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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2025 | Dec. 31, 2024 | Apr. 17, 2024 | Jan. 31, 2024
--- | --- | --- | --- | ---
Financial Assets: |  |  |  |  |
Fair Value | [1] | $ 1,790,285 | $ 1,537,513 |  |
Restricted cash |  | $ 219,581 | $ 262,381 |  |
8.875% Senior Notes due 2029 | Senior Notes |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Stated interest rate (as a percent) |  | 8.875% | 8.875% |  | 8.875%
9.00% Senior Notes due 2029 | Senior Notes |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Stated interest rate (as a percent) |  | 9.00% | 9.00% | 9.00% |
Carrying Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Fair Value |  | $ 1,790,285 | $ 1,537,513 |  |
Financial Liabilities: |  |  |  |  |
Securitized debt |  | 5,873,718 | 5,794,977 |  |
Carrying Value | Level 2 | 8.875% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 111,456 | 111,270 |  |
Carrying Value | Level 2 | 9.00% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 72,503 | 72,390 |  |
Carrying Value | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Cash and cash equivalents |  | 253,713 | 338,931 |  |
Restricted cash |  | 219,581 | 262,381 |  |
Estimated Fair Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Fair Value |  | 1,790,285 | 1,537,513 |  |
Financial Liabilities: |  |  |  |  |
Securitized debt |  | 5,810,591 | 5,724,702 |  |
Estimated Fair Value | Level 2 | 8.875% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 114,018 | 115,720 |  |
Estimated Fair Value | Level 2 | 9.00% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 75,128 | 75,218 |  |
Estimated Fair Value | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Cash and cash equivalents |  | 253,713 | 338,931 |  |
Restricted cash |  | 219,581 | 262,381 |  |
Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 7,532,067 | 7,511,210 |  |
Residential whole loans | Level 3 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 7,478,930 | 7,459,137 |  |
Residential whole loans | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 53,137 | 52,073 |  |
Residential whole loans | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 0 | 0 |  |
Residential whole loans | Carrying Value | Level 3 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 8,731,221 | 8,759,151 |  |
Residential whole loans | Carrying Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 53,137 | 52,073 |  |
Residential whole loans | Estimated Fair Value | Level 3 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 8,724,917 | 8,743,881 |  |
Residential whole loans | Estimated Fair Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 53,137 | 52,073 |  |
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 416,957 | 576,774 |  |
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 417,281 | 577,231 |  |
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,348,106 | 1,321,041 |  |
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,348,855 | 1,321,584 |  |
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,544,478 | 1,279,007 |  |
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | $ 1,544,478 | $ 1,279,007 |  |
[1] | See Note 6 for information regarding the Company’s pledged assets.

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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481830/320-10-45-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479130/326-30-45-1 + Details
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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2 + Details
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