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Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |  |
--- | --- | --- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024 | Apr. 17, 2024 | Jan. 31, 2024
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 9,449,193 | $ 9,259,637 |  |
Fair Value / Carrying Value | $ 9,367,218 | $ 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) | (0.66%) | (1.07%) |  |
Financing agreements, amortized cost | $ 5,300,000 | $ 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 | $ 111,456 | $ 111,270 |  |
Weighted Average Cost of Funding (in Percent) | 9.83% | 9.83% |  |
Weighted Average Term to Maturity (Months) | 46 months 18 days | 49 months 15 days |  |
Weighted Average Months to Maturity | 4 months 18 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 | $ 72,503 | $ 72,390 |  |
Weighted Average Cost of Funding (in Percent) | 9.94% | 9.94% |  |
Weighted Average Term to Maturity (Months) | 52 months 15 days | 55 months 15 days |  |
Weighted Average Months to Maturity | 2 months 15 days |  |  |
Residential whole loans | Secured debt |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 5,948,579 | $ 5,891,815 |  |
Fair Value / Carrying Value | $ 5,873,718 | $ 5,794,977 |  |
Weighted Average Cost of Funding (in Percent) | 5.03% | 4.98% |  |
Residential whole loans | Secured debt | Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | $ 5,300,000 |  |  |
Agreements with mark-to-market collateral provisions |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 2,893,333 | $ 2,600,591 |  |
Fair Value / Carrying Value | $ 2,892,584 | $ 2,600,050 |  |
Weighted Average Cost of Funding (in Percent) | 5.43% | 6.01% |  |
Agreements with mark-to-market collateral provisions | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 1,998,302 |  |  |
Agreements with mark-to-market collateral provisions | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 324,785 |  |  |
Agreements with mark-to-market collateral provisions | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 259,822 |  |  |
Fair Value / Carrying Value | $ 310,400 |  |  |
Extension period | 1 year |  |  |
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Extension period | 20 months |  |  |
Agreements with mark-to-market collateral provisions | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 310,424 |  |  |
Fair Value / Carrying Value | 1,900,000 |  |  |
Agreements with mark-to-market collateral provisions | Estimated Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Financing agreements, amortized cost | 11,500 | $ 284,800 |  |
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value |  | 284,800 |  |
Agreements with mark-to-market collateral provisions | Residential whole loans |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 1,348,855 | 1,321,584 |  |
Fair Value / Carrying Value | $ 1,348,106 | $ 1,321,043 |  |
Weighted Average Cost of Funding (in Percent) | 6.33% | 6.72% |  |
Weighted Average Term to Maturity (Months) | 7 months 6 days | 7 months 27 days |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 453,824 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 324,785 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 259,822 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 310,424 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | Not Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | 11,500 |  |  |
Agreements with mark-to-market collateral provisions | Securities |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 1,544,478 | $ 1,279,007 |  |
Fair Value / Carrying Value | $ 1,544,478 | $ 1,279,007 |  |
Weighted Average Cost of Funding (in Percent) | 4.58% | 5.02% |  |
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 | $ 1,544,478 |  |  |
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 |  | $ 19,800 |  |
Financing agreements, amortized cost | 184,400 | 19,800 |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 417,281 | 577,231 |  |
Fair Value / Carrying Value | $ 416,957 | $ 576,774 |  |
Weighted Average Cost of Funding (in Percent) | 6.87% | 7.31% |  |
Weighted Average Term to Maturity (Months) | 7 months 15 days | 10 months 12 days |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 24,400 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 161,459 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 215,641 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 15,781 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | $ 184,400 |  |  |
Impact of net Swap carry |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Weighted Average Cost of Funding (in Percent) | (0.66%) | (1.07%) |  |

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