Investment in Securities (Summary of Investment in Securities) (Details) - USD ($)
$ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 705,100
|
$ 565,244
|
| Unamortized Premium (Discount) |
|
(264,552)
|
(245,735)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
1,015,396
|
789,184
|
| Gross Unrealized Gains |
|
60,349
|
56,778
|
| Gross Unrealized Losses |
|
(97,120)
|
(83,782)
|
| Investment Owned At Fair Value, Net |
|
978,625
|
762,180
|
| Securities, at fair value(1)(2) |
[1],[2] |
1,230,743
|
1,034,882
|
| Securities sold short, at fair value |
|
$ (252,118)
|
$ (272,702)
|
| Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
5.11%
|
5.21%
|
| Weighted Average Yield |
|
8.60%
|
8.27%
|
| Weighted average life |
|
5 years
|
5 years 3 months 10 days
|
| Long |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 962,248
|
$ 836,079
|
| Unamortized Premium (Discount) |
|
(264,633)
|
(244,558)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
1,272,463
|
1,061,196
|
| Gross Unrealized Gains |
|
55,341
|
56,319
|
| Gross Unrealized Losses |
|
(97,061)
|
(82,633)
|
| Securities, at fair value(1)(2) |
|
$ 1,230,743
|
$ 1,034,882
|
| Long | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
5.44%
|
5.61%
|
| Weighted Average Yield |
|
9.60%
|
9.42%
|
| Weighted average life |
|
4 years 9 months 25 days
|
4 years 9 months 21 days
|
| Long | 15-year fixed-rate mortgages |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 4,474
|
$ 5,271
|
| Unamortized Premium (Discount) |
|
(11)
|
(20)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
4,463
|
5,251
|
| Gross Unrealized Gains |
|
0
|
47
|
| Gross Unrealized Losses |
|
(116)
|
(94)
|
| Securities, at fair value(1)(2) |
|
$ 4,347
|
$ 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 |
|
3.69%
|
3.77%
|
| Weighted average life |
|
2 years 4 months 2 days
|
2 years 6 months
|
| Long | 30-year fixed-rate mortgages |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 198,342
|
$ 209,771
|
| Unamortized Premium (Discount) |
|
(325)
|
(356)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
198,017
|
209,415
|
| Gross Unrealized Gains |
|
1,649
|
2,564
|
| Gross Unrealized Losses |
|
(14,826)
|
(14,106)
|
| Securities, at fair value(1)(2) |
|
$ 184,840
|
$ 197,873
|
| Long | 30-year fixed-rate mortgages | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.91%
|
3.93%
|
| Weighted Average Yield |
|
3.76%
|
3.84%
|
| Weighted average life |
|
7 years 2 months 19 days
|
7 years 3 months 21 days
|
| Long | Reverse mortgages |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 571
|
$ 655
|
| Unamortized Premium (Discount) |
|
31
|
33
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
602
|
688
|
| Gross Unrealized Gains |
|
0
|
0
|
| Gross Unrealized Losses |
|
(42)
|
(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 |
|
2.79%
|
2.75%
|
| Weighted average life |
|
3 years 10 months 28 days
|
4 years 1 month 24 days
|
| Long | Interest only securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 331,405
|
$ 212,700
|
| Securities, at fair value(1)(2) |
|
324,512
|
206,780
|
| Long | Interest only securities | Agency Securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
19,680
|
13,012
|
| Gross Unrealized Gains |
|
1,541
|
1,913
|
| Gross Unrealized Losses |
|
(428)
|
(191)
|
| Securities, at fair value(1)(2) |
|
$ 20,793
|
$ 14,734
|
| Long | Interest only securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
0.77%
|
0.76%
|
| Long | Interest only securities | Weighted Average | Agency Securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
2.00%
|
1.21%
|
| Weighted Average Yield |
|
12.02%
|
12.00%
|
| Weighted average life |
|
4 years 4 months 24 days
|
6 years 6 months 25 days
|
| Long | Non-Agency RMBS |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 312,275
|
$ 308,570
|
| Unamortized Premium (Discount) |
|
(81,014)
|
(80,178)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
231,261
|
228,392
|
| Gross Unrealized Gains |
|
22,316
|
24,999
|
| Gross Unrealized Losses |
|
(7,743)
|
(5,226)
|
| Securities, at fair value(1)(2) |
|
$ 245,834
|
$ 248,165
|
| Long | Non-Agency RMBS | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
5.29%
|
5.09%
|
| Weighted Average Yield |
|
7.60%
|
8.42%
|
| Weighted average life |
|
4 years 3 months 25 days
|
4 years 6 months 3 days
|
| Long | CMBS |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 65,202
|
$ 66,252
|
| Unamortized Premium (Discount) |
|
(25,748)
|
(25,995)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
39,454
|
40,257
|
| Gross Unrealized Gains |
|
325
|
700
|
| Gross Unrealized Losses |
|
(18,322)
|
(15,800)
|
| Securities, at fair value(1)(2) |
|
$ 21,457
|
$ 25,157
|
| Long | CMBS | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
4.18%
|
3.74%
|
| Weighted Average Yield |
|
6.52%
|
9.91%
|
| Weighted average life |
|
3 years 4 months 9 days
|
4 years 1 month 17 days
|
| Long | Non-Agency IOs |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 311,725
|
$ 212,700
|
| Gross Unrealized Gains |
|
13,694
|
10,853
|
| Gross Unrealized Losses |
|
(21,700)
|
(16,773)
|
| Securities, at fair value(1)(2) |
|
$ 303,719
|
$ 206,780
|
| Long | Non-Agency IOs | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
0.74%
|
0.76%
|
| Weighted Average Yield |
|
16.90%
|
13.58%
|
| Weighted average life |
|
3 years 4 months 17 days
|
3 years 1 month 9 days
|
| Long | CLOs |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 119,492
|
$ 138,068
|
| Gross Unrealized Gains |
|
1,120
|
1,139
|
| Gross Unrealized Losses |
|
(19,558)
|
(14,167)
|
| Securities, at fair value(1)(2) |
|
$ 101,054
|
$ 125,040
|
| Long | CLOs | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
2.53%
|
3.22%
|
| Weighted Average Yield |
|
10.66%
|
11.10%
|
| Weighted average life |
|
7 years 3 months 10 days
|
7 years 29 days
|
| Long | Other asset-backed securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 113,824
|
$ 95,378
|
| Gross Unrealized Gains |
|
5,764
|
5,866
|
| Gross Unrealized Losses |
|
(2,672)
|
(3,471)
|
| Securities, at fair value(1)(2) |
|
$ 116,916
|
$ 97,773
|
| Long | Other asset-backed securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.35%
|
2.87%
|
| Weighted Average Yield |
|
10.52%
|
13.98%
|
| Weighted average life |
|
2 years 7 months 6 days
|
3 years 3 months 3 days
|
| Long | Asset-backed securities, backed by consumer loans |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 161,772
|
$ 157,165
|
| Unamortized Premium (Discount) |
|
(103,722)
|
(97,017)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
58,050
|
60,148
|
| Gross Unrealized Gains |
|
397
|
382
|
| Gross Unrealized Losses |
|
(5,288)
|
(7,443)
|
| Securities, at fair value(1)(2) |
|
$ 53,159
|
$ 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 |
|
9.37%
|
9.83%
|
| Weighted average life |
|
1 year 7 months 24 days
|
1 year 7 months 20 days
|
| Long | Corporate debt securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ 80,265
|
$ 55,795
|
| Unamortized Premium (Discount) |
|
(53,458)
|
(40,981)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
26,807
|
14,814
|
| Gross Unrealized Gains |
|
4,596
|
3,826
|
| Gross Unrealized Losses |
|
(1,984)
|
(3,110)
|
| Securities, at fair value(1)(2) |
|
$ 29,419
|
$ 15,530
|
| Long | Corporate debt securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
0.07%
|
0.10%
|
| Weighted Average Yield |
|
0.00%
|
0.00%
|
| Weighted average life |
|
2 years 10 months 9 days
|
2 years 9 months 3 days
|
| Long | Corporate equity securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 10,127
|
$ 10,517
|
| Gross Unrealized Gains |
|
3,620
|
3,594
|
| Gross Unrealized Losses |
|
(2,625)
|
(2,120)
|
| Securities, at fair value(1)(2) |
|
11,122
|
11,991
|
| Long | U.S. Treasury securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
139,347
|
32,600
|
| Unamortized Premium (Discount) |
|
(386)
|
(44)
|
| Debt Securities, Available-for-Sale, Amortized Cost |
|
138,961
|
32,556
|
| Gross Unrealized Gains |
|
319
|
436
|
| Gross Unrealized Losses |
|
(1,757)
|
0
|
| Securities, at fair value(1)(2) |
|
$ 137,523
|
$ 32,992
|
| Long | U.S. Treasury securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
4.11%
|
4.14%
|
| Weighted Average Yield |
|
4.11%
|
3.97%
|
| Weighted average life |
|
7 years 9 months 3 days
|
5 years 14 days
|
| Short |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ (257,148)
|
$ (270,835)
|
| Unamortized Premium (Discount) |
|
81
|
(1,177)
|
| Investment Sold, Not yet Purchased, Sale Proceeds |
|
(257,067)
|
(272,012)
|
| Gross Unrealized Gains |
|
5,008
|
459
|
| Gross Unrealized Losses |
|
(59)
|
(1,149)
|
| Securities sold short, at fair value |
|
$ (252,118)
|
$ (272,702)
|
| Short | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.86%
|
3.99%
|
| Weighted Average Yield |
|
3.86%
|
3.91%
|
| Weighted average life |
|
5 years 10 months 20 days
|
7 years 7 days
|
| Short | U.S. Treasury securities |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Current Principal |
|
$ (257,148)
|
$ (268,105)
|
| Unamortized Premium (Discount) |
|
81
|
(1,213)
|
| Investment Sold, Not yet Purchased, Sale Proceeds |
|
(257,067)
|
(269,318)
|
| Gross Unrealized Gains |
|
5,008
|
459
|
| Gross Unrealized Losses |
|
(59)
|
(1,119)
|
| Securities sold short, at fair value |
|
$ (252,118)
|
$ (269,978)
|
| Short | U.S. Treasury securities | Weighted Average |
|
|
|
| Securities, Available-for-sale [Line Items] |
|
|
|
| Weighted Average Coupon |
|
3.86%
|
4.03%
|
| Weighted Average Yield |
|
3.86%
|
3.93%
|
| Weighted average life |
|
5 years 10 months 20 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
|
|
|