v3.26.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets, at fair value    
Other assets, at fair value $ 12,084 $ 11,790
Total assets, at fair value 2,723,739 2,662,945
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 1,747,929 1,572,934
Total liabilities, at fair value 1,747,929 1,572,966
Residential mortgage loans    
Assets, at fair value    
Fair Value 245,534 294,134
Residential mortgage loans in securitization trusts    
Assets, at fair value    
Fair Value 2,249,614 2,076,776
AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 85,715 82,140
Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 126,881 197,865
Futures contracts    
Assets, at fair value    
Unrealized appreciation 1,421  
Unrealized depreciation   (32)
Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized appreciation 2,490  
Unrealized depreciation   240
Level 1    
Assets, at fair value    
Other assets, at fair value 0 0
Total assets, at fair value 3,911 240
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 0 0
Total liabilities, at fair value 0 32
Level 1 | Residential mortgage loans    
Assets, at fair value    
Fair Value 0 0
Level 1 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Fair Value 0 0
Level 1 | AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 1 | Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 1 | Futures contracts    
Assets, at fair value    
Unrealized appreciation 1,421  
Unrealized depreciation   (32)
Level 1 | Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized appreciation 2,490  
Unrealized depreciation   240
Level 2    
Assets, at fair value    
Other assets, at fair value 10,187 9,893
Total assets, at fair value 2,679,525 2,629,648
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 1,747,929 1,572,934
Total liabilities, at fair value 1,747,929 1,572,934
Level 2 | Residential mortgage loans    
Assets, at fair value    
Fair Value 243,214 293,141
Level 2 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Fair Value 2,213,528 2,046,609
Level 2 | AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 85,715 82,140
Level 2 | Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 126,881 197,865
Level 2 | Futures contracts    
Assets, at fair value    
Unrealized appreciation 0  
Unrealized depreciation   0
Level 2 | Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized appreciation 0  
Unrealized depreciation   0
Level 3    
Assets, at fair value    
Other assets, at fair value 1,897 1,897
Total assets, at fair value 40,303 33,057
Liabilities, at fair value    
Non-recourse securitization obligation, collateralized by residential mortgage loans 0 0
Total liabilities, at fair value 0 0
Level 3 | Residential mortgage loans    
Assets, at fair value    
Fair Value 2,320 993
Level 3 | Residential mortgage loans in securitization trusts    
Assets, at fair value    
Fair Value 36,086 30,167
Level 3 | AOMT RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 3 | Whole Pool Agency RMBS    
Assets, at fair value    
Real Estate Securities at Fair Value 0 0
Level 3 | Futures contracts    
Assets, at fair value    
Unrealized appreciation 0  
Unrealized depreciation   0
Level 3 | Unrealized depreciation on TBAs    
Assets, at fair value    
Unrealized appreciation $ 0  
Unrealized depreciation   $ 0