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Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |  |
--- | --- | --- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024 | Apr. 17, 2024 | Jan. 31, 2024
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 9,891,104 | $ 9,259,637 |  |
Fair Value / Carrying Value | $ 9,841,991 | $ 9,155,461 |  |
Weighted Average Cost of Funding (in Percent) | 4.64% | 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) | (0.65%) | (1.07%) |  |
Financing agreements, amortized cost | $ 5,800,000 | $ 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 | $ 111,841 | $ 111,270 |  |
Weighted Average Cost of Funding (in Percent) | 9.83% | 9.83% |  |
Weighted Average Term to Maturity (Months) | 3 years 4 months 17 days | 4 years 1 month 13 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 | $ 72,736 | $ 72,390 |  |
Weighted Average Cost of Funding (in Percent) | 9.94% | 9.94% |  |
Weighted Average Term to Maturity (Months) | 3 years 10 months 13 days | 4 years 7 months 13 days |  |
Residential whole loans | Secured debt |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 6,396,928 | $ 5,891,815 |  |
Fair Value / Carrying Value | $ 6,353,974 | $ 5,794,977 |  |
Weighted Average Cost of Funding (in Percent) | 5.12% | 4.98% |  |
Residential whole loans | Secured debt | Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | $ 5,800,000 |  |  |
Other | Other secured financing |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 9,035 |  |  |
Fair Value / Carrying Value | $ 9,035 |  |  |
Weighted Average Cost of Funding (in Percent) | 6.94% |  |  |
Weighted Average Term to Maturity (Months) | 4 years 8 months 19 days |  |  |
Unpaid principal balance, with 60-day call provision | $ 5,000 |  |  |
Agreements with mark-to-market collateral provisions |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 3,128,898 | $ 2,600,591 |  |
Fair Value / Carrying Value | $ 3,128,279 | $ 2,600,050 |  |
Weighted Average Cost of Funding (in Percent) | 5.25% | 6.01% |  |
Agreements with mark-to-market collateral provisions | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 2,466,392 |  |  |
Agreements with mark-to-market collateral provisions | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 111,768 |  |  |
Agreements with mark-to-market collateral provisions | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 316,774 |  |  |
Fair Value / Carrying Value | $ 191,200 |  |  |
Extension period | 1 year |  |  |
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Extension period | 48 months |  |  |
Agreements with mark-to-market collateral provisions | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 233,964 |  |  |
Fair Value / Carrying Value | 2,400,000 |  |  |
Agreements with mark-to-market collateral provisions | Estimated Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Financing agreements, amortized cost | 65,600 | $ 284,800 |  |
Agreements with mark-to-market collateral provisions | Held at Fair Value | Estimated Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value |  | 284,800 |  |
Agreements with mark-to-market collateral provisions | Residential whole loans and REO |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 1,250,481 | 1,321,584 |  |
Fair Value / Carrying Value | $ 1,249,862 | $ 1,321,043 |  |
Weighted Average Cost of Funding (in Percent) | 6.08% | 6.72% |  |
Weighted Average Term to Maturity (Months) | 9 months 7 days | 7 months 28 days |  |
Agreements with mark-to-market collateral provisions | Securities |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 1,878,417 | $ 1,279,007 |  |
Fair Value / Carrying Value | $ 1,878,417 | $ 1,279,007 |  |
Weighted Average Cost of Funding (in Percent) | 4.50% | 5.02% |  |
Weighted Average Term to Maturity (Months) | 10 days | 7 days |  |
Agreements with mark-to-market collateral provisions | Securities | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 1,878,417 |  |  |
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 mark-to-market collateral provisions | Residential whole loans |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 1,250,481 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 587,975 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 111,768 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 316,774 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 233,964 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | Not Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | 65,600 |  |  |
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 | 39,700 | 19,800 |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans and REO |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 166,243 | 577,231 |  |
Fair Value / Carrying Value | $ 166,126 | $ 576,774 |  |
Weighted Average Cost of Funding (in Percent) | 6.93% | 7.31% |  |
Weighted Average Term to Maturity (Months) | 1 year 11 months 4 days | 10 months 13 days |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 166,243 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 79,026 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 0 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 0 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 87,217 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | $ 39,700 |  |  |
Impact of net Swap carry |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Weighted Average Cost of Funding (in Percent) | (0.65%) | (1.07%) |  |

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