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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Jan. 11, 2024	Dec. 31, 2023
Financial Assets:
Securities, at fair value	[1]	$ 736,950		$ 746,090
Restricted cash		$ 222,905		170,211
8.875% Senior Notes Due 2029 | Senior Notes
Financial Liabilities:
Stated interest rate (as a percent)		8.875%	8.875%
Carrying Value | Level 2
Financial Assets:
Securities, at fair value		$ 736,950		746,090
Financial Liabilities:
Securitized debt		4,794,400		4,750,805
Convertible senior notes		169,529		208,989
Carrying Value | Level 2 | 8.875% Senior Notes Due 2029
Financial Liabilities:
Senior notes		110,775		0
Carrying Value | Level 1
Financial Assets:
Cash and cash equivalents		306,266		318,000
Restricted cash		222,905		170,211
Estimated Fair Value | Level 2
Financial Assets:
Securities, at fair value		736,950		746,090
Financial Liabilities:
Securitized debt		4,706,014		4,655,195
Convertible senior notes		169,941		209,065
Estimated Fair Value | Level 2 | 8.875% Senior Notes Due 2029
Financial Liabilities:
Senior notes		115,584		0
Estimated Fair Value | Level 1
Financial Assets:
Cash and cash equivalents		306,266		318,000
Restricted cash		222,905		170,211
Residential whole loans, at fair value | Carrying Value | Level 3
Financial Assets:
Residential whole loans		9,064,011		8,985,513
Residential whole loans, at fair value | Carrying Value | Level 2
Financial Assets:
Residential whole loans		54,654		55,779
Residential whole loans, at fair value | Estimated Fair Value | Level 3
Financial Assets:
Residential whole loans		9,028,569		8,949,859
Residential whole loans, at fair value | Estimated Fair Value | Level 2
Financial Assets:
Residential whole loans		54,654		55,779
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,102,114		1,216,697
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,103,010		1,217,671
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,903,425		1,737,652
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		1,904,146		1,738,543
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		605,673		622,603
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2
Financial Liabilities:
Financing agreements with mark-to-market collateral provisions		$ 605,673		$ 622,603
[1] See Note 6 for information regarding the Company’s pledged assets.

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