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Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023
--- | --- | ---
Assets: |  |
Total assets carried at fair value | $ 8,814,777 | $ 8,257,598
Liabilities: |  |
Securitized debt | 4,680,615 | 3,985,372
Total liabilities carried at fair value | 5,097,002 | 4,633,660
Residential whole loan |  |
Assets: |  |
Securities, at fair value | 7,674,741 | 7,511,508
Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 1,140,036 | 746,090
Agreements with Non-mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 222,263 | 469,424
Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | 194,124 | 178,864
Level 1 |  |
Assets: |  |
Total assets carried at fair value | 0 | 0
Liabilities: |  |
Securitized debt | 0 | 0
Total liabilities carried at fair value | 0 | 0
Level 1 | Residential whole loan |  |
Assets: |  |
Securities, 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 | 1,195,945 | 801,869
Liabilities: |  |
Securitized debt | 4,680,615 | 3,985,372
Total liabilities carried at fair value | 4,680,615 | 3,985,372
Level 2 | Residential whole loan |  |
Assets: |  |
Securities, at fair value | 55,909 | 55,779
Level 2 | Securities, at fair value |  |
Assets: |  |
Securities, at fair value | 1,140,036 | 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 | 7,618,832 | 7,455,729
Liabilities: |  |
Securitized debt | 0 | 0
Total liabilities carried at fair value | 416,387 | 648,288
Level 3 | Residential whole loan |  |
Assets: |  |
Securities, at fair value | 7,618,832 | 7,455,729
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 | 222,263 | 469,424
Level 3 | Agreements with Mark-to-market Collateral Provisions |  |
Liabilities: |  |
Liabilities carried at fair value | $ 194,124 | $ 178,864

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- Definition Fair value portion of asset recognized for present right to economic benefit. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -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://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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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -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 of financial and nonfinancial obligations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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