Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements [Table Text Block]

The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS, credit assets (which can include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, commercial mortgage loans, and REO), reverse mortgage loans, and U.S. Treasury securities by remaining maturity as of September 30, 2025 and December 31, 2024:

	September 30, 2025					December 31, 2024
			Weighted Average					Weighted Average
Remaining Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity
Agency RMBS:	(In thousands)					(In thousands)
30 Days or Less	$	166,408	4.35	%	10	$	224,049	4.76	%	13
31-60 Days	4,443		4.83	%	57	5,006		4.78	%	41
61-90 Days	2,923		4.73	%	84	7,051		4.97	%	85
151-180 Days	1,782		4.76	%	161	2,029		5.19	%	161
Total Agency RMBS	175,556		4.37	%	14	238,135		4.77	%	17
Credit Assets:
30 Days or Less	149,060		6.99	%	8	400,698		6.68	%	8
31-60 Days	416,233		5.55	%	44	157,630		6.18	%	40
61-90 Days	185,116		5.22	%	78	120,108		5.55	%	77
91-120 Days	244,549		5.66	%	114	130,829		6.39	%	115
121-150 Days	319,029		6.14	%	141	70,078		7.19	%	147
151-180 Days	193,914		5.58	%	155	33,694		6.06	%	166
181-364 Days	49,284		6.33	%	237	972,732		6.44	%	275
> 364 Days	681,021		6.26	%	571	202,379		6.41	%	545
Total Credit Assets	2,238,206		5.95	%	240	2,088,148		6.43	%	205
Reverse Mortgage Loans:
30 Days or Less	188,272		6.63	%	7	—		—	%	—
31-60 Days	62,669		7.76	%	34	14,833		5.59	%	52
61-90 Days	15,152		5.31	%	79	2,889		5.88	%	66
181-364 Days	26,617		6.70	%	308	12,720		7.36	%	263
> 364 Days	43,213		6.26	%	571	—		—	%	—
Total Reverse Mortgage Loans	335,923		6.76	%	117	30,442		6.35	%	142
U.S. Treasury Securities:
30 Days or Less	51,279		4.32	%	1	227,315		4.71	%	2
Total U.S. Treasury Securities	51,279		4.32	%	1	227,315		4.71	%	2
Total	$	2,800,964	5.76	%	194	$	2,584,040	6.12	%	169

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity

The following table provides details by counterparty for such counterparties for which the amounts at risk relating to the Company's repurchase agreements was greater than 10% of total equity as of December 31, 2024. There was no counterparty for which the amount at risk was greater than 10% of total equity as of September 30, 2025.

December 31, 2024:

Counterparty	Amount at Risk		Weighted Average Remaining Days to Maturity	Percentage of Equity
	(In thousands)
Nomura Holdings Inc.	$	185,717	230	11.7	%

Schedule of Line of Credit Facilities

The following table provides details for each of the warehouse lines of credit.

		September 30, 2025						December 31, 2024
	Maturity	Outstanding Borrowings		Fair Value of Underlying Collateral		Effective Interest Rate		Outstanding Borrowings		Fair Value of Underlying Collateral		Effective Interest Rate
		(In thousands)						(In thousands)
Facility A	August 2025	$	—	$	—	—	%	$	57,646	$	68,209	7.09	%
Facility B	April 2026	29,481		31,709		7.29	%	112,748		124,705		7.07	%
		$	29,481	$	31,709	7.29	%	$	170,394	$	192,914	7.08	%

Schedule of Maturities of Long-term Debt [Table Text Block]

Schedule of Principal Repayments

The following table details the Company's principal repayment schedule, over the next 5 years, for outstanding borrowings as of September 30, 2025:

Year	Repurchase Agreements(1)		Other Secured Borrowings(2)		HMBS-related Obligations(3)		Unsecured Borrowings(1)		Total
(In thousands)
Next Twelve Months	$	2,373,149	$	566,899	$	1,348,733	$	37,750	$	4,326,531
Year 2	427,815		292,408		1,030,049		210,000		1,960,272
Year 3	—		205,339		918,456		—		1,123,795
Year 4	—		162,702		1,023,656		—		1,186,358
Year 5	—		139,199		1,436,844		—		1,576,043
Total	$	2,800,964	$	1,366,547	$	5,757,738	$	247,750	$	10,172,999

(1)Reflects the Company's contractual principal repayment dates.

(2)Includes $825.8 million, $320.2 million, and $31.4 million of expected principal repayments related to the Company's consolidated non-QM, reverse mortgage loan, and European Mortgage Loan securitizations, respectively, which are projected based upon the underlying assets' expected repayments and may be prior to the stated contractual maturities.

(3)Represents expected principal repayments projected based upon the expected repayments of the underlying HECM loans, which may be prior to the stated contractual maturities of the related HMBS.