v3.25.4
Investments in RMBS, Assets by Maturity (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
Security
Dec. 31, 2024
USD ($)
Security
RMBS, Assets by Maturity [Abstract]    
Carrying value $ 1,213,851 $ 1,122,420
Carrying value of collateral for repurchase agreements 1,189,714 1,103,622
RMBS [Member]    
RMBS, Assets by Maturity [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
Carrying value of collateral for repurchase agreements $ 1,189,700 $ 1,103,600
Allowance for credit losses 0 0
Impairment charges 0 0
RMBS [Member] | Fair Value through OCI [Member] | Over 10 Years [Member]    
RMBS, Assets by Maturity [Abstract]    
Original face value 276,022 317,711
Book value 203,150 259,280
Gross unrealized gains 4,243 492
Gross unrealized losses (491) (7,644)
Carrying value [1],[3] $ 206,902 $ 252,128
Number of securities | Security 20 23
Weighted average coupon 4.67% 4.48%
Weighted average yield [2] 4.79% 4.62%
Weighted average maturity 26 years 27 years
RMBS [Member] | Fair Value through Earnings [Member] | Over 10 Years [Member]    
RMBS, Assets by Maturity [Abstract]    
Original face value $ 1,146,521 $ 984,449
Book value 981,062 879,982
Gross unrealized gains 26,084 5,004
Gross unrealized losses (197) (14,694)
Carrying value [1],[3] $ 1,006,949 $ 870,292
Number of securities | Security 87 72
Weighted average coupon 5.05% 4.89%
Weighted average yield [2] 5.14% 5.00%
Weighted average maturity 28 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.