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Fair Value of Financial Instruments - Carrying Value vs Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Apr. 17, 2024 | Jan. 11, 2024 | Dec. 31, 2023
--- | --- | --- | --- | ---
Financial Assets: |  |  |  |  |
Fair Value | [1] | $ 863,289 |  |  | $ 746,090
Restricted cash |  | $ 252,015 |  |  | 170,211
8.875% Senior Notes Due 2029 | Senior Notes |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Stated interest rate (as a percent) |  | 8.875% |  | 8.875% |
9.00% Senior Notes Due 2029 | Senior Notes |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Stated interest rate (as a percent) |  | 9.00% | 9.00% |  |
Carrying Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Fair Value |  | $ 863,289 |  |  | 746,090
Financial Liabilities: |  |  |  |  |
Securitized debt |  | 5,047,613 |  |  | 4,750,805
Convertible senior notes |  | 0 |  |  | 208,989
Carrying Value | Level 2 | 8.875% Senior Notes Due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 110,912 |  |  | 0
Carrying Value | Level 2 | 9.00% Senior Notes Due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 72,175 |  |  | 0
Carrying Value | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Cash and cash equivalents |  | 289,412 |  |  | 318,000
Restricted cash |  | 252,015 |  |  | 170,211
Estimated Fair Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Fair Value |  | 863,289 |  |  | 746,090
Financial Liabilities: |  |  |  |  |
Securitized debt |  | 4,965,310 |  |  | 4,655,195
Convertible senior notes |  | 0 |  |  | 209,065
Estimated Fair Value | Level 2 | 8.875% Senior Notes Due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 114,478 |  |  | 0
Estimated Fair Value | Level 2 | 9.00% Senior Notes Due 2029 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Senior notes |  | 74,903 |  |  | 0
Estimated Fair Value | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Cash and cash equivalents |  | 289,412 |  |  | 318,000
Restricted cash |  | 252,015 |  |  | 170,211
Residential whole loan |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 7,772,607 |  |  | 7,511,508
Residential whole loan | Level 3 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 7,719,191 |  |  | 7,455,729
Residential whole loan | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 53,416 |  |  | 55,779
Residential whole loan | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 0 |  |  | 0
Residential whole loan | Carrying Value | Level 3 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 9,132,820 |  |  | 8,985,513
Residential whole loan | Carrying Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 53,416 |  |  | 55,779
Residential whole loan | Estimated Fair Value | Level 3 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 9,105,970 |  |  | 8,949,859
Residential whole loan | Estimated Fair Value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 53,416 |  |  | 55,779
Securities, at fair value |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 863,289 |  |  | 746,090
Securities, at fair value | Level 3 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 0 |  |  | 0
Securities, at fair value | Level 2 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 863,289 |  |  | 746,090
Securities, at fair value | Level 1 |  |  |  |  |
Financial Assets: |  |  |  |  |
Securities, at fair value |  | 0 |  |  | 0
Financing agreements with non-mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 931,146 |  |  | 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 |  | 932,031 |  |  | 1,217,671
Agreements with mark-to-market collateral provisions | Carrying Value | Level 3 |  |  |  |  |
Financial Liabilities: |  |  |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,998,352 |  |  | 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 |  | 1,999,166 |  |  | 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 |  | 730,844 |  |  | 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 |  | $ 730,844 |  |  | $ 622,603
[1] | See Note 6 for information regarding the Company’s pledged assets.

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2 + Details
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