v3.26.1
Derivatives - Schedule of Long Positions in TBA (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative assets $ 8,441 $ 10,498
Derivative liabilities 9,117 4,830
TBA securities | Long position    
Derivative [Line Items]    
Derivative assets 8,441 7,841
Derivative liabilities 462 785
TBA securities | Not Designated as Hedging Instrument, Trading | Long position    
Derivative [Line Items]    
Implied market value, TBA [1] 2,517,294 3,121,122
Implied cost basis, TBA [2] 2,509,315 3,114,066
Derivative, Fair Value, Net [3] $ 7,979 $ 7,056
[1] Implied market value represents the estimated fair value of the underlying Agency MBS as of the dates indicated
[2] Implied cost basis represents the forward price to be paid for the underlying Agency MBS as of the dates indicated.
[3] Net carrying value represents the difference between the implied market value and the implied cost basis of the Company’s TBA securities as of the dates indicated. The total shown is the net amount included on the consolidated balance sheets as derivative assets of $8,441 and derivative liabilities of $462 as of June 30, 2026 and $7,841 and $785, respectively, as of December 31, 2025.