Annual report [Section 13 and 15(d), not S-K Item 405]

Financing - Repurchase Agreements (Details)

v3.25.4
Financing - Repurchase Agreements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Repurchase agreements $ 7,255,540 $ 7,805,057
Weighted average days to maturity 67 days 94 days
Weighted average borrowing rate 4.36% 5.15%
Within 30 days    
Debt Instrument [Line Items]    
Repurchase agreements $ 2,251,007 $ 2,377,824
30 to 59 days    
Debt Instrument [Line Items]    
Repurchase agreements 1,744,692 2,316,237
60 to 89 days    
Debt Instrument [Line Items]    
Repurchase agreements 1,693,740 1,305,113
90 to 119 days    
Debt Instrument [Line Items]    
Repurchase agreements 916,101 759,177
120 to 364 days    
Debt Instrument [Line Items]    
Repurchase agreements 650,000 366,706
One year and over    
Debt Instrument [Line Items]    
Repurchase agreements 0 680,000
Agency RMBS    
Debt Instrument [Line Items]    
Repurchase agreements $ 6,544,776 $ 7,044,857
Weighted average days to maturity 55 days 49 days
Weighted average borrowing rate 4.12% 4.90%
Agency RMBS | Within 30 days    
Debt Instrument [Line Items]    
Repurchase agreements $ 2,194,337 $ 2,373,562
Agency RMBS | 30 to 59 days    
Debt Instrument [Line Items]    
Repurchase agreements 1,744,692 2,316,237
Agency RMBS | 60 to 89 days    
Debt Instrument [Line Items]    
Repurchase agreements 1,689,646 1,304,175
Agency RMBS | 90 to 119 days    
Debt Instrument [Line Items]    
Repurchase agreements 916,101 759,177
Agency RMBS | 120 to 364 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 291,706
Agency RMBS | One year and over    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Non-Agency    
Debt Instrument [Line Items]    
Repurchase agreements $ 0 $ 207
Weighted average days to maturity 0 days 66 days
Weighted average borrowing rate 0.00% 5.39%
Non-Agency | Within 30 days    
Debt Instrument [Line Items]    
Repurchase agreements $ 0 $ 0
Non-Agency | 30 to 59 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Non-Agency | 60 to 89 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 207
Non-Agency | 90 to 119 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Non-Agency | 120 to 364 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Non-Agency | One year and over    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Inverse interest-only securities    
Debt Instrument [Line Items]    
Repurchase agreements $ 56,670 $ 4,993
Weighted average days to maturity 7 days 17 days
Weighted average borrowing rate 4.46% 5.31%
Inverse interest-only securities | Within 30 days    
Debt Instrument [Line Items]    
Repurchase agreements $ 56,670 $ 4,262
Inverse interest-only securities | 30 to 59 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Inverse interest-only securities | 60 to 89 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 731
Inverse interest-only securities | 90 to 119 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Inverse interest-only securities | 120 to 364 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Inverse interest-only securities | One year and over    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Mortgage servicing rights    
Debt Instrument [Line Items]    
Repurchase agreements $ 650,000 $ 755,000
Weighted average days to maturity 193 days 520 days
Weighted average borrowing rate 6.76% 7.44%
Mortgage servicing rights | Within 30 days    
Debt Instrument [Line Items]    
Repurchase agreements $ 0 $ 0
Mortgage servicing rights | 30 to 59 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Mortgage servicing rights | 60 to 89 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Mortgage servicing rights | 90 to 119 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Mortgage servicing rights | 120 to 364 days    
Debt Instrument [Line Items]    
Repurchase agreements 650,000 75,000
Mortgage servicing rights | One year and over    
Debt Instrument [Line Items]    
Repurchase agreements 0 680,000
Mortgage Loans Held-for-Sale    
Debt Instrument [Line Items]    
Repurchase agreements $ 4,094 $ 0
Weighted average days to maturity 83 days 0 days
Weighted average borrowing rate 5.88% 0.00%
Mortgage Loans Held-for-Sale | Within 30 days    
Debt Instrument [Line Items]    
Repurchase agreements $ 0 $ 0
Mortgage Loans Held-for-Sale | 30 to 59 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Mortgage Loans Held-for-Sale | 60 to 89 days    
Debt Instrument [Line Items]    
Repurchase agreements 4,094 0
Mortgage Loans Held-for-Sale | 90 to 119 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Mortgage Loans Held-for-Sale | 120 to 364 days    
Debt Instrument [Line Items]    
Repurchase agreements 0 0
Mortgage Loans Held-for-Sale | One year and over    
Debt Instrument [Line Items]    
Repurchase agreements $ 0 $ 0