v3.26.1
Available-for-Sale Securities, at Fair Value - Amortized Cost and Carrying Value of AFS Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Principal/ Current Face $ 5,646,557 $ 7,173,967
Un-amortized Premium 118,887 140,630
Accretable Purchase Discount (8,905) (24,913)
Amortized Cost 5,137,549 6,516,016
Allowance for Credit Losses (360) (1,609)
Unrealized Gain 11,893 44,683
Unrealized Loss (57,763) (44,619)
Carrying Value 5,091,319 6,514,471
Total Agency    
Debt Securities, Available-for-sale [Line Items]    
Principal/ Current Face 5,212,809 6,715,227
Un-amortized Premium 115,762 137,319
Accretable Purchase Discount (8,893) (24,900)
Amortized Cost 5,133,952 6,512,208
Allowance for Credit Losses 0 (1,319)
Unrealized Gain 11,744 44,513
Unrealized Loss (57,359) (44,190)
Carrying Value 5,088,337 6,511,212
Principal and interest    
Debt Securities, Available-for-sale [Line Items]    
Principal/ Current Face 5,027,083 6,399,789
Un-amortized Premium 103,874 118,427
Accretable Purchase Discount (8,893) (24,900)
Amortized Cost 5,122,064 6,493,316
Allowance for Credit Losses 0 0
Unrealized Gain 11,373 44,091
Unrealized Loss (56,854) (43,117)
Carrying Value 5,076,583 6,494,290
Interest-only    
Debt Securities, Available-for-sale [Line Items]    
Principal/ Current Face 185,726 315,438
Un-amortized Premium 11,888 18,892
Accretable Purchase Discount 0 0
Amortized Cost 11,888 18,892
Allowance for Credit Losses 0 (1,319)
Unrealized Gain 371 422
Unrealized Loss (505) (1,073)
Carrying Value 11,754 16,922
Non-Agency    
Debt Securities, Available-for-sale [Line Items]    
Principal/ Current Face 433,748 458,740
Un-amortized Premium 3,125 3,311
Accretable Purchase Discount (12) (13)
Amortized Cost 3,597 3,808
Allowance for Credit Losses (360) (290)
Unrealized Gain 149 170
Unrealized Loss (404) (429)
Carrying Value $ 2,982 $ 3,259