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Secured Financing Agreements - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Repurchase Agreement Counterparty [Line Items]    
Secured Financing Agreements, Unpaid Principal/Notional $ 2,994,191 $ 2,824,371
Margin cash collateral pledged to repurchase agreement counterparties $ 10,604 $ 17,340
Securities sold under agreements to repurchase, haircut 7.50% 7.50%
Decrease in share price (as a percent) 50.00%  
Weighted average maturity 2 years  
Securities sold under agreements to repurchase, weighted average borrowing rate 5.00% 5.00%
Nomura    
Repurchase Agreement Counterparty [Line Items]    
Amount at risk $ 502,000 $ 512,000
Warehouse Agreement Borrowings    
Repurchase Agreement Counterparty [Line Items]    
Unused warehouse credit facilities $ 1,900,000  
Repurchase Agreements | Nomura | Stockholders' Equity, Total | Credit Concentration Risk | Asset Pledged as Collateral    
Repurchase Agreement Counterparty [Line Items]    
Concentration risk (as a percent) 19.00% 20.00%
Weighted average maturity 373 days 108 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 $ 915,000 $ 853,000
Not Subject to Additional Margin Requirements Until Drop in Fair Value of Collateral    
Repurchase Agreement Counterparty [Line Items]    
Secured Financing Agreements, Unpaid Principal/Notional $ 504,000 $ 512,000
Agency RMBS - Interest-only    
Repurchase Agreement Counterparty [Line Items]    
Securities sold under agreements to repurchase, haircut 5.00% 5.10%
Agency CMBS - Project loans    
Repurchase Agreement Counterparty [Line Items]    
Securities sold under agreements to repurchase, haircut 5.50% 5.50%
Non-agency MBS and Loans held for investment    
Repurchase Agreement Counterparty [Line Items]    
Securities sold under agreements to repurchase, haircut 25.60% 26.00%
Secured Financing Agreements, at fair value    
Repurchase Agreement Counterparty [Line Items]    
Secured Financing Agreements, Unpaid Principal/Notional $ 332,346 $ 337,245
Fair value of pledged collateral 383,000 383,000
Secured financing agreements $ 320,730 $ 319,456