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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jan. 11, 2024 | Dec. 31, 2023
--- | --- | --- | ---
Financial Assets: |  |  |  |
Securities, at fair value | [1] | $ 736,950 |  | $ 746,090
Restricted cash |  | $ 222,905 |  | 170,211
8.875% Senior Notes Due 2029 | Senior Notes |  |  |  |
Financial Liabilities: |  |  |  |
Stated interest rate (as a percent) |  | 8.875% | 8.875% |
Carrying Value | Level 2 |  |  |  |
Financial Assets: |  |  |  |
Securities, at fair value |  | $ 736,950 |  | 746,090
Financial Liabilities: |  |  |  |
Securitized debt |  | 4,794,400 |  | 4,750,805
Convertible senior notes |  | 169,529 |  | 208,989
Carrying Value | Level 2 | 8.875% Senior Notes Due 2029 |  |  |  |
Financial Liabilities: |  |  |  |
Senior notes |  | 110,775 |  | 0
Carrying Value | Level 1 |  |  |  |
Financial Assets: |  |  |  |
Cash and cash equivalents |  | 306,266 |  | 318,000
Restricted cash |  | 222,905 |  | 170,211
Estimated Fair Value | Level 2 |  |  |  |
Financial Assets: |  |  |  |
Securities, at fair value |  | 736,950 |  | 746,090
Financial Liabilities: |  |  |  |
Securitized debt |  | 4,706,014 |  | 4,655,195
Convertible senior notes |  | 169,941 |  | 209,065
Estimated Fair Value | Level 2 | 8.875% Senior Notes Due 2029 |  |  |  |
Financial Liabilities: |  |  |  |
Senior notes |  | 115,584 |  | 0
Estimated Fair Value | Level 1 |  |  |  |
Financial Assets: |  |  |  |
Cash and cash equivalents |  | 306,266 |  | 318,000
Restricted cash |  | 222,905 |  | 170,211
Residential whole loans, at fair value | Carrying Value | Level 3 |  |  |  |
Financial Assets: |  |  |  |
Residential whole loans |  | 9,064,011 |  | 8,985,513
Residential whole loans, at fair value | Carrying Value | Level 2 |  |  |  |
Financial Assets: |  |  |  |
Residential whole loans |  | 54,654 |  | 55,779
Residential whole loans, at fair value | Estimated Fair Value | Level 3 |  |  |  |
Financial Assets: |  |  |  |
Residential whole loans |  | 9,028,569 |  | 8,949,859
Residential whole loans, at fair value | Estimated Fair Value | Level 2 |  |  |  |
Financial Assets: |  |  |  |
Residential whole loans |  | 54,654 |  | 55,779
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |  |
Financial Liabilities: |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,102,114 |  | 1,216,697
Financing agreements with non-mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |  |
Financial Liabilities: |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,103,010 |  | 1,217,671
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |  |
Financial Liabilities: |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,903,425 |  | 1,737,652
Agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 3 |  |  |  |
Financial Liabilities: |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,904,146 |  | 1,738,543
Financing agreements with mark-to-market collateral provisions | Carrying Value | Level 2 |  |  |  |
Financial Liabilities: |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 605,673 |  | 622,603
Financing agreements with mark-to-market collateral provisions | Estimated Fair Value | Level 2 |  |  |  |
Financial Liabilities: |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | $ 605,673 |  | $ 622,603
[1] | See Note 6 for information regarding the Company’s pledged assets.

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