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Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022
--- | --- | ---
Assets: |  |
Total assets carried at fair value | $ 7,094,326 | $ 6,060,888
Liabilities: |  |
Securitized debt | 3,123,478 | 2,435,370
Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 6,500,032 | 5,727,524
Liabilities: |  |
Total liabilities carried at fair value | 4,116,746 | 3,898,744
Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 594,294 | 333,364
Agreements with Non-mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 440,106 | 884,495
Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 553,162 | 578,879
Level 1 |  |
Assets: |  |
Total assets carried at fair value | 0 | 0
Liabilities: |  |
Securitized debt | 0 | 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 | 0
Level 1 | Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 0 | 0
Level 1 | Agreements with Non-mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 0 | 0
Level 1 | Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 0 | 0
Level 2 |  |
Assets: |  |
Total assets carried at fair value | 652,362 | 384,458
Liabilities: |  |
Securitized debt | 3,123,478 | 2,435,370
Level 2 | Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 58,068 | 51,094
Liabilities: |  |
Total liabilities carried at fair value | 3,123,478 | 2,435,370
Level 2 | Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 594,294 | 333,364
Level 2 | Agreements with Non-mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 0 | 0
Level 2 | Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 0 | 0
Level 3 |  |
Assets: |  |
Total assets carried at fair value | 6,441,964 | 5,676,430
Liabilities: |  |
Securitized debt | 0 | 0
Level 3 | Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 6,441,964 | 5,676,430
Liabilities: |  |
Total liabilities carried at fair value | 993,268 | 1,463,374
Level 3 | Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 0 | 0
Level 3 | Agreements with Non-mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 440,106 | 884,495
Level 3 | Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | $ 553,162 | $ 578,879

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- Definition Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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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 -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481961/940-320-45-2 + Details
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- Definition Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities. + References No definition available. + Details
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- Definition Fair value of financial and nonfinancial obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Fair value portion of an agreement for an unconditional promise by the maker to pay the holder a definite sum of money at a future date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-10 + Details
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