v3.26.1
Investment Securities Available For Sale, at Fair Value - Schedule of Investment Securities Available for Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Option    
Amortized Cost $ 6,908,528 $ 6,789,275
Unrealized Gains 77,600 135,424
Unrealized Losses (25,815) (19,918)
Fair Value 6,960,313 6,904,781
Agency RMBS    
Fair Value, Option    
Amortized Cost 6,575,725 6,520,774
Unrealized Gains 72,112 128,071
Unrealized Losses (17,860) (15,369)
Fair Value 6,629,977 6,633,476
Non-Agency RMBS    
Fair Value, Option    
Amortized Cost 27,600 22,203
Unrealized Gains 4,867 5,701
Unrealized Losses (2,307) (2,312)
Fair Value 30,160 25,592
U.S. Treasury securities    
Fair Value, Option    
Amortized Cost 305,203 246,298
Unrealized Gains 621 1,652
Unrealized Losses (5,648) (2,237)
Fair Value 300,176 245,713
Fixed rate    
Fair Value, Option    
Amortized Cost 6,346,238 6,300,852
Unrealized Gains 66,972 124,348
Unrealized Losses (6,478) (700)
Fair Value 6,406,732 6,424,500
Adjustable rate    
Fair Value, Option    
Amortized Cost 108,026 114,427
Unrealized Gains 2,759 3,662
Unrealized Losses 0 0
Fair Value 110,785 118,089
Interest-only    
Fair Value, Option    
Amortized Cost 121,461 105,495
Unrealized Gains 2,381 61
Unrealized Losses (11,382) (14,669)
Fair Value 112,460 90,887
Fannie Mae | Fixed rate    
Fair Value, Option    
Amortized Cost 3,388,655 3,445,953
Unrealized Gains 39,953 71,677
Unrealized Losses (2,555) (420)
Fair Value 3,426,053 3,517,210
Fannie Mae | Adjustable rate    
Fair Value, Option    
Amortized Cost 79,629 84,215
Unrealized Gains 2,186 2,911
Unrealized Losses 0 0
Fair Value 81,815 87,126
Freddie Mac | Fixed rate    
Fair Value, Option    
Amortized Cost 2,957,583 2,854,899
Unrealized Gains 27,019 52,671
Unrealized Losses (3,923) (280)
Fair Value 2,980,679 2,907,290
Freddie Mac | Adjustable rate    
Fair Value, Option    
Amortized Cost 28,397 30,212
Unrealized Gains 573 751
Unrealized Losses 0 0
Fair Value 28,970 30,963
Freddie Mac | Interest-only    
Fair Value, Option    
Amortized Cost 2,918 3,377
Unrealized Gains 47 0
Unrealized Losses 0 (315)
Fair Value 2,965 3,062
Ginnie Mae | Interest-only    
Fair Value, Option    
Amortized Cost 118,543 102,118
Unrealized Gains 2,334 61
Unrealized Losses (11,382) (14,354)
Fair Value $ 109,495 $ 87,825