v3.25.2
Derivatives - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Total Gain (Loss) on Derivatives, net [1] $ (108,022) $ 49,682 $ (299,240) $ 206,130
Interest rate swap contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total Gain (Loss) on Derivatives, net (77,650) 30,128 (216,565) 190,837
Centrally-cleared (40,815) (111,573) (4,109) 51,087
Futures contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total Gain (Loss) on Derivatives, net (27,583) (3,603) (89,093) (3,603)
TBA Agency Securities        
Derivative Instruments, Gain (Loss) [Line Items]        
Total Gain (Loss) on Derivatives, net $ (2,789) $ 23,157 $ 6,418 $ 18,896
[1] Interest income and expense related to our interest rate swap contracts is recorded in gain (loss) on derivatives, net on the consolidated statements of operations. For additional information, see financial statement Note 7.