v3.26.3
Segment Reporting - Summary (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]                  
Interest Income $ 203,907     $ 186,002     $ 593,630 $ 555,962  
Interest Expense 142,503     129,001     413,442 379,037  
Net Interest Income 61,404     57,001     180,188 176,925  
Reversal/(Provision) for Credit Losses on Residential Whole Loans (45)     (276)     259 (1,212)  
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 61,359     56,725     180,447 175,713  
Net gain/(loss) on residential whole loans measured at fair value through earnings (203,991)     31,241     (288,605) 105,690  
Impairment and other net gain/(loss) on securities and other portfolio investments (223,303)     18,004     (265,423) 45,828  
Net gain/(loss) on real estate owned (2,788)     300     (7,260) (4,119)  
Net gain/(loss) on derivatives 158,845     200     235,532 (49,106)  
Net gain/(loss) on securitized debt measured at fair value through earnings 115,540     (24,646)     160,653 (53,682)  
Lima One mortgage banking income 7,418     5,383     22,422 15,796  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     0 (882)  
Other, net 2,409     266     9,588 6,874  
Other Income/(Loss), net (145,870)     30,748     (133,093) 66,399  
Compensation and benefits 15,892     18,185     56,043 60,750  
Other general and administrative expense 7,742     10,769     33,058 31,681  
Loan servicing, financing and other related costs 3,445     10,216     23,429 26,052  
Amortization of intangible assets 100     300     700 1,900  
Income/(loss) before income taxes (111,690)     48,003     (65,876) 121,729  
Provision for/(benefit from) income taxes 0     (101)     0 (735)  
Net Income/(Loss) (111,690) $ 46,798 $ (984) 48,104 $ 33,184 $ 41,176 (65,876) 122,464  
Less Preferred Stock Dividend Requirement 10,682     10,834     31,665 29,613  
Net Income/(Loss) Available to Common Stock and Participating Securities (122,372)     37,270     (97,541) 92,851  
Total Assets 13,541,288           13,541,288   $ 13,046,449
Operating Segments | Mortgage-Related Assets                  
Segment Reporting [Line Items]                  
Interest Income 163,073     128,336     466,641 367,089  
Interest Expense 113,973     89,849     323,523 251,633  
Net Interest Income 49,100     38,487     143,118 115,456  
Reversal/(Provision) for Credit Losses on Residential Whole Loans (45)     (276)     259 (1,212)  
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 49,055     38,211     143,377 114,244  
Net gain/(loss) on residential whole loans measured at fair value through earnings (157,729)     34,704     (209,417) 109,812  
Impairment and other net gain/(loss) on securities and other portfolio investments (223,345)     17,978     (266,396) 42,420  
Net gain/(loss) on real estate owned 478     1,691     1,395 386  
Net gain/(loss) on derivatives 144,175     163     213,583 (40,689)  
Net gain/(loss) on securitized debt measured at fair value through earnings 92,940     (22,267)     129,916 (48,024)  
Lima One mortgage banking income 0     0     0 0  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     0 (882)  
Other, net 329     (849)     278 (2,045)  
Other Income/(Loss), net (143,152)     31,420     (130,641) 60,978  
Compensation and benefits 0     0     0 0  
Other general and administrative expense 0     0     0 (22)  
Loan servicing, financing and other related costs 92     4,550     7,482 13,581  
Amortization of intangible assets 0     0     0 0  
Income/(loss) before income taxes (94,189)     65,081     5,254 161,663  
Provision for/(benefit from) income taxes 0     0     0 0  
Net Income/(Loss) (94,189)     65,081     5,254 161,663  
Less Preferred Stock Dividend Requirement 0     0     0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities (94,189)     65,081     5,254 161,663  
Total Assets 11,178,381           11,178,381   10,128,088
Operating Segments | Lima One                  
Segment Reporting [Line Items]                  
Interest Income 39,457     54,921     122,526 181,134  
Interest Expense 23,945     34,599     76,189 113,769  
Net Interest Income 15,512     20,322     46,337 67,365  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 0     0     0 0  
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses 15,512     20,322     46,337 67,365  
Net gain/(loss) on residential whole loans measured at fair value through earnings (46,262)     (3,463)     (79,188) (4,122)  
Impairment and other net gain/(loss) on securities and other portfolio investments 42     26     67 19  
Net gain/(loss) on real estate owned (3,266)     (1,391)     (8,655) (4,505)  
Net gain/(loss) on derivatives 14,670     37     21,949 (8,417)  
Net gain/(loss) on securitized debt measured at fair value through earnings 22,600     (2,379)     30,737 (5,658)  
Lima One mortgage banking income 7,418     5,383     22,422 15,796  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     0 0  
Other, net 1,044     973     3,520 6,449  
Other Income/(Loss), net (3,754)     (814)     (9,148) (438)  
Compensation and benefits 8,486     9,271     26,293 28,764  
Other general and administrative expense 4,071     5,237     12,470 14,480  
Loan servicing, financing and other related costs 1,568     1,911     6,090 4,855  
Amortization of intangible assets 100     300     700 1,900  
Income/(loss) before income taxes (2,467)     2,789     (8,364) 16,928  
Provision for/(benefit from) income taxes 0     0     0 0  
Net Income/(Loss) (2,467)     2,789     (8,364) 16,928  
Less Preferred Stock Dividend Requirement 0     0     0 0  
Net Income/(Loss) Available to Common Stock and Participating Securities (2,467)     2,789     (8,364) 16,928  
Total Assets 2,213,296           2,213,296   2,632,740
Corporate                  
Segment Reporting [Line Items]                  
Interest Income 1,377     2,745     4,463 7,739  
Interest Expense 4,585     4,553     13,730 13,635  
Net Interest Income (3,208)     (1,808)     (9,267) (5,896)  
Reversal/(Provision) for Credit Losses on Residential Whole Loans 0     0     0 0  
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses (3,208)     (1,808)     (9,267) (5,896)  
Net gain/(loss) on residential whole loans measured at fair value through earnings 0     0     0 0  
Impairment and other net gain/(loss) on securities and other portfolio investments 0     0     906 3,389  
Net gain/(loss) on real estate owned 0     0     0 0  
Net gain/(loss) on derivatives 0     0     0 0  
Net gain/(loss) on securitized debt measured at fair value through earnings 0     0     0 0  
Lima One mortgage banking income 0     0     0 0  
Net realized gain/(loss) on residential whole loans held at carrying value 0     0     0 0  
Other, net 1,036     142     5,790 2,470  
Other Income/(Loss), net 1,036     142     6,696 5,859  
Compensation and benefits 7,406     8,914     29,750 31,986  
Other general and administrative expense 3,671     5,532     20,588 17,223  
Loan servicing, financing and other related costs 1,785     3,755     9,857 7,616  
Amortization of intangible assets 0     0     0 0  
Income/(loss) before income taxes (15,034)     (19,867)     (62,766) (56,862)  
Provision for/(benefit from) income taxes 0     (101)     0 (735)  
Net Income/(Loss) (15,034)     (19,766)     (62,766) (56,127)  
Less Preferred Stock Dividend Requirement 10,682     10,834     31,665 29,613  
Net Income/(Loss) Available to Common Stock and Participating Securities (25,716)     $ (30,600)     (94,431) $ (85,740)  
Total Assets $ 149,611           $ 149,611   $ 285,621