v3.25.2
Financing Agreements - Financing Agreements (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Apr. 17, 2024
Jan. 31, 2024
Financing Agreements [Line Items]        
Unpaid Principal Balance $ 9,580,022 $ 9,259,637    
Fair Value / Carrying Value $ 9,505,802 $ 9,155,461    
Weighted Average Cost of Funding (in Percent) 4.68% 4.47%    
Secured debt | Estimated Fair Value        
Financing Agreements [Line Items]        
Fair Value / Carrying Value   $ 5,200,000    
Weighted Average Cost of Funding (in Percent) (0.64%) (1.07%)    
Financing agreements, amortized cost $ 5,400,000 $ 5,300,000    
Senior notes | 8.875% Senior Notes due 2029        
Financing Agreements [Line Items]        
Stated interest rate (as a percent) 8.875% 8.875%   8.875%
Unpaid Principal Balance $ 115,000 $ 115,000    
Fair Value / Carrying Value $ 111,646 $ 111,270    
Weighted Average Cost of Funding (in Percent) 9.83% 9.83%    
Weighted Average Term to Maturity (Months) 3 years 7 months 17 days 4 years 1 month 13 days    
Senior notes | 9.00% Senior Notes due 2029        
Financing Agreements [Line Items]        
Stated interest rate (as a percent) 9.00% 9.00% 9.00%  
Unpaid Principal Balance $ 75,000 $ 75,000    
Fair Value / Carrying Value $ 72,618 $ 72,390    
Weighted Average Cost of Funding (in Percent) 9.94% 9.94%    
Weighted Average Term to Maturity (Months) 4 years 1 month 13 days 4 years 7 months 13 days    
Residential whole loans | Secured debt        
Financing Agreements [Line Items]        
Unpaid Principal Balance $ 5,971,727 $ 5,891,815    
Fair Value / Carrying Value $ 5,904,033 $ 5,794,977    
Weighted Average Cost of Funding (in Percent) 5.06% 4.98%    
Residential whole loans | Secured debt | Held at Fair Value        
Financing Agreements [Line Items]        
Fair Value / Carrying Value $ 5,400,000      
Agreements with mark-to-market collateral provisions        
Financing Agreements [Line Items]        
Unpaid Principal Balance 3,161,293 $ 2,600,591    
Fair Value / Carrying Value $ 3,160,692 $ 2,600,050    
Weighted Average Cost of Funding (in Percent) 5.35% 6.01%    
Agreements with mark-to-market collateral provisions | 0-3 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance $ 2,205,661      
Agreements with mark-to-market collateral provisions | 3-6 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 467,121      
Agreements with mark-to-market collateral provisions | 6-12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 226,284      
Fair Value / Carrying Value $ 262,200      
Extension period 1 year      
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum        
Financing Agreements [Line Items]        
Extension period 17 months      
Agreements with mark-to-market collateral provisions | Greater than 12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance $ 262,227      
Fair Value / Carrying Value 2,100,000      
Agreements with mark-to-market collateral provisions | Estimated Fair Value        
Financing Agreements [Line Items]        
Financing agreements, amortized cost 197,400 $ 284,800    
Agreements with mark-to-market collateral provisions | Held at Fair Value | Estimated Fair Value        
Financing Agreements [Line Items]        
Fair Value / Carrying Value   284,800    
Agreements with mark-to-market collateral provisions | Residential whole loans and REO        
Financing Agreements [Line Items]        
Unpaid Principal Balance 1,558,800 1,321,584    
Fair Value / Carrying Value $ 1,558,199 $ 1,321,043    
Weighted Average Cost of Funding (in Percent) 6.16% 6.72%    
Weighted Average Term to Maturity (Months) 5 months 19 days 7 months 28 days    
Agreements with mark-to-market collateral provisions | Securities        
Financing Agreements [Line Items]        
Unpaid Principal Balance $ 1,602,493 $ 1,279,007    
Fair Value / Carrying Value $ 1,602,493 $ 1,279,007    
Weighted Average Cost of Funding (in Percent) 4.55% 5.02%    
Weighted Average Term to Maturity (Months) 10 days 7 days    
Agreements with mark-to-market collateral provisions | Securities | 0-3 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance $ 1,602,493      
Agreements with mark-to-market collateral provisions | Securities | 3-6 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 0      
Agreements with mark-to-market collateral provisions | Securities | 6-12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 0      
Agreements with mark-to-market collateral provisions | Securities | Greater than 12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 0      
Agreements with mark-to-market collateral provisions | Residential whole loans        
Financing Agreements [Line Items]        
Unpaid Principal Balance 1,558,800      
Agreements with mark-to-market collateral provisions | Residential whole loans | 0-3 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 603,168      
Agreements with mark-to-market collateral provisions | Residential whole loans | 3-6 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 467,121      
Agreements with mark-to-market collateral provisions | Residential whole loans | 6-12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 226,284      
Agreements with mark-to-market collateral provisions | Residential whole loans | Greater than 12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 262,227      
Agreements with mark-to-market collateral provisions | Residential whole loans | Not Held at Fair Value        
Financing Agreements [Line Items]        
Fair Value / Carrying Value 197,400      
Agreements with non-mark-to-market collateral provisions | Estimated Fair Value        
Financing Agreements [Line Items]        
Fair Value / Carrying Value   $ 19,800    
Financing agreements, amortized cost 76,900 19,800    
Agreements with non-mark-to-market collateral provisions | Residential whole loans and REO        
Financing Agreements [Line Items]        
Unpaid Principal Balance 257,002 577,231    
Fair Value / Carrying Value $ 256,813 $ 576,774    
Weighted Average Cost of Funding (in Percent) 6.85% 7.31%    
Weighted Average Term to Maturity (Months) 4 months 28 days 10 months 13 days    
Agreements with non-mark-to-market collateral provisions | Residential whole loans        
Financing Agreements [Line Items]        
Unpaid Principal Balance $ 257,002      
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 0-3 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 128,514      
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 3-6 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 108,712      
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 6-12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 0      
Agreements with non-mark-to-market collateral provisions | Residential whole loans | Greater than 12 Months        
Financing Agreements [Line Items]        
Unpaid Principal Balance 19,776      
Agreements with non-mark-to-market collateral provisions | Residential whole loans | Held at Fair Value        
Financing Agreements [Line Items]        
Fair Value / Carrying Value $ 76,900      
Impact of net Swap carry        
Financing Agreements [Line Items]        
Weighted Average Cost of Funding (in Percent) (0.64%) (1.07%)