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Fair Value of Financial Instruments (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Assets: |  |
Residential whole loans, at fair value | $ 1,216,902 | $ 1,381,583
Fair Value | 161,000 | 3,983,519
Total assets carried at fair value | 1,616,901 | 6,522,565
Liabilities: |  |
Securitized debt | 869,482 |
Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 1,216,902 | 1,381,583
Liabilities: |  |
Total liabilities carried at fair value | 3,366,772 |
Non-Agency MBS |  |
Assets: |  |
Fair Value | 56,766 | 2,063,529
Agency MBS |  |
Assets: |  |
Fair Value |  | 1,664,582
CRT securities |  |
Assets: |  |
Fair Value | 104,234 | 255,408
Term notes backed by MSR-related collateral |  |
Assets: |  |
Term notes backed by MSR related collateral | 238,999 | 1,157,463
Financing agreements with non-mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 1,159,213 |
Financing agreements with mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 1,338,077 |
Level 1 |  |
Assets: |  |
Total assets carried at fair value | 0 | 0
Liabilities: |  |
Securitized debt | 0 |
Level 1 | Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 0 | 0
Liabilities: |  |
Total liabilities carried at fair value | 0 |
Level 1 | Non-Agency MBS |  |
Assets: |  |
Fair Value | 0 | 0
Level 1 | Agency MBS |  |
Assets: |  |
Fair Value |  | 0
Level 1 | CRT securities |  |
Assets: |  |
Fair Value | 0 | 0
Level 1 | Term notes backed by MSR-related collateral |  |
Assets: |  |
Term notes backed by MSR related collateral | 0 | 0
Level 1 | Financing agreements with non-mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 0 |
Level 1 | Financing agreements with mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 0 |
Level 2 |  |
Assets: |  |
Total assets carried at fair value | 399,999 | 5,140,982
Liabilities: |  |
Securitized debt | 869,482 |
Level 2 | Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 0 | 0
Liabilities: |  |
Total liabilities carried at fair value | 1,083,397 |
Level 2 | Non-Agency MBS |  |
Assets: |  |
Fair Value | 56,766 | 2,063,529
Level 2 | Agency MBS |  |
Assets: |  |
Fair Value |  | 1,664,582
Level 2 | CRT securities |  |
Assets: |  |
Fair Value | 104,234 | 255,408
Level 2 | Term notes backed by MSR-related collateral |  |
Assets: |  |
Term notes backed by MSR related collateral | 238,999 | 1,157,463
Level 2 | Financing agreements with non-mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 0 |
Level 2 | Financing agreements with mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 213,915 |
Level 3 |  |
Assets: |  |
Total assets carried at fair value | 1,216,902 | 1,381,583
Liabilities: |  |
Securitized debt | 0 |
Level 3 | Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 1,216,902 | 1,381,583
Liabilities: |  |
Total liabilities carried at fair value | 2,283,375 |
Level 3 | Non-Agency MBS |  |
Assets: |  |
Fair Value | 0 | 0
Level 3 | Agency MBS |  |
Assets: |  |
Fair Value |  | 0
Level 3 | CRT securities |  |
Assets: |  |
Fair Value | 0 | 0
Level 3 | Term notes backed by MSR-related collateral |  |
Assets: |  |
Term notes backed by MSR related collateral | 0 | $ 0
Level 3 | Financing agreements with non-mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 1,159,213 |
Level 3 | Financing agreements with mark-to-market collateral provisions |  |
Liabilities: |  |
Liabilities carried at fair value | $ 1,124,162 |

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- Definition The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35711157&loc=d3e42546-110969 + Details
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