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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