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Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
--- | --- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023 | Jan. 11, 2024
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 9,010,522 | $ 8,683,152 |
Fair Value / Carrying Value | $ 8,891,042 | $ 8,536,745 |
Weighted Average Cost of Funding (in Percent) | 4.63% | 4.33% |
Wells Fargo |  |  |
Financing Agreements [Line Items] |  |  |
Weighted Average Months to Maturity | 15 months 21 days |  |
Barclays |  |  |
Financing Agreements [Line Items] |  |  |
Weighted Average Months to Maturity | 10 months 3 days |  |
Churchill Finance LLC |  |  |
Financing Agreements [Line Items] |  |  |
Weighted Average Months to Maturity | 14 months 15 days |  |
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 | $ 2,730,010 | $ 2,361,146 |
Fair Value / Carrying Value | $ 2,729,196 | $ 2,360,254 |
Weighted Average Cost of Funding (in Percent) | 7.00% | 7.09% |
Agreements with mark-to-market collateral provisions | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 1,149,960 |  |
Agreements with mark-to-market collateral provisions | 3-6 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 59,396 |  |
Agreements with mark-to-market collateral provisions | 6-12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 379,962 |  |
Fair Value / Carrying Value | $ 356,400 |  |
Extension period | 1 year |  |
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum |  |  |
Financing Agreements [Line Items] |  |  |
Extension period | 27 months |  |
Agreements with mark-to-market collateral provisions | Greater than 12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 1,140,692 |  |
Fair Value / Carrying Value | 1,100,000 |  |
Agreements with mark-to-market collateral provisions | Estimated Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Financing agreements, amortized cost | 290,200 | $ 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 loan |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 1,999,166 | 1,738,543 |
Fair Value / Carrying Value | $ 1,998,352 | $ 1,737,651 |
Weighted Average Cost of Funding (in Percent) | 7.44% | 7.50% |
Weighted Average Term to Maturity (Months) | 12 months 12 days | 11 months 24 days |
Agreements with mark-to-market collateral provisions | Residential whole loan | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 419,116 |  |
Agreements with mark-to-market collateral provisions | Residential whole loan | 3-6 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 59,396 |  |
Agreements with mark-to-market collateral provisions | Residential whole loan | 6-12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 379,962 |  |
Agreements with mark-to-market collateral provisions | Residential whole loan | Greater than 12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 1,140,692 |  |
Agreements with mark-to-market collateral provisions | Residential whole loan | Not Held at Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value | 290,200 |  |
Agreements with mark-to-market collateral provisions | Securities |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 730,844 | $ 622,603 |
Fair Value / Carrying Value | $ 730,844 | $ 622,603 |
Weighted Average Cost of Funding (in Percent) | 5.74% | 5.81% |
Weighted Average Term to Maturity (Months) | 6 days | 6 days |
Agreements with mark-to-market collateral provisions | Securities | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 730,844 |  |
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 | 377,300 | 178,900 |
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 932,031 | 1,217,671 |
Fair Value / Carrying Value | $ 931,146 | $ 1,216,697 |
Weighted Average Cost of Funding (in Percent) | 7.95% | 7.94% |
Weighted Average Term to Maturity (Months) | 14 months 27 days | 20 months 18 days |
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | 0-3 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 53,815 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | 3-6 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 17,771 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | 6-12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 0 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | Greater than 12 Months |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 860,445 |  |
Agreements with Non-mark-to-market Collateral Provisions | Residential whole loan | Held at Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value | $ 377,300 |  |
Securities | Estimated Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value |  | $ 4,000,000 |
Weighted Average Cost of Funding (in Percent) | (1.27%) | (1.40%) |
Financing agreements, amortized cost | $ 4,500,000 | $ 4,100,000 |
Securities | Residential whole loan |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 5,158,481 | 4,894,746 |
Fair Value / Carrying Value | $ 5,047,613 | $ 4,750,805 |
Weighted Average Cost of Funding (in Percent) | 4.80% | 4.37% |
Securities | Residential whole loan | Held at Fair Value |  |  |
Financing Agreements [Line Items] |  |  |
Fair Value / Carrying Value | $ 4,400,000 |  |
Convertible senior notes | Unsecured |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | 0 | $ 209,589 |
Fair Value / Carrying Value | $ 0 | $ 208,989 |
Weighted Average Cost of Funding (in Percent) | 6.64% | 6.94% |
Weighted Average Term to Maturity (Months) | 0 months | 5 months 15 days |
8.875% Senior Notes Due 2029 | Unsecured |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 115,000 |  |
Fair Value / Carrying Value | $ 110,912 |  |
Weighted Average Cost of Funding (in Percent) | 9.84% |  |
Weighted Average Term to Maturity (Months) | 55 months 18 days |  |
9.00% Senior Notes Due 2029 | Unsecured |  |  |
Financing Agreements [Line Items] |  |  |
Unpaid Principal Balance | $ 75,000 |  |
Fair Value / Carrying Value | $ 72,175 |  |
Weighted Average Cost of Funding (in Percent) | 9.96% |  |
Weighted Average Term to Maturity (Months) | 61 months 15 days |  |
Impact of net Swap carry | Unsecured |  |  |
Financing Agreements [Line Items] |  |  |
Weighted Average Cost of Funding (in Percent) | (1.27%) | (1.40%) |

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