v3.26.1
Valuation (Significant Unobservable Inputs Rollforward) (Details) - Level 3 - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance $ 18,426,524 $ 15,004,104 $ 17,574,550 $ 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
Assets, 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)
Assets, Ending Balance 19,068,385 15,509,523 19,068,385 15,509,523
Liabilities, Beginning Balance (14,536,089) (11,669,183) (14,011,786) (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
Liabilities, Ending Balance (15,164,049) (12,191,075) (15,164,049) (12,191,075)
Non-Agency RMBS        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Total assets 396,915   396,915  
CMBS        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Total assets 10,345   10,345  
CLOs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Total assets 44,632   44,632  
Asset-backed securities, backed by consumer loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Total assets 170,075   170,075  
Other secured borrowings, at fair value        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Liabilities, Beginning Balance (3,125,332) (1,926,711) (2,945,578) (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
Liabilities, Ending Balance (3,451,333) (2,127,225) (3,451,333) (2,127,225)
Change in unrealized gains (losses), liabilities 8,428 (30,771) 17,252 (61,330)
Unsecured Borrowings        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Liabilities, Beginning Balance (638,644) (247,337) (659,832) (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
Liabilities, Ending Balance (654,962) (249,036) (654,962) (249,036)
Change in unrealized gains (losses), liabilities (16,318) (1,699) 4,870 (1,827)
HMBS-related obligations        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Liabilities, Beginning Balance (10,765,668) (9,495,132) (10,406,332) (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
Liabilities, Ending Balance (11,057,752) (9,814,811) (11,057,752) (9,814,811)
Change in unrealized gains (losses), liabilities (121,141) (142,212) (315,248) (289,682)
Loan Purchase Commitments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Liabilities, Beginning Balance (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
Liabilities, Ending Balance 0 0 0 0
Securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Change in unrealized gain (loss), assets (422) 12,254 (6,193) 7,321
Securities | Agency RMBS        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 12,347 10,753 12,578 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
Assets, 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)
Assets, Ending Balance 12,760 8,883 12,760 8,883
Securities | Non-Agency RMBS        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 310,784 191,474 267,747 153,188
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
Assets, 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)
Assets, Ending Balance 396,915 258,932 396,915 258,932
Securities | CMBS        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 9,786 17,687 12,935 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
Assets, 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
Assets, Ending Balance 10,345 21,615 10,345 21,615
Securities | CLOs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 37,367 12,116 34,265 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
Assets, 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
Assets, Ending Balance 44,632 20,794 44,632 20,794
Securities | Asset-backed securities, backed by consumer loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 53,680 56,348 53,087 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
Assets, 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
Assets, Ending Balance 53,159 55,186 53,159 55,186
Securities | Other asset-backed securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 114,879 24,481 97,773 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
Assets, 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
Assets, Ending Balance 116,916 21,999 116,916 21,999
Securities | Corporate debt securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 20,005 13,388 15,530 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
Assets, 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
Assets, Ending Balance 29,419 13,607 29,419 13,607
Securities | Corporate equity securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 11,516 9,310 11,654 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
Assets, 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
Assets, Ending Balance 10,883 9,039 10,883 9,039
Loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Change in unrealized gain (loss), assets 145,257 210,725 393,309 420,369
Loans | Residential mortgage loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 3,748,165 3,325,164 3,643,094 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
Assets, 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
Assets, Ending Balance 3,559,269 3,107,555 3,559,269 3,107,555
Loans | Commercial mortgage loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 623,196 356,178 640,712 350,515
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
Assets, 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
Assets, Ending Balance 675,066 435,222 675,066 435,222
Loans | Consumer loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 135 370 159 477
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
Assets, Sales (22) (57) (51) (146)
Assets, Transfers into Level 3 0 0 0 0
Assets, Transfers out of Level 3 0 0 0 0
Assets, Ending Balance 108 271 108 271
Loans | Corporate loan [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 31,479 11,117 25,366 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
Assets, 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
Assets, Ending Balance 52,575 19,709 52,575 19,709
Loans | Reverse mortgage loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 12,990,186 10,581,329 12,331,316 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
Assets, 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
Assets, Ending Balance 13,587,412 11,105,608 13,587,412 11,105,608
Forward MSR-related Investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 72,824 87,203 77,852 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
Assets, 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
Assets, Ending Balance 75,901 81,256 75,901 81,256
Change in unrealized gain (loss), assets 5,501 (2,752) 5,019 11,996
Mortgage servicing rights        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 30,192 29,536 28,913 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
Assets, Sales 0 0 0 0
Assets, Transfers into Level 3 0 0 0 0
Assets, Transfers out of Level 3 0 0 0 0
Assets, Ending Balance 30,040 29,276 30,040 29,276
Change in unrealized gain (loss), assets (152) (260) 1,127 (490)
Loan commitments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 10,207 7,215 9,124 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
Assets, Sales 0 0 0 0
Assets, Transfers into Level 3 0 0 0 0
Assets, Transfers out of Level 3 0 0 0 0
Assets, Ending Balance 10,191 8,785 10,191 8,785
Change in unrealized gain (loss), assets 9,416 3,206 10,182 4,064
Investment in unconsolidated entities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 349,722 269,093 312,421 220,078
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
Assets, 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
Assets, Ending Balance 402,259 307,722 402,259 307,722
Change in unrealized gain (loss), assets 3,856 11,797 15,725 15,839
Financial Derivatives - Assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Change in unrealized gain (loss), assets 9   39  
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   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
Liabilities, Ending Balance   3   3
Financial Derivatives - Assets | Total return swaps        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 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  
Assets, Sales (227)   (281)  
Assets, Transfers into Level 3 0   0  
Assets, Transfers out of Level 3 0   0  
Assets, Ending Balance 63   63  
Loan Purchase Commitments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Assets, Beginning Balance 0 1,342 0 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
Assets, Sales 0 0 0 0
Assets, Transfers into Level 3 0 0 0 0
Assets, Transfers out of Level 3 0 0 0 0
Assets, Ending Balance 472 4,064 472 4,064
Change in unrealized gain (loss), assets 2,588 $ 8,275 472 $ 8,781
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   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  
Liabilities, Ending Balance 2   2  
Financial Derivatives - Liabilities | Total return swaps        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Liabilities, Beginning Balance 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  
Liabilities, Ending Balance $ 0   $ 0