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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020
--- | --- | ---
Financial Assets: |  |  |
Securities, at fair value | [1] | $ 256,685 | $ 399,999
Restricted cash |  | 99,751 | 7,165
Level 1 | Held at Carrying Value |  |  |
Financial Assets: |  |  |
Cash and cash equivalents |  | 304,696 | 814,354
Restricted cash |  | 99,751 | 7,165
Financial Liabilities: |  |  |
Senior notes |  | 0 | 100,000
Level 1 | Held at Fair Value |  |  |
Financial Assets: |  |  |
Cash and cash equivalents |  | 304,696 | 814,354
Restricted cash |  | 99,751 | 7,165
Financial Liabilities: |  |  |
Senior notes |  | 0 | 100,031
Level 2 | Held at Carrying Value |  |  |
Financial Assets: |  |  |
Securities, at fair value |  | 256,685 | 399,999
Financial Liabilities: |  |  |
Securitized debt |  | 2,650,473 | 1,514,509
Convertible senior notes |  | 226,470 | 225,177
Level 2 | Held at Fair Value |  |  |
Financial Assets: |  |  |
Securities, at fair value |  | 256,685 | 399,999
Financial Liabilities: |  |  |
Securitized debt |  | 2,646,203 | 1,519,567
Convertible senior notes |  | 239,292 | 228,287
Residential whole loans, at fair value | Level 2 | Held at Carrying Value |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 1,082,765 | 0
Residential whole loans, at fair value | Level 2 | Held at Fair Value |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 1,082,765 | 0
Residential whole loans, at fair value | Level 3 | Held at Carrying Value |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 6,830,235 | 5,325,401
Residential whole loans, at fair value | Level 3 | Held at Fair Value |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 6,983,686 | 5,499,303
Agreements with non-mark-to-market collateral provisions | Level 3 | Held at Carrying Value |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 939,540 | 1,159,213
Agreements with non-mark-to-market collateral provisions | Level 3 | Held at Fair Value |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 940,257 | 1,159,213
Agreements with mark-to-market collateral provisions | Level 3 | Held at Carrying Value |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 2,403,151 | 1,124,162
Agreements with mark-to-market collateral provisions | Level 3 | Held at Fair Value |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 2,403,724 | 1,124,162
Financing agreements with mark-to-market collateral provisions | Level 2 | Held at Carrying Value |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 159,148 | 213,915
Financing agreements with mark-to-market collateral provisions | Level 2 | Held at Fair Value |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | $ 159,148 | $ 213,915
[1] | See Note 6 for information regarding the Company’s pledged assets.

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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(6)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=124258926&loc=SL82898722-210454 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=124260329&loc=d3e26610-111562 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (aa) -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27161-111563 + Details
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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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