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Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
--- | --- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023 | Jan. 11, 2024
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 8,813,253 | $ 8,683,152 |
Fair Value / Carrying Value | $ 8,685,916 | $ 8,536,745 |
Weighted Average Cost of Funding (in Percent) | 4.52% | 4.33% |
Senior Notes | 8.875% Senior Notes Due 2029 |  |  |
Financing Agreements [Line Items] |  |  |
Stated interest rate (as a percent) | 8.875% |  | 8.875%
Agreements with mark-to-market collateral provisions |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 2,509,819 | $ 2,361,146 |
Fair Value / Carrying Value | $ 2,509,098 | $ 2,360,254 |
Weighted Average Cost of Funding (in Percent) | 7.05% | 7.09% |
Agreements with mark-to-market collateral provisions | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 970,140 |  |
Agreements with mark-to-market collateral provisions | 3-6 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 492,446 |  |
Agreements with mark-to-market collateral provisions | 6-12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 488,610 |  |
Fair Value / Carrying Value | $ 381,900 |  |
Extension period | 1 year |  |
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum |  |  |
Financing Agreements [Line Items] |  |  |
Extension period | 30 months |  |
Agreements with mark-to-market collateral provisions | Greater than 12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 558,623 |  |
Fair Value / Carrying Value | 970,100 |  |
Agreements with mark-to-market collateral provisions | Estimated Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Financing agreements, amortized cost | 176,800 | $ 469,400 |
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Held at Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value |  | 469,400 |
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 1,904,146 | 1,738,543 |
Fair Value / Carrying Value | $ 1,903,425 | $ 1,737,651 |
Weighted Average Cost of Funding (in Percent) | 7.47% | 7.50% |
Weighted Average Term to Maturity (Months) | 11 months 18 days | 11 months 24 days |
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 364,467 |  |
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 3-6 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 492,446 |  |
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | 6-12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 488,610 |  |
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | Greater than 12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 558,623 |  |
Agreements with mark-to-market collateral provisions | Residential Whole Loans and REO | Not Held at Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value | 176,800 |  |
Agreements with mark-to-market collateral provisions | Securities |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 605,673 | $ 622,603 |
Fair Value / Carrying Value | $ 605,673 | $ 622,603 |
Weighted Average Cost of Funding (in Percent) | 5.79% | 5.81% |
Weighted Average Term to Maturity (Months) | 9 days | 6 days |
Agreements with mark-to-market collateral provisions | Securities | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 605,673 |  |
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 Non-mark-to-market Collateral Provisions | Estimated Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value |  | $ 178,900 |
Financing agreements, amortized cost | 399,000 | 178,900 |
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 1,103,010 | 1,217,671 |
Fair Value / Carrying Value | $ 1,102,114 | $ 1,216,697 |
Weighted Average Cost of Funding (in Percent) | 7.89% | 7.94% |
Weighted Average Term to Maturity (Months) | 17 months 12 days | 20 months 18 days |
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 49,138 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 3-6 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 31,654 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | 6-12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 23,077 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | Greater than 12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 999,141 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential Whole Loans and REO | Held at Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value | $ 399,000 |  |
Securities | Estimated Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value |  | $ 4,000,000 |
Weighted Average Cost of Funding (in Percent) | (1.31%) | (1.40%) |
Financing agreements, amortized cost | $ 4,100,000 | $ 4,100,000 |
Securities | Residential Whole Loans and REO |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 4,915,695 | 4,894,746 |
Fair Value / Carrying Value | $ 4,794,400 | $ 4,750,805 |
Weighted Average Cost of Funding (in Percent) | 4.59% | 4.37% |
Securities | Residential Whole Loans and REO | Held at Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value | $ 4,100,000 |  |
Convertible senior notes | Unsecured |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 169,729 | $ 209,589 |
Fair Value / Carrying Value | $ 169,529 | $ 208,989 |
Weighted Average Cost of Funding (in Percent) | 6.94% | 6.94% |
Weighted Average Term to Maturity (Months) | 2 months 15 days | 5 months 15 days |
Impact of net Swap carry | Unsecured |  |  |
Financing Agreements [Line Items] |  |  |
Weighted Average Cost of Funding (in Percent) | (1.31%) | (1.40%) |
8.875% Senior Notes Due 2029 | Unsecured |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 115,000 |  |
Fair Value / Carrying Value | $ 110,775 |  |
Weighted Average Cost of Funding (in Percent) | 9.80% |  |
Weighted Average Term to Maturity (Months) | 58 months 18 days |  |

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