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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021
--- | --- | ---
Financial Assets: |  |  |
Securities, at fair value | [1] | $ 245,613 | $ 256,685
Restricted cash |  | 159,745 | 99,751
Carrying Value | Level 1 |  |  |
Financial Assets: |  |  |
Cash and cash equivalents |  | 385,598 | 304,696
Restricted cash |  | 159,745 | 99,751
Carrying Value | Level 2 |  |  |
Financial Assets: |  |  |
Securities, at fair value |  | 245,613 | 256,685
Financial Liabilities: |  |  |
Securitized debt |  | 3,374,716 | 2,650,473
Convertible senior notes |  | 227,140 | 226,470
Estimated Fair Value | Level 1 |  |  |
Financial Assets: |  |  |
Cash and cash equivalents |  | 385,598 | 304,696
Restricted cash |  | 159,745 | 99,751
Estimated Fair Value | Level 2 |  |  |
Financial Assets: |  |  |
Securities, at fair value |  | 245,613 | 256,685
Financial Liabilities: |  |  |
Securitized debt |  | 3,299,290 | 2,646,203
Convertible senior notes |  | 206,578 | 239,292
Residential whole loans, at fair value | Carrying Value | Level 2 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 912,245 | 1,082,765
Residential whole loans, at fair value | Carrying Value | Level 3 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 7,278,336 | 6,830,235
Residential whole loans, at fair value | Estimated Fair Value | Level 2 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 912,245 | 1,082,765
Residential whole loans, at fair value | Estimated Fair Value | Level 3 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 7,287,790 | 6,983,686
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 905,087 | 939,540
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 905,761 | 940,257
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 2,467,528 | 2,403,151
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 2,467,670 | 2,403,724
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 157,895 | 159,148
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | $ 157,895 | $ 159,148
[1] | See Note 6 for information regarding the Company’s pledged assets.

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References No definition available. + Details
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- Definition Fair value portion of loan receivable, including, but not limited to, mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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