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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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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.

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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.

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