v3.25.4
Investments in RMBS, Summary (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
Security
Dec. 31, 2024
USD ($)
Security
Residential Mortgage-Backed Securities [Abstract]    
Carrying value $ 1,213,851 $ 1,122,420
RMBS [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value 1,422,543 1,302,160
Book value 1,184,212 1,139,262
Gross unrealized gains 30,327 5,496
Gross unrealized losses (688) (22,338)
Carrying value [1] $ 1,213,851 $ 1,122,420
Number of securities | Security 107 95
Weighted average coupon 4.98% 4.80%
Weighted average yield [2] 5.08% 4.91%
Weighted average maturity 27 years 28 years
Fannie Mae [Member] | Fair Value through OCI [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 150,782 $ 160,092
Book value 110,321 131,441
Gross unrealized gains 3,094 492
Gross unrealized losses (232) (2,282)
Carrying value [1],[3] $ 113,183 $ 129,651
Number of securities | Security 10 11
Weighted average coupon 4.67% 4.62%
Weighted average yield [2] 4.83% 4.79%
Weighted average maturity 26 years 27 years
Fannie Mae [Member] | Fair Value through Earnings [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 469,667 $ 335,927
Book value 408,260 299,453
Gross unrealized gains 10,506 1,870
Gross unrealized losses (121) (5,375)
Carrying value [1],[3] $ 418,645 $ 295,948
Number of securities | Security 35 24
Weighted average coupon 5.04% 4.81%
Weighted average yield [2] 5.14% 4.94%
Weighted average maturity 28 years 28 years
Freddie Mac [Member] | Fair Value through OCI [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 125,240 $ 157,618
Book value 92,829 127,839
Gross unrealized gains 1,149 0
Gross unrealized losses (259) (5,362)
Carrying value [1],[3] $ 93,719 $ 122,477
Number of securities | Security 10 12
Weighted average coupon 4.67% 4.34%
Weighted average yield [2] 4.76% 4.44%
Weighted average maturity 26 years 27 years
Freddie Mac [Member] | Fair Value through Earnings [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 676,854 $ 648,523
Book value 572,802 580,529
Gross unrealized gains 15,578 3,134
Gross unrealized losses (76) (9,319)
Carrying value [1],[3] $ 588,304 $ 574,344
Number of securities | Security 52 48
Weighted average coupon 5.05% 4.93%
Weighted average yield [2] 5.14% 5.03%
Weighted average maturity 27 years 28 years
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.
[2] The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.
[3] The Company used an implied AA+ rating for the Agency RMBS.