v3.25.2
Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Fair Value [1] $ 1,829,809 $ 1,537,513
Agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 1,737,303 $ 1,403,891
Weighted Average Purchase Price (in percent) 99.90% 100.20%
Weighted Average Market Price (in percent) 100.50% 99.20%
Fair Value $ 1,746,072 $ 1,392,635
Weighted Average Loan Age (Months) 14 months 11 months
CPR (in percent) 6.90% 9.20%
5.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 5.00% 5.00%
Current Face $ 68,912 $ 71,645
Weighted Average Purchase Price (in percent) 100.20% 100.20%
Weighted Average Market Price (in percent) 98.30% 96.60%
Fair Value $ 67,740 $ 69,233
Weighted Average Loan Age (Months) 27 months 21 months
CPR (in percent) 10.30% 3.30%
5.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 5.50% 5.50%
Current Face $ 1,347,974 $ 993,466
Weighted Average Purchase Price (in percent) 99.80% 100.20%
Weighted Average Market Price (in percent) 100.20% 98.80%
Fair Value $ 1,351,071 $ 981,796
Weighted Average Loan Age (Months) 12 months 9 months
CPR (in percent) 6.70% 8.20%
6.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 6.00% 6.00%
Current Face $ 297,043 $ 313,173
Weighted Average Purchase Price (in percent) 100.10% 100.10%
Weighted Average Market Price (in percent) 102.00% 100.70%
Fair Value $ 303,046 $ 315,317
Weighted Average Loan Age (Months) 20 months 14 months
CPR (in percent) 6.80% 11.50%
6.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 6.50% 6.50%
Current Face $ 23,374 $ 25,607
Weighted Average Purchase Price (in percent) 100.40% 100.40%
Weighted Average Market Price (in percent) 103.60% 102.70%
Fair Value $ 24,215 $ 26,289
Weighted Average Loan Age (Months) 21 months 15 months
CPR (in percent) 9.80% 36.10%
[1] See Note 6 for information regarding the Company’s pledged assets.