v3.26.1
Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Fair Value [1] $ 3,585,879 $ 3,360,280
Agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 3,520,856 $ 3,256,760
Weighted Average Purchase Price (in percent) 100.10% 100.00%
Weighted Average Market Price (in percent) 100.20% 101.40%
Fair Value $ 3,529,405 $ 3,303,204
Weighted Average Loan Age (Months) 13 months 11 months
CPR (in percent) 11.50% 12.90%
4.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 4.50%  
Current Face $ 53,397  
Weighted Average Purchase Price (in percent) 97.90%  
Weighted Average Market Price (in percent) 96.70%  
Fair Value $ 51,632  
Weighted Average Loan Age (Months) 7 months  
CPR (in percent) 0.00%  
5.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 5.00% 5.00%
Current Face $ 1,070,668 $ 859,115
Weighted Average Purchase Price (in percent) 99.60% 99.50%
Weighted Average Market Price (in percent) 98.90% 100.10%
Fair Value $ 1,058,649 $ 860,163
Weighted Average Loan Age (Months) 7 months 5 months
CPR (in percent) 3.80% 4.10%
5.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 5.50% 5.50%
Current Face $ 2,144,718 $ 2,123,143
Weighted Average Purchase Price (in percent) 100.30% 100.20%
Weighted Average Market Price (in percent) 100.80% 101.70%
Fair Value $ 2,161,061 $ 2,159,949
Weighted Average Loan Age (Months) 14 months 12 months
CPR (in percent) 13.50% 15.00%
6.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 6.00% 6.00%
Current Face $ 247,077 $ 269,129
Weighted Average Purchase Price (in percent) 100.10% 100.10%
Weighted Average Market Price (in percent) 102.30% 103.10%
Fair Value $ 252,877 $ 277,489
Weighted Average Loan Age (Months) 29 months 26 months
CPR (in percent) 22.30% 18.10%
6.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 6.50% 6.50%
Current Face $ 4,996 $ 5,373
Weighted Average Purchase Price (in percent) 101.00% 101.00%
Weighted Average Market Price (in percent) 103.80% 104.30%
Fair Value $ 5,186 $ 5,603
Weighted Average Loan Age (Months) 28 months 25 months
CPR (in percent) 17.60% 8.20%
[1] See Note 6 for information regarding the Company’s pledged assets.