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Segment Information - Financial Information by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Interest income $ 177,074 $ 177,662 $ 534,571 $ 534,517
Interest expense (156,723) (142,727) (461,687) (405,992)
Net interest income (expense) 20,351 34,935 72,884 128,525
Non-interest income (loss)        
Mortgage banking activities, net 19,440 16,535 52,663 2,833
Investment fair value changes, net (31,430) (57,697) (36,153) (151,789)
Other income, net 2,346 4,027 11,060 17,016
Realized gains, net 50 0 1,104 2,581
Total non-interest (loss) income, net (9,594) (37,135) 28,674 (129,359)
General and administrative expenses (29,697) (38,244) (96,057) (101,719)
Portfolio management costs (3,661) (1,863) (10,271) (5,208)
Loan acquisition costs (1,880) (2,426) (4,613) (10,371)
Other expenses (4,633) (4,261) (13,292) (11,814)
(Provision for) Benefit from income taxes (1,696) (1,417) (642) 10,484
Net Loss (30,810) (50,411) (23,317) (119,462)
Non-cash amortization (expense), net (7,346) (10,295) (23,563) (14,305)
Operating Segments | Residential Mortgage Banking        
Segment Reporting Information [Line Items]        
Interest income 6,063 9,882 14,007 36,048
Interest expense (4,826) (8,083) (13,392) (23,316)
Net interest income (expense) 1,237 1,799 615 12,732
Non-interest income (loss)        
Mortgage banking activities, net 8,964 2,158 19,390 (7,694)
Investment fair value changes, net 0 0 1,076 0
Other income, net 0 0 0 0
Realized gains, net 0 0 0 0
Total non-interest (loss) income, net 8,964 2,158 20,466 (7,694)
General and administrative expenses (4,521) (5,735) (13,065) (17,918)
Portfolio management costs 0 0 0 0
Loan acquisition costs (395) (550) (719) (2,848)
Other expenses 0 0 0 74
(Provision for) Benefit from income taxes (813) 1,688 (887) 8,283
Net Loss 4,472 (640) 6,410 (7,371)
Non-cash amortization (expense), net (266) (185) (813) (699)
Operating Segments | Business Purpose Mortgage Banking        
Segment Reporting Information [Line Items]        
Interest income 4,618 9,082 13,509 22,509
Interest expense (3,888) (5,971) (11,599) (12,797)
Net interest income (expense) 730 3,111 1,910 9,712
Non-interest income (loss)        
Mortgage banking activities, net 10,476 14,377 33,273 10,527
Investment fair value changes, net 0 0 0 0
Other income, net 1,278 399 4,762 2,028
Realized gains, net 0 0 0 0
Total non-interest (loss) income, net 11,754 14,776 38,035 12,555
General and administrative expenses (9,402) (18,535) (34,718) (40,076)
Portfolio management costs 0 0 0 0
Loan acquisition costs (1,485) (1,876) (3,894) (7,523)
Other expenses (3,108) (3,891) (9,323) (10,731)
(Provision for) Benefit from income taxes 318 2,559 2,427 9,009
Net Loss (1,193) (3,856) (5,563) (27,054)
Non-cash amortization (expense), net (3,294) (3,609) (10,291) (11,563)
Operating Segments | Investment Portfolio        
Segment Reporting Information [Line Items]        
Interest income 162,251 156,882 492,514 471,932
Interest expense (131,303) (111,876) (384,610) (331,047)
Net interest income (expense) 30,948 45,006 107,904 140,885
Non-interest income (loss)        
Mortgage banking activities, net 0 0 0 0
Investment fair value changes, net (31,315) (61,780) (34,166) (165,297)
Other income, net 2,622 3,906 8,803 15,423
Realized gains, net 26 0 858 2,581
Total non-interest (loss) income, net (28,667) (57,874) (24,505) (147,293)
General and administrative expenses (1,340) (1,639) (3,990) (4,468)
Portfolio management costs (3,636) (1,863) (10,233) (5,208)
Loan acquisition costs 0 0 0 0
Other expenses (1,525) (370) (3,969) (1,157)
(Provision for) Benefit from income taxes (1,457) (5,664) (3,135) (6,808)
Net Loss (5,677) (22,404) 62,072 (24,049)
Non-cash amortization (expense), net (1,687) (3,658) (6,167) 4,385
Corporate/ Other        
Segment Reporting Information [Line Items]        
Interest income 4,142 1,816 14,541 4,028
Interest expense (16,706) (16,797) (52,086) (38,832)
Net interest income (expense) (12,564) (14,981) (37,545) (34,804)
Non-interest income (loss)        
Mortgage banking activities, net 0 0 0 0
Investment fair value changes, net (115) 4,083 (3,063) 13,508
Other income, net (1,554) (278) (2,505) (435)
Realized gains, net 24 0 246 0
Total non-interest (loss) income, net (1,645) 3,805 (5,322) 13,073
General and administrative expenses (14,434) (12,335) (44,284) (39,257)
Portfolio management costs (25) 0 (38) 0
Loan acquisition costs 0 0 0 0
Other expenses 0 0 0 0
(Provision for) Benefit from income taxes 256 0 953 0
Net Loss (28,412) (23,511) (86,236) (60,988)
Non-cash amortization (expense), net $ (2,099) $ (2,843) $ (6,292) $ (6,428)