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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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