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Financing Agreements - Financing Agreements (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |  |
--- | --- | --- | --- | ---
Jun. 30, 2026 | Dec. 31, 2025 | Apr. 17, 2024 | Jan. 31, 2024
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 11,745,996 | $ 10,986,858 |  |
Fair Value / Carrying Value | $ 11,653,885 | $ 10,940,014 |  |
Weighted Average Cost of Funding (as a Percent) | 4.40% | 4.51% |  |
Secured debt | Estimated Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value |  | $ 5,800,000 |  |
Weighted Average Cost of Funding (as a Percent) | (0.37%) | (0.54%) |  |
Financing agreements, amortized cost | $ 5,800,000 | $ 5,900,000 |  |
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 | $ 112,455 | $ 112,041 |  |
Weighted Average Cost of Funding (as a Percent) | 9.83% | 9.83% |  |
Weighted Average Term to Maturity (Months) | 2 years 7 months 17 days | 3 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 | $ 73,110 | $ 72,858 |  |
Weighted Average Cost of Funding (as a Percent) | 9.94% | 9.94% |  |
Weighted Average Term to Maturity (Months) | 3 years 1 month 13 days | 3 years 7 months 13 days |  |
Residential whole loans | Secured debt |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 6,290,579 | $ 6,377,576 |  |
Fair Value / Carrying Value | $ 6,203,332 | $ 6,336,462 |  |
Weighted Average Cost of Funding (as a Percent) | 5.00% | 5.10% |  |
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 | 28,516 | $ 23,908 |  |
Fair Value / Carrying Value | $ 28,516 | $ 23,908 |  |
Weighted Average Cost of Funding (as a Percent) | 5.94% | 6.40% |  |
Weighted Average Term to Maturity (Months) | 4 years 18 days | 4 years 6 months 10 days |  |
Unpaid principal balance, with 60-day call provision | $ 25,000 |  |  |
Agreements with mark-to-market collateral provisions |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 5,165,588 | $ 4,313,355 |  |
Fair Value / Carrying Value | $ 5,165,163 | $ 4,312,729 |  |
Weighted Average Cost of Funding (as a Percent) | 4.27% | 4.71% |  |
Agreements with mark-to-market collateral provisions | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 4,210,083 |  |  |
Agreements with mark-to-market collateral provisions | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 45,399 |  |  |
Agreements with mark-to-market collateral provisions | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 473,581 |  |  |
Fair Value / Carrying Value | $ 406,400 |  |  |
Extension period | 1 year |  |  |
Agreements with mark-to-market collateral provisions | 6-12 Months | Maximum |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Extension period | 27 months |  |  |
Agreements with mark-to-market collateral provisions | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 436,525 |  |  |
Agreements with mark-to-market collateral provisions | Estimated Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Financing agreements, amortized cost | 30,100 | $ 48,200 |  |
Agreements with mark-to-market collateral provisions | Held at Fair Value | Estimated Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value |  | 48,200 |  |
Agreements with mark-to-market collateral provisions | Residential whole loans and REO |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 1,479,431 | 1,332,593 |  |
Fair Value / Carrying Value | $ 1,479,006 | $ 1,331,967 |  |
Weighted Average Cost of Funding (as a Percent) | 5.42% | 5.72% |  |
Weighted Average Term to Maturity (Months) | 10 months 17 days | 11 months 12 days |  |
Agreements with mark-to-market collateral provisions | Securities |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 3,686,157 | $ 2,980,762 |  |
Fair Value / Carrying Value | $ 3,686,157 | $ 2,980,762 |  |
Weighted Average Cost of Funding (as a Percent) | 3.78% | 4.18% |  |
Weighted Average Term to Maturity (Months) | 14 days | 10 days |  |
Agreements with mark-to-market collateral provisions | Securities | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 3,686,157 |  |  |
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 | 1,479,431 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 523,926 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 45,399 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | 6-12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 473,581 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | Greater than 12 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 436,525 |  |  |
Agreements with mark-to-market collateral provisions | Residential whole loans | Not Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | 30,100 |  |  |
Agreements with non-mark-to-market collateral provisions | Estimated Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value |  | $ 61,100 |  |
Financing agreements, amortized cost | 26,100 | 61,100 |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans and REO |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 71,313 | 82,019 |  |
Fair Value / Carrying Value | $ 71,309 | $ 82,016 |  |
Weighted Average Cost of Funding (as a Percent) | 5.69% | 6.44% |  |
Weighted Average Term to Maturity (Months) | 7 months 9 days | 1 year 2 months 15 days |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | $ 71,313 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 0-3 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 28,300 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | 3-6 Months |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Unpaid Principal Balance | 16,925 |  |  |
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 | 26,088 |  |  |
Agreements with non-mark-to-market collateral provisions | Residential whole loans | Held at Fair Value |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Fair Value / Carrying Value | $ 26,100 |  |  |
Impact of net Swap carry |  |  |  |
Financing Agreements [Line Items] |  |  |  |
Weighted Average Cost of Funding (as a Percent) | (0.37%) | (0.54%) |  |

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