v3.26.1
Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Apr. 17, 2024
Jan. 31, 2024
Financial Assets:        
Securities, at fair value [1] $ 3,585,879 $ 3,360,280    
Restricted cash $ 189,238 $ 173,457    
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%  
Residential whole loans        
Financial Assets:        
Residential whole loans, fair value $ 7,739,814 $ 7,717,007    
Level 3        
Financial Assets:        
Securities, at fair value 0 0    
Level 3 | Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 7,689,431 7,665,985    
Level 2        
Financial Assets:        
Securities, at fair value 3,585,879 3,360,280    
Level 2 | Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 50,383 51,022    
Level 1        
Financial Assets:        
Securities, at fair value 0 0    
Level 1 | Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 0 0    
Carrying Value | Level 3        
Financial Liabilities:        
Other secured financing 23,713 23,908    
Carrying Value | Level 3 | Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 8,733,317 8,759,332    
Carrying Value | Level 3 | Financing agreements with non-mark-to-market collateral provisions        
Financial Liabilities:        
Financing agreements 64,569 82,016    
Carrying Value | Level 3 | Financing agreements with mark-to-market collateral provisions        
Financial Liabilities:        
Financing agreements 1,432,213 1,331,968    
Carrying Value | Level 2        
Financial Assets:        
Securities, at fair value 3,585,879 3,360,280    
Financial Liabilities:        
Securitized debt 6,271,123 6,336,462    
Carrying Value | Level 2 | Senior Notes | 8.875% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 112,246 112,041    
Carrying Value | Level 2 | Senior Notes | 9.00% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 72,982 72,858    
Carrying Value | Level 2 | Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 50,383 51,022    
Carrying Value | Level 2 | Financing agreements with mark-to-market collateral provisions        
Financial Liabilities:        
Financing agreements 3,140,730 2,980,762    
Carrying Value | Level 1        
Financial Assets:        
Cash and cash equivalents 221,573 213,211    
Restricted cash 189,238 173,457    
Estimated Fair Value | Level 3        
Financial Liabilities:        
Other secured financing 23,713 23,908    
Estimated Fair Value | Level 3 | Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 8,740,953 8,769,457    
Estimated Fair Value | Level 3 | Financing agreements with non-mark-to-market collateral provisions        
Financial Liabilities:        
Financing agreements 64,575 82,019    
Estimated Fair Value | Level 3 | Financing agreements with mark-to-market collateral provisions        
Financial Liabilities:        
Financing agreements 1,432,643 1,332,593    
Estimated Fair Value | Level 2        
Financial Assets:        
Securities, at fair value 3,585,879 3,360,280    
Financial Liabilities:        
Securitized debt 6,225,890 6,290,788    
Estimated Fair Value | Level 2 | Senior Notes | 8.875% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 113,466 114,616    
Estimated Fair Value | Level 2 | Senior Notes | 9.00% Senior Notes due 2029        
Financial Liabilities:        
Senior notes 73,808 75,338    
Estimated Fair Value | Level 2 | Residential whole loans        
Financial Assets:        
Residential whole loans, fair value 50,383 51,022    
Estimated Fair Value | Level 2 | Financing agreements with mark-to-market collateral provisions        
Financial Liabilities:        
Financing agreements 3,140,730 2,980,762    
Estimated Fair Value | Level 1        
Financial Assets:        
Cash and cash equivalents 221,573 213,211    
Restricted cash $ 189,238 $ 173,457    
[1] See Note 6 for information regarding the Company’s pledged assets.