v3.25.4
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets, at fair value    
Other assets, at fair value $ 11,790 $ 10,807
Total assets, at fair value 2,662,945 2,192,624
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 1,572,934 1,524,828
Total liabilities, at fair value 1,572,966 1,524,828
Residential mortgage loans - at fair value    
Assets, at fair value    
Assets, at fair value 294,134 183,064
Residential mortgage loans in securitization trusts    
Assets, at fair value    
Assets, at fair value 2,076,776 1,696,995
AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 82,140 98,791
Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 197,865 201,452
Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized depreciation on TBAs 240 528
Unrealized depreciation on futures contracts    
Assets, at fair value    
Unrealized depreciation on TBAs   987
Liabilities, at fair value    
Unrealized depreciation on futures contracts 32  
U.S. Treasury Securities    
Assets, at fair value    
Real Estate Securities at Fair Value   0
Level 1    
Assets, at fair value    
Other assets, at fair value 0 0
Total assets, at fair value 240 1,515
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 0 0
Total liabilities, at fair value 32 0
Level 1 | Residential mortgage loans - at fair value    
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 1 | AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 1 | Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 1 | Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized depreciation on TBAs 240 528
Level 1 | Unrealized depreciation on futures contracts    
Assets, at fair value    
Unrealized depreciation on TBAs   987
Liabilities, at fair value    
Unrealized depreciation on futures contracts 32  
Level 1 | U.S. Treasury Securities    
Assets, at fair value    
Real Estate Securities at Fair Value   0
Level 2    
Assets, at fair value    
Other assets, at fair value 9,893 10,807
Total assets, at fair value 2,629,648 2,159,035
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 1,572,934 1,524,828
Total liabilities, at fair value 1,572,934 1,524,828
Level 2 | Residential mortgage loans - at fair value    
Assets, at fair value    
Assets, at fair value 293,141 183,064
Level 2 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Assets, at fair value 2,046,609 1,664,921
Level 2 | AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 82,140 98,791
Level 2 | Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 197,865 201,452
Level 2 | Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized depreciation on TBAs 0 0
Level 2 | Unrealized depreciation on futures contracts    
Assets, at fair value    
Unrealized depreciation on TBAs   0
Liabilities, at fair value    
Unrealized depreciation on futures contracts 0  
Level 2 | U.S. Treasury Securities    
Assets, at fair value    
Real Estate Securities at Fair Value   0
Level 3    
Assets, at fair value    
Other assets, at fair value 1,897 0
Total assets, at fair value 33,057 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 | Residential mortgage loans - at fair value    
Assets, at fair value    
Assets, at fair value 993 0
Level 3 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Assets, at fair value 30,167 32,074
Level 3 | AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 3 | Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 3 | Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized depreciation on TBAs 0 0
Level 3 | Unrealized depreciation on futures contracts    
Assets, at fair value    
Unrealized depreciation on TBAs   0
Liabilities, at fair value    
Unrealized depreciation on futures contracts $ 0  
Level 3 | U.S. Treasury Securities    
Assets, at fair value    
Real Estate Securities at Fair Value   $ 0