v3.26.1
Securities, at Fair Value - Residential Mortgage Securities (Details) - USD ($)
$ in Thousands
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]    
Principal/Current Face 3,520,856 3,256,760
Purchase Premiums 15,445 13,996
Accretable Purchase Discounts (13,919) (13,070)
Discount Designated as Credit Reserve 0 0
Gross Amortized Cost Basis 3,522,382 3,257,686
Gross Unrealized Gains 21,538 45,539
Gross Unrealized Losses (14,515) (21)
Net Unrealized Gain/(Loss) 7,023 45,518
Fair Value 3,529,405 3,303,204
Other securities    
Debt Securities, Available-for-sale [Line Items]    
Principal/Current Face 59,645 59,919
Purchase Premiums 4,669 4,009
Accretable Purchase Discounts (4,516) (4,657)
Discount Designated as Credit Reserve (7,191) (7,191)
Gross Amortized Cost Basis 52,607 52,080
Gross Unrealized Gains 4,235 5,231
Gross Unrealized Losses (368) (235)
Net Unrealized Gain/(Loss) 3,867 4,996
Fair Value 56,474 57,076
Total residential mortgage securities    
Debt Securities, Available-for-sale [Line Items]    
Principal/Current Face 3,580,501 3,316,679
Purchase Premiums 20,114 18,005
Accretable Purchase Discounts (18,435) (17,727)
Discount Designated as Credit Reserve (7,191) (7,191)
Gross Amortized Cost Basis 3,574,989 3,309,766
Gross Unrealized Gains 25,773 50,770
Gross Unrealized Losses (14,883) (256)
Net Unrealized Gain/(Loss) 10,890 50,514
Fair Value 3,585,879 3,360,280
CRT Securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 700 900
Gross Unrealized Losses 0 0
Fair Value 21,500 21,700
Non-agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 600 600
Gross Unrealized Losses (400) (200)
Fair Value $ 21,800 $ 22,100
[1] See Note 6 for information regarding the Company’s pledged assets.