v3.25.2
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets, at fair value    
Investments in securities $ 361,884 $ 300,243
Other assets, at fair value 10,498 10,807
Total assets, at fair value 2,475,768 2,192,624
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 1,401,980 1,524,828
Total liabilities, at fair value 1,406,335 1,524,828
AOMT RMBS    
Assets, at fair value    
Investments in securities 104,332 98,791
Whole Pool Agency RMBS    
Assets, at fair value    
Investments in securities 257,552 201,452
U.S. Treasury securities    
Assets, at fair value    
Investments in securities 0  
Futures contracts    
Assets, at fair value    
Unrealized appreciation 0 987
Liabilities, at fair value    
Unrealized depreciation 1,147  
TBAs    
Assets, at fair value    
Unrealized appreciation 0 528
Liabilities, at fair value    
Unrealized depreciation 3,208  
Residential mortgage loans    
Assets, at fair value    
Assets, at fair value 200,665 183,064
Residential mortgage loans in securitization trusts    
Assets, at fair value    
Assets, at fair value 1,902,721 1,696,995
Level 1    
Assets, at fair value    
Other assets, at fair value 0 0
Total assets, at fair value 0 1,515
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 0 0
Total liabilities, at fair value 4,355 0
Level 1 | AOMT RMBS    
Assets, at fair value    
Investments in securities 0 0
Level 1 | Whole Pool Agency RMBS    
Assets, at fair value    
Investments in securities 0 0
Level 1 | U.S. Treasury securities    
Assets, at fair value    
Investments in securities 0  
Level 1 | Futures contracts    
Assets, at fair value    
Unrealized appreciation 0 987
Liabilities, at fair value    
Unrealized depreciation 1,147  
Level 1 | TBAs    
Assets, at fair value    
Unrealized appreciation 0 528
Liabilities, at fair value    
Unrealized depreciation 3,208  
Level 1 | Residential mortgage loans    
Assets, at fair value    
Assets, at fair value 0 0
Level 1 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Assets, at fair value 0 0
Level 2    
Assets, at fair value    
Other assets, at fair value 10,498 10,807
Total assets, at fair value 2,444,176 2,159,035
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 1,401,980 1,524,828
Total liabilities, at fair value 1,401,980 1,524,828
Level 2 | AOMT RMBS    
Assets, at fair value    
Investments in securities 104,332 98,791
Level 2 | Whole Pool Agency RMBS    
Assets, at fair value    
Investments in securities 257,552 201,452
Level 2 | U.S. Treasury securities    
Assets, at fair value    
Investments in securities 0  
Level 2 | Futures contracts    
Assets, at fair value    
Unrealized appreciation 0 0
Liabilities, at fair value    
Unrealized depreciation 0  
Level 2 | TBAs    
Assets, at fair value    
Unrealized appreciation 0 0
Liabilities, at fair value    
Unrealized depreciation 0  
Level 2 | Residential mortgage loans    
Assets, at fair value    
Assets, at fair value 199,043 183,064
Level 2 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Assets, at fair value 1,872,751 1,664,921
Level 3    
Assets, at fair value    
Other assets, at fair value 0 0
Total assets, at fair value 31,592 32,074
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 0 0
Total liabilities, at fair value 0 0
Level 3 | AOMT RMBS    
Assets, at fair value    
Investments in securities 0 0
Level 3 | Whole Pool Agency RMBS    
Assets, at fair value    
Investments in securities 0 0
Level 3 | U.S. Treasury securities    
Assets, at fair value    
Investments in securities 0  
Level 3 | Futures contracts    
Assets, at fair value    
Unrealized appreciation 0 0
Liabilities, at fair value    
Unrealized depreciation 0  
Level 3 | TBAs    
Assets, at fair value    
Unrealized appreciation 0 0
Liabilities, at fair value    
Unrealized depreciation 0  
Level 3 | Residential mortgage loans    
Assets, at fair value    
Assets, at fair value 1,622 0
Level 3 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Assets, at fair value $ 29,970 $ 32,074