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Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value $ 17,027 $ 2,428
Total assets at fair value 3,070,806 2,496,758
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 483,041  
Unrealized depreciation on futures contracts   728
Total liabilities 483,041 728
Non-Agency RMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 84,442 113,579
Agency whole pool loan securities    
Assets, at fair value    
Debt securities, available-for-sale at fair value 406,846 372,055
Total AOMT CMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 10,055 10,756
U.S. Treasury Bills    
Assets, at fair value    
Debt securities, available-for-sale at fair value 349,992 249,999
Interest rate futures    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 13,279  
TBAs    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 3,748  
Residential mortgage loans    
Assets, at fair value    
Fair Value 1,103,773 1,061,912
Residential mortgage loans in securitization trust    
Assets, at fair value    
Fair Value 1,077,967 667,365
Commercial mortgage loans    
Assets, at fair value    
Fair Value 20,704 18,664
Level 1    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value   2,428
Total assets at fair value 367,019 252,427
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 0  
Unrealized depreciation on futures contracts   728
Total liabilities 0 728
Level 1 | Non-Agency RMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 1 | Agency whole pool loan securities    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 1 | Total AOMT CMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 1 | U.S. Treasury Bills    
Assets, at fair value    
Debt securities, available-for-sale at fair value 349,992 249,999
Level 1 | Interest rate futures    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 13,279  
Level 1 | TBAs    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 3,748  
Level 1 | Residential mortgage loans    
Assets, at fair value    
Fair Value 0 0
Level 1 | Residential mortgage loans in securitization trust    
Assets, at fair value    
Fair Value 0 0
Level 1 | Commercial mortgage loans    
Assets, at fair value    
Fair Value 0 0
Level 2    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value   0
Total assets at fair value 2,695,854 2,237,212
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 483,041  
Unrealized depreciation on futures contracts   0
Total liabilities 483,041 0
Level 2 | Non-Agency RMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 84,442 113,579
Level 2 | Agency whole pool loan securities    
Assets, at fair value    
Debt securities, available-for-sale at fair value 406,846 372,055
Level 2 | Total AOMT CMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 10,055 10,756
Level 2 | U.S. Treasury Bills    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 2 | Interest rate futures    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 0  
Level 2 | TBAs    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 0  
Level 2 | Residential mortgage loans    
Assets, at fair value    
Fair Value 1,097,275 1,056,875
Level 2 | Residential mortgage loans in securitization trust    
Assets, at fair value    
Fair Value 1,076,532 665,802
Level 2 | Commercial mortgage loans    
Assets, at fair value    
Fair Value 20,704 18,145
Level 3    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value   0
Total assets at fair value 7,933 7,119
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 0  
Unrealized depreciation on futures contracts   0
Total liabilities 0 0
Level 3 | Non-Agency RMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 3 | Agency whole pool loan securities    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 3 | Total AOMT CMBS    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 3 | U.S. Treasury Bills    
Assets, at fair value    
Debt securities, available-for-sale at fair value 0 0
Level 3 | Interest rate futures    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 0  
Level 3 | TBAs    
Assets, at fair value    
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value 0  
Level 3 | Residential mortgage loans    
Assets, at fair value    
Fair Value 6,498 5,037
Level 3 | Residential mortgage loans in securitization trust    
Assets, at fair value    
Fair Value 1,435 1,563
Level 3 | Commercial mortgage loans    
Assets, at fair value    
Fair Value $ 0 $ 519