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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024 | Apr. 17, 2024 | Jan. 31, 2024
--- | --- | --- | --- | ---
Financial Assets: |  |  |  |  |
Securities, at fair value | [1] | $ 2,259,657 | $ 1,537,513 |  |
Restricted cash |  | $ 231,797 | $ 262,381 |  |
Senior Notes | 8.875% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Stated interest rate (as a percent) |  | 8.875% | 8.875% |  | 8.875%
Senior Notes | 9.00% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Stated interest rate (as a percent) |  | 9.00% | 9.00% | 9.00% |
Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | $ 7,684,865 | $ 7,511,210 |  |
Level 3 | Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | 7,632,928 | 7,459,137 |  |
Level 2 | Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | 51,937 | 52,073 |  |
Level 1 | Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | 0 | 0 |  |
Carrying Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Other secured financing |  | 9,035 | 0 |  |
Carrying Value | Level 3 | Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | 8,761,897 | 8,759,151 |  |
Carrying Value | Level 3 | Financing agreements with non-mark-to-market collateral provisions |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements |  | 166,126 | 576,774 |  |
Carrying Value | Level 3 | Financing agreements with mark-to-market collateral provisions |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements |  | 1,249,862 | 1,321,041 |  |
Carrying Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 2,259,657 | 1,537,513 |  |
Financial Liabilities: |  |  |  |  |
Securitized debt |  | 6,353,973 | 5,794,977 |  |
Carrying Value | Level 2 | Senior Notes | 8.875% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 111,841 | 111,270 |  |
Carrying Value | Level 2 | Senior Notes | 9.00% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 72,736 | 72,390 |  |
Carrying Value | Level 2 | Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | 51,937 | 52,073 |  |
Carrying Value | Level 2 | Financing agreements with mark-to-market collateral provisions |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements |  | 1,878,417 | 1,279,007 |  |
Carrying Value | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Cash and cash equivalents |  | 305,172 | 338,931 |  |
Restricted cash |  | 231,797 | 262,381 |  |
Estimated Fair Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Other secured financing |  | 9,035 | 0 |  |
Estimated Fair Value | Level 3 | Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | 8,770,587 | 8,743,881 |  |
Estimated Fair Value | Level 3 | Financing agreements with non-mark-to-market collateral provisions |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements |  | 166,243 | 577,231 |  |
Estimated Fair Value | Level 3 | Financing agreements with mark-to-market collateral provisions |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements |  | 1,250,481 | 1,321,584 |  |
Estimated Fair Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 2,259,657 | 1,537,513 |  |
Financial Liabilities: |  |  |  |  |
Securitized debt |  | 6,305,510 | 5,724,702 |  |
Estimated Fair Value | Level 2 | Senior Notes | 8.875% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 114,294 | 115,720 |  |
Estimated Fair Value | Level 2 | Senior Notes | 9.00% Senior Notes due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 75,038 | 75,218 |  |
Estimated Fair Value | Level 2 | Residential whole loans |  |  |  |  |
Financial Assets: |  |  |  |  |
Residential whole loans, fair value |  | 51,937 | 52,073 |  |
Estimated Fair Value | Level 2 | Financing agreements with mark-to-market collateral provisions |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements |  | 1,878,417 | 1,279,007 |  |
Estimated Fair Value | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Cash and cash equivalents |  | 305,172 | 338,931 |  |
Restricted cash |  | $ 231,797 | $ 262,381 |  |
[1] | See Note 6 for information regarding the Company’s pledged assets.

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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/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10 Reference 4: 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 5: 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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