v3.25.2
Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Apr. 17, 2024
Jan. 31, 2024
Financial Assets:        
Securities, at fair value [1] $ 1,829,809 $ 1,537,513    
Restricted cash $ 269,224 $ 262,381    
Senior Notes | 8.875% Senior Notes due 2029        
Financial Liabilities:        
Stated interest rate (as a percent) 8.875% 8.875%   8.875%
Senior Notes | 9.00% Senior Notes due 2029        
Financial Liabilities:        
Stated interest rate (as a percent) 9.00% 9.00% 9.00%  
Carrying Value | Level 2        
Financial Assets:        
Securities, at fair value $ 1,829,809 $ 1,537,513    
Financial Liabilities:        
Securitized debt 5,904,033 5,794,977    
Carrying Value | Level 2 | Senior Notes | 8.875% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 111,646 111,270    
Carrying Value | Level 2 | Senior Notes | 9.00% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 72,618 72,390    
Carrying Value | Level 1        
Financial Assets:        
Cash and cash equivalents 275,731 338,931    
Restricted cash 269,224 262,381    
Estimated Fair Value | Level 2        
Financial Assets:        
Securities, at fair value 1,829,809 1,537,513    
Financial Liabilities:        
Securitized debt 5,846,945 5,724,702    
Estimated Fair Value | Level 2 | Senior Notes | 8.875% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 113,006 115,720    
Estimated Fair Value | Level 2 | Senior Notes | 9.00% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 74,648 75,218    
Estimated Fair Value | Level 1        
Financial Assets:        
Cash and cash equivalents 275,731 338,931    
Restricted cash 269,224 262,381    
Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 7,628,635 7,511,210    
Residential whole loans | Level 3        
Financial Assets:        
Residential whole loans, fair value 7,577,177 7,459,137    
Residential whole loans | Level 2        
Financial Assets:        
Residential whole loans, fair value 51,458 52,073    
Residential whole loans | Level 1        
Financial Assets:        
Residential whole loans, fair value 0 0    
Residential whole loans | Carrying Value | Level 3        
Financial Assets:        
Residential whole loans, fair value 8,768,067 8,759,151    
Residential whole loans | Carrying Value | Level 2        
Financial Assets:        
Residential whole loans, fair value 51,458 52,073    
Residential whole loans | Estimated Fair Value | Level 3        
Financial Assets:        
Residential whole loans, fair value 8,769,883 8,743,881    
Residential whole loans | Estimated Fair Value | Level 2        
Financial Assets:        
Residential whole loans, fair value 51,458 52,073    
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3        
Financial Liabilities:        
Financing agreements 256,813 576,774    
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3        
Financial Liabilities:        
Financing agreements 257,002 577,231    
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 3        
Financial Liabilities:        
Financing agreements 1,558,199 1,321,041    
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3        
Financial Liabilities:        
Financing agreements 1,558,800 1,321,584    
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2        
Financial Liabilities:        
Financing agreements 1,602,493 1,279,007    
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2        
Financial Liabilities:        
Financing agreements $ 1,602,493 $ 1,279,007    
[1] See Note 6 for information regarding the Company’s pledged assets.