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Fair Value of Financial Instruments (Carrying Value vs Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Financial Assets: |  |  |
Residential whole loans, carrying value | [1],[2] | $ 5,934,042 | $ 6,069,370
Residential whole loans, at fair value | [2] | 1,243,792 | 1,381,583
Available-for-sale securities |  | 1,927,454 | 3,983,519
MSR-related assets |  | 738,054 | 1,217,002
Restricted cash |  | 216,902 | 64,035
Financial Liabilities (3): |  |  |
Repurchase agreements |  | 7,768,180 | 9,139,821
Securitized debt |  | 533,733 | 570,952
Convertible Senior Notes |  | 224,264 | 223,971
Senior Notes |  | 96,874 | 96,862
Carrying Value |  |  |
Financial Assets: |  |  |
MSR-related assets |  | 738,054 | 1,217,002
Cash and cash equivalents |  | 116,465 | 70,629
Restricted cash |  | 216,902 | 64,035
Financial Liabilities (3): |  |  |
Repurchase agreements |  | 7,768,180 | 9,139,821
Securitized debt |  | 533,733 | 570,952
Convertible Senior Notes |  | 224,264 | 223,971
Senior Notes |  | 96,874 | 96,862
Estimated Fair Value |  |  |
Financial Assets: |  |  |
MSR-related assets |  | 738,054 | 1,217,002
Cash and cash equivalents |  | 116,465 | 70,629
Restricted cash |  | 216,902 | 64,035
Financial Liabilities (3): |  |  |
Repurchase agreements |  | 7,786,911 | 9,156,209
Securitized debt |  | 481,808 | 575,353
Convertible Senior Notes |  | 135,700 | 244,088
Senior Notes |  | 46,551 | 103,231
Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 553,413 | 1,664,582
Financial Liabilities (3): |  |  |
Repurchase agreements |  | 522,209 | 1,557,675
Agency MBS | Carrying Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 553,413 | 1,664,582
Agency MBS | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 553,413 | 1,664,582
Non-Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 1,119,940 | 2,063,529
Financial Liabilities (3): |  |  |
Repurchase agreements |  | 1,003,122 | 1,121,802
Non-Agency MBS | Carrying Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 1,119,940 | 2,063,529
Non-Agency MBS | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 1,119,940 | 2,063,529
CRT securities |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 254,101 | 255,408
Financial Liabilities (3): |  |  |
Repurchase agreements |  | 297,628 | 203,569
CRT securities | Carrying Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 254,101 | 255,408
CRT securities | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 254,101 | 255,408
Residential whole loans, at fair value |  |  |
Financial Assets: |  |  |
Residential whole loans, at fair value |  | 1,243,792 | 1,381,583
Financial Liabilities (3): |  |  |
Repurchase agreements |  | 4,700,931 | 4,743,094
Residential whole loans, at fair value | Carrying Value |  |  |
Financial Assets: |  |  |
Residential whole loans, carrying value |  | 5,716,031 | 6,069,370
Residential whole loans, at fair value |  | 1,243,792 | 1,381,583
Residential whole loans, at fair value | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Residential whole loans, carrying value |  | 5,602,536 | 6,248,745
Residential whole loans, at fair value |  | 1,243,792 | 1,381,583
Non-QM Loans |  |  |
Financial Liabilities (3): |  |  |
Loans net carrying amount | [1],[2] | 895,300 |
Level 3 | Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 0 | 0
Level 3 | Non-Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 0 | 0
Level 3 | CRT securities |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 0 | 0
Level 3 | Residential whole loans, at fair value |  |  |
Financial Assets: |  |  |
Residential whole loans, at fair value |  | 1,243,792 | 1,381,583
Fair Value, Nonrecurring | Carrying Value |  |  |
Financial Assets: |  |  |
MSR-related assets |  | $ 31,400 | $ 59,500
[1] | Includes Non-QM loans held-for-sale with an amortized cost of $965.5 million and a net carrying value of $895.3 million at March 31, 2020.
[2] | Includes approximately $185.9 million and $186.4 million of Residential whole loans, at carrying value and $516.4 million and $567.4 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2020 and December 31, 2019, respectively. Such assets can be used only to settle the obligations of each respective VIE

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