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Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | ---
Assets: |  |
Total assets carried at fair value | $ 8,390,857 | $ 8,257,598
Liabilities: |  |
Securitized debt | 4,065,630 | 3,985,372
Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 7,653,907 | 7,511,508
Liabilities: |  |
Total liabilities carried at fair value | 4,641,438 | 4,633,660
Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 736,950 | 746,090
Agreements with Non-mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 399,049 | 469,424
Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 176,759 | 178,864
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 | 791,604 | 801,869
Liabilities: |  |
Securitized debt | 4,065,630 | 3,985,372
Level 2 | Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 54,654 | 55,779
Liabilities: |  |
Total liabilities carried at fair value | 4,065,630 | 3,985,372
Level 2 | Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 736,950 | 746,090
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 | 7,599,253 | 7,455,729
Liabilities: |  |
Securitized debt | 0 | 0
Level 3 | Residential whole loans, at fair value |  |
Assets: |  |
Residential whole loans, at fair value | 7,599,253 | 7,455,729
Liabilities: |  |
Total liabilities carried at fair value | 575,808 | 648,288
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 | 399,049 | 469,424
Level 3 | Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | $ 176,759 | $ 178,864

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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 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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