v3.25.2
Available-for-Sale Securities, at Fair Value - Amortized Cost and Carrying Value of AFS Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]            
Principal/ Current Face $ 9,249,851   $ 8,567,184      
Un-amortized Premium 165,191   167,214      
Accretable Purchase Discount (107,905)   (71,132)      
Amortized Cost 8,436,743   7,697,027      
Allowance for Credit Losses (2,235) $ (2,680) (2,866) $ (3,340) $ (3,607) $ (3,943)
Unrealized Gain 29,483   3,506      
Unrealized Loss (143,234)   (325,956)      
Carrying Value 8,320,757   7,371,711      
Total Agency            
Debt Securities, Available-for-sale [Line Items]            
Principal/ Current Face 8,769,239   8,063,260      
Un-amortized Premium 161,699   163,490      
Accretable Purchase Discount (107,891)   (71,116)      
Amortized Cost 8,432,733   7,692,748      
Allowance for Credit Losses (1,894) (2,273) (2,386) (2,893) (3,217) (3,619)
Unrealized Gain 29,277   3,262      
Unrealized Loss (142,808)   (325,647)      
Carrying Value 8,317,308   7,367,977      
Principal and interest            
Debt Securities, Available-for-sale [Line Items]            
Principal/ Current Face 8,378,925   7,600,374      
Un-amortized Premium 136,588   135,743      
Accretable Purchase Discount (107,891)   (71,116)      
Amortized Cost 8,407,622   7,665,001      
Allowance for Credit Losses 0   0      
Unrealized Gain 28,749   2,789      
Unrealized Loss (140,569)   (321,829)      
Carrying Value 8,295,802   7,345,961      
Interest-only            
Debt Securities, Available-for-sale [Line Items]            
Principal/ Current Face 390,314   462,886      
Un-amortized Premium 25,111   27,747      
Accretable Purchase Discount 0   0      
Amortized Cost 25,111   27,747      
Allowance for Credit Losses (1,894)   (2,386)      
Unrealized Gain 528   473      
Unrealized Loss (2,239)   (3,818)      
Carrying Value 21,506   22,016      
Non-Agency            
Debt Securities, Available-for-sale [Line Items]            
Principal/ Current Face 480,612   503,924      
Un-amortized Premium 3,492   3,724      
Accretable Purchase Discount (14)   (16)      
Amortized Cost 4,010   4,279      
Allowance for Credit Losses (341) $ (407) (480) $ (447) $ (390) $ (324)
Unrealized Gain 206   244      
Unrealized Loss (426)   (309)      
Carrying Value $ 3,449   $ 3,734