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Fair Value of Financial Instruments (Carrying Value vs Fair Value) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Financial Assets:    
Residential whole loans, carrying value [1] $ 4,813,119 $ 6,069,370
Residential whole loans, at fair value [1] 1,200,981 1,381,583
Available-for-sale securities 148,343 3,983,519
MSR-related assets 254,228 1,217,002
Restricted cash 7,680 64,035
Carrying Value    
Financial Assets:    
MSR-related assets 254,228 1,217,002
Cash and cash equivalents 666,172 70,629
Restricted cash 7,680 64,035
Financial Liabilities (2):    
Securitized debt 516,102 570,952
Convertible Senior Notes 224,563 223,971
Senior notes 96,887 96,862
Estimated Fair Value    
Financial Assets:    
MSR-related assets 255,036 1,217,002
Cash and cash equivalents 666,172 70,629
Restricted cash 7,680 64,035
Financial Liabilities (2):    
Securitized debt 498,114 575,353
Convertible Senior Notes 202,465 244,088
Senior notes 89,551 103,231
Agency MBS    
Financial Assets:    
Available-for-sale securities   1,664,582
Agency MBS | Carrying Value    
Financial Assets:    
Available-for-sale securities 0 1,664,582
Agency MBS | Estimated Fair Value    
Financial Assets:    
Available-for-sale securities 0 1,664,582
Non-Agency MBS    
Financial Assets:    
Available-for-sale securities 54,237 2,063,529
Non-Agency MBS | Carrying Value    
Financial Assets:    
Available-for-sale securities 54,237 2,063,529
Non-Agency MBS | Estimated Fair Value    
Financial Assets:    
Available-for-sale securities 54,237 2,063,529
CRT securities    
Financial Assets:    
Available-for-sale securities 94,106 255,408
CRT securities | Carrying Value    
Financial Assets:    
Available-for-sale securities 94,106 255,408
CRT securities | Estimated Fair Value    
Financial Assets:    
Available-for-sale securities 94,106 255,408
Residential whole loans, at fair value    
Financial Assets:    
Residential whole loans, at fair value 1,200,981 1,381,583
Residential whole loans, at fair value | Carrying Value    
Financial Assets:    
Residential whole loans, carrying value 4,676,530 6,069,370
Residential whole loans, at fair value 1,200,981 1,381,583
Residential whole loans, at fair value | Estimated Fair Value    
Financial Assets:    
Residential whole loans, carrying value 4,651,188 6,248,745
Residential whole loans, at fair value 1,200,981 1,381,583
Agreements with non-mark-to-market collateral provisions    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 257,752  
Agreements with non-mark-to-market collateral provisions | Carrying Value    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 2,036,597 0
Agreements with non-mark-to-market collateral provisions | Estimated Fair Value    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 2,036,597 0
Agreements with mark-to-market collateral provisions    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 1,778,845  
Agreements with mark-to-market collateral provisions | Carrying Value    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 1,656,248 9,139,821
Agreements with mark-to-market collateral provisions | Estimated Fair Value    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 1,656,248 9,156,209
Senior secured credit agreement | Carrying Value    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 480,959 0
Senior secured credit agreement | Estimated Fair Value    
Financial Liabilities (2):    
Financing agreements with mark-to-market collateral provisions 480,959 0
Level 3 | Agency MBS    
Financial Assets:    
Available-for-sale securities   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 1,200,981 1,381,583
Fair Value, Nonrecurring | Carrying Value    
Financial Assets:    
MSR-related assets $ 29,400 $ 59,500
[1]
Includes approximately $181.4 million and $186.4 million of Residential whole loans, at carrying value and $506.7 million and $567.4 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at June 30, 2020 and December 31, 2019, respectively. Such assets can be used only to settle the obligations of each respective VIE.