (222,654) (673,812) (222,654)        
Liabilities, Transfers into Level 3 0 0 0 0        
Liabilities, Transfers out of Level 3 0 0 0 0        
Level 3 | Unsecured Borrowings                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value (654,962) (249,036) (654,962) (249,036) (638,644) (659,832) (247,337) (281,912)
Liabilities, Accreted Discounts/Amortized Premiums 0 0 0 0        
Liabilities, Realized Gain/(Loss) 0 0 0 (1,383)        
Liabilities, Change In Net Unrealized Gain/(Loss) (16,318) (1,699) 4,870 (673)        
Liabilities Purchases/Payments 0 0 0 34,932        
Liabilities, Sales/Issuance 0 0 0 0        
Liabilities, Transfers into Level 3 0 0 0 0        
Liabilities, Transfers out of Level 3 0 0 0 0        
Level 3 | HMBS-related obligations                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value (11,057,752) (9,814,811) (11,057,752) (9,814,811) (10,765,668) (10,406,332) (9,495,132) (9,150,883)
Liabilities, Accreted Discounts/Amortized Premiums 0 0 0 0        
Liabilities, Realized Gain/(Loss) 0 0 0 0        
Liabilities, Change In Net Unrealized Gain/(Loss) (121,141) (142,212) (315,248) (289,682)        
Liabilities Purchases/Payments 281,464 216,573 510,113 403,296        
Liabilities, Sales/Issuance (452,407) (394,040) (846,285) (777,542)        
Liabilities, Transfers into Level 3 0 0 0 0        
Liabilities, Transfers out of Level 3 0 0 0 0        
Securities | Level 3 | Agency RMBS                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 12,760 8,883 12,760 8,883 12,347 12,578 10,753 10,660
Assets, Accreted Discounts/Amortized Premiums (741) (396) (1,485) (745)        
Assets, Realized Gain (Loss) 10 6 639 43        
Assets, Change In Net Unrealized Gain/(Loss) (125) 133 (608) 499        
Assets, Purchases 1,534 250 13,338 1,003        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales 0 0 (6,171) (848)        
Assets, Transfers into Level 3 0 1,889 520 2,275        
Assets, Transfers out of Level 3 (265) (3,752) (6,051) (4,004)        
Securities | Level 3 | Non-Agency RMBS                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 396,915 258,932 396,915 258,932 310,784 267,747 191,474 153,188
Assets, Accreted Discounts/Amortized Premiums (19,337) (12,116) (37,867) (19,141)        
Assets, Realized Gain (Loss) 3,026 1,813 6,434 1,754        
Assets, Change In Net Unrealized Gain/(Loss) (2,376) 10,432 (5,315) 8,547        
Assets, Purchases 123,357 123,775 228,645 169,579        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (32,263) (23,695) (70,052) (31,031)        
Assets, Transfers into Level 3 16,873 1,883 26,915 7,491        
Assets, Transfers out of Level 3 (3,149) (34,634) (19,592) (31,455)        
Securities | Level 3 | CMBS                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 10,345 21,615 10,345 21,615 9,786 12,935 17,687 21,399
Assets, Accreted Discounts/Amortized Premiums (99) 289 (113) 560        
Assets, Realized Gain (Loss) 0 (780) 296 (323)        
Assets, Change In Net Unrealized Gain/(Loss) (1,409) 1,022 (2,157) (12)        
Assets, Purchases 2,016 0 2,015 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales 0 (812) (1,676) (4,017)        
Assets, Transfers into Level 3 685 4,209 134 9,388        
Assets, Transfers out of Level 3 634 0 1,089 5,380        
Securities | Level 3 | CLOs                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 44,632 20,794 44,632 20,794 37,367 34,265 12,116 22,678
Assets, Accreted Discounts/Amortized Premiums (1,921) (886) (1,882) (2,299)        
Assets, Realized Gain (Loss) (550) 63 (995) 146        
Assets, Change In Net Unrealized Gain/(Loss) 1,625 (511) (2,336) (1,686)        
Assets, Purchases 0 10,502 8,988 11,124        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (403) (490) (1,975) (9,169)        
Assets, Transfers into Level 3 12,343 0 17,273 0        
Assets, Transfers out of Level 3 (3,829) 0 (8,706) 0        
Securities | Level 3 | Asset-backed securities, backed by consumer loans                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 53,159 55,186 53,159 55,186 53,680 53,087 56,348 60,227
Assets, Accreted Discounts/Amortized Premiums (1,844) (1,758) (3,677) (3,471)        
Assets, Realized Gain (Loss) (408) (2,448) (2,979) (4,456)        
Assets, Change In Net Unrealized Gain/(Loss) (282) 1,644 2,170 976        
Assets, Purchases 6,513 6,767 13,963 13,624        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (4,500) (5,367) (9,405) (11,714)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Securities | Level 3 | Other asset-backed securities                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 116,916 21,999 116,916 21,999 114,879 97,773 24,481 35,483
Assets, Accreted Discounts/Amortized Premiums (1,937) (136) (4,481) (4)        
Assets, Realized Gain (Loss) (3,383) 2,246 (3,570) 3,315        
Assets, Change In Net Unrealized Gain/(Loss) 653 (871) 697 (1,998)        
Assets, Purchases 9,896 1,028 41,827 2,049        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (3,192) (4,749) (15,330) (16,846)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Securities | Level 3 | Corporate debt securities                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 29,419 13,607 29,419 13,607 20,005 15,530 13,388 14,352
Assets, Accreted Discounts/Amortized Premiums 0 0 0 0        
Assets, Realized Gain (Loss) (330) (123) (565) 259        
Assets, Change In Net Unrealized Gain/(Loss) 2,074 18 1,895 (496)        
Assets, Purchases 10,684 2,919 18,375 6,263        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (3,014) (2,595) (5,816) (6,771)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Securities | Level 3 | Corporate equity securities                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 10,883 9,039 10,883 9,039 11,516 11,654 9,310 9,759
Assets, Accreted Discounts/Amortized Premiums 0 0 0 0        
Assets, Realized Gain (Loss) 1,538 (984) 1,541 (348)        
Assets, Change In Net Unrealized Gain/(Loss) (204) 622 (381) 689        
Assets, Purchases 50 528 91 1,021        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (2,017) (437) (2,022) (2,082)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Loans | Level 3 | Residential mortgage loans                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 3,559,269 3,107,555 3,559,269 3,107,555 3,748,165 3,643,094 3,325,164 3,539,534
Assets, Accreted Discounts/Amortized Premiums 1,701 (2,848) 2,536 (532)        
Assets, Realized Gain (Loss) (14,424) 13,742 (265) 11,284        
Assets, Change In Net Unrealized Gain/(Loss) 3,519 20,041 (17,840) 43,839        
Assets, Purchases 2,063,329 998,311 3,920,673 1,916,015        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (2,243,021) (1,246,855) (3,988,929) (2,402,585)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Loans | Level 3 | Commercial mortgage loans                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 675,066 435,222 675,066 435,222 623,196 640,712 356,178 350,515
Assets, Accreted Discounts/Amortized Premiums 0 3 256 48        
Assets, Realized Gain (Loss) (94) 376 426 (9,699)        
Assets, Change In Net Unrealized Gain/(Loss) (1,182) 7 (810) 11,724        
Assets, Purchases 110,759 96,763 293,906 155,510        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (57,613) (18,105) (259,424) (72,876)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Loans | Level 3 | Consumer loans                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 108 271 108 271 135 159 370 477
Assets, Accreted Discounts/Amortized Premiums (20) (44) (39) (79)        
Assets, Realized Gain (Loss) (1) 0 (20) 26        
Assets, Change In Net Unrealized Gain/(Loss) 16 (2) 48 (24)        
Assets, Purchases 0 4 11 17        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (22) (57) (51) (146)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Loans | Level 3 | Corporate loan [Member]                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 52,575 19,709 52,575 19,709 31,479 25,366 11,117 11,767
Assets, Accreted Discounts/Amortized Premiums 0 0 0 0        
Assets, Realized Gain (Loss) 0 (1,644) 0 (1,644)        
Assets, Change In Net Unrealized Gain/(Loss) (6) 1,636 (164) 1,751        
Assets, Purchases 46,332 45,888 56,829 68,089        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (25,230) (37,288) (29,456) (60,254)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Loans | Level 3 | Reverse mortgage loans                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 13,587,412 11,105,608 13,587,412 11,105,608 12,990,186 12,331,316 10,581,329 10,097,279
Assets, Accreted Discounts/Amortized Premiums (184) (133) (450) (133)        
Assets, Realized Gain (Loss) (157) 0 (174) 0        
Assets, Change In Net Unrealized Gain/(Loss) 168,706 192,895 417,013 389,274        
Assets, Purchases 746,812 560,405 1,403,054 1,024,883        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (317,951) (228,888) (563,347) (405,695)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Forward MSR-related Investments | Level 3                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 75,901 81,256 75,901 81,256 72,824 77,852 87,203 77,848
Assets, Accreted Discounts/Amortized Premiums 2,583 2,927 5,325 5,581        
Assets, Realized Gain (Loss) 0 0 0 0        
Assets, Change In Net Unrealized Gain/(Loss) 5,501 (2,752) 5,019 11,996        
Assets, Purchases 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (5,007) (6,122) (12,295) (14,169)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Mortgage servicing rights | Level 3                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 30,040 29,276 30,040 29,276 30,192 28,913 29,536 29,766
Assets, Accreted Discounts/Amortized Premiums 0 0 0 0        
Assets, Realized Gain (Loss) 0 0 0 0        
Assets, Change In Net Unrealized Gain/(Loss) (152) (260) 1,127 (490)        
Assets, Purchases 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales 0 0 0 0        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Loan commitments | Level 3                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 10,191 8,785 10,191 8,785 10,207 9,124 7,215 6,692
Assets, Accreted Discounts/Amortized Premiums 0 0 0 0        
Assets, Realized Gain (Loss) 0 0 0 0        
Assets, Change In Net Unrealized Gain/(Loss) (16) 1,570 1,067 2,093        
Assets, Purchases 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales 0 0 0 0        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Investment in unconsolidated entities | Level 3                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 402,259 307,722 402,259 307,722 349,722 312,421 269,093 220,078
Assets, Accreted Discounts/Amortized Premiums 0 0 0 0        
Assets, Realized Gain (Loss) 5,490 2,688 10,590 (2,380)        
Assets, Change In Net Unrealized Gain/(Loss) 5,485 14,384 17,949 27,756        
Assets, Purchases 183,277 112,310 360,060 241,077        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (141,715) (90,753) (298,761) (178,809)        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 0 0 0 0        
Financial Derivatives - Assets | Level 3 | Total return swaps                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 63   63   54 24    
Assets, Accreted Discounts/Amortized Premiums 0   0          
Assets, Realized Gain (Loss) 227   281          
Assets, Change In Net Unrealized Gain/(Loss) 9   39          
Assets, Purchases 0   0          
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales (227)   (281)          
Assets, Transfers into Level 3 0   0          
Assets, Transfers out of Level 3 0   0          
Financial Derivatives - Assets | Level 3 | Credit default swaps on asset-backed securities                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value   3   3     3 3
Liabilities, Accreted Discounts/Amortized Premiums   0   0        
Liabilities, Realized Gain/(Loss)   0   0        
Liabilities, Change In Net Unrealized Gain/(Loss)   0   0        
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        
Financial Derivatives - Liabilities | Level 3 | Total return swaps                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 0   0   0 0    
Liabilities, Accreted Discounts/Amortized Premiums 0   0          
Liabilities, Realized Gain/(Loss) (86)   (132)          
Liabilities, Change In Net Unrealized Gain/(Loss) 0   0          
Liabilities Purchases/Payments 89   137          
Liabilities, Sales/Issuance (3)   (5)          
Liabilities, Transfers into Level 3 0   0          
Liabilities, Transfers out of Level 3 0   0          
Financial Derivatives - Liabilities | Level 3 | Credit default swaps on asset-backed securities                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 2   2   2 2    
Liabilities, Accreted Discounts/Amortized Premiums 0   0          
Liabilities, Realized Gain/(Loss) 1   1          
Liabilities, Change In Net Unrealized Gain/(Loss) 0   0          
Liabilities Purchases/Payments 0   0          
Liabilities, Sales/Issuance (1)   (1)          
Liabilities, Transfers into Level 3 0   0          
Liabilities, Transfers out of Level 3 0   0          
Loan Purchase Commitments | Level 3                
Significant Accounting Policies [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 472 4,064 472 4,064 $ 0 $ 0 $ 1,342 $ 0
Assets, Accreted Discounts/Amortized Premiums 0 0 0 0        
Assets, Realized Gain (Loss) 0 0 0 0        
Assets, Change In Net Unrealized Gain/(Loss) 472 2,722 472 4,064        
Assets, Purchases 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales 0 0 0 0        
Assets, Transfers into Level 3 0 0 0 0        
Assets, Transfers out of Level 3 $ 0 $ 0 $ 0 $ 0        
Long-Term Incentive Plan Units [Member] | Director [Member]                
Significant Accounting Policies [Line Items]                
Vesting period     1 year          
Minimum | Long-Term Incentive Plan Units [Member] | Dedicated or partially dedicated personnel [Member]                
Significant Accounting Policies [Line Items]                
Vesting period     1 year          
Maximum | Long-Term Incentive Plan Units [Member] | Dedicated or partially dedicated personnel [Member]                
Significant Accounting Policies [Line Items]                
Vesting period     2 years