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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022
--- | --- | ---
Financial Assets: |  |  |
Securities, at fair value | [1] | $ 723,959 | $ 333,364
Restricted cash |  | 153,449 | 159,898
Carrying Value | Level 2 |  |  |
Financial Assets: |  |  |
Securities, at fair value |  | 723,959 | 333,364
Financial Liabilities: |  |  |
Securitized debt |  | 4,332,936 | 3,357,590
Convertible senior notes |  | 218,596 | 227,845
Carrying Value | Level 1 |  |  |
Financial Assets: |  |  |
Cash and cash equivalents |  | 300,089 | 334,183
Restricted cash |  | 153,449 | 159,898
Estimated Fair Value | Level 2 |  |  |
Financial Assets: |  |  |
Securities, at fair value |  | 723,959 | 333,364
Financial Liabilities: |  |  |
Securitized debt |  | 4,210,440 | 3,217,905
Convertible senior notes |  | 219,589 | 211,015
Estimated Fair Value | Level 1 |  |  |
Financial Assets: |  |  |
Cash and cash equivalents |  | 300,089 | 334,183
Restricted cash |  | 153,449 | 159,898
Residential whole loans, at fair value | Carrying Value | Level 3 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 8,371,068 | 7,467,645
Residential whole loans, at fair value | Carrying Value | Level 2 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 53,148 | 51,094
Residential whole loans, at fair value | Estimated Fair Value | Level 3 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 8,285,799 | 7,397,421
Residential whole loans, at fair value | Estimated Fair Value | Level 2 |  |  |
Financial Assets: |  |  |
Residential whole loans |  | 53,148 | 51,094
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,124,953 | 1,003,604
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,125,773 | 1,004,260
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,752,492 | 2,111,396
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,753,355 | 2,111,647
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | 608,996 | 111,651
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2 |  |  |
Financial Liabilities: |  |  |
Financing agreements with mark-to-market collateral provisions |  | $ 608,996 | $ 111,651
[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 -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1 + 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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