v3.26.1
Mortgage-Backed Securities - Summary of Present Amortized Cost, Fair Value and Unrealized Gain/Losses of Company's MBS Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value $ 8,840,568   $ 7,693,236      
Total Premium 235,004   224,039      
Total Discount (774,947)   (799,761)      
Amortized Cost 5,972,690   4,197,297      
Allowance for Credit Loss (53,260) $ (46,067) (43,243) $ (36,194) $ (31,785) $ (28,397)
Fair Value 5,992,180   4,280,765      
Gross Unrealized Gains 184,574   235,360      
Gross Unrealized Losses (111,824)   (108,649)      
Net Unrealized Gain/(Loss) 72,750   126,711      
Non-Agency RMBS - Senior            
Debt Securities, Available-for-sale [Line Items]            
Total Premium 37,806   31,697      
Total Discount (465,642)   (478,409)      
Amortized Cost 399,771   406,175      
Allowance for Credit Loss (53,041)   (41,342)      
Fair Value 467,711   505,004      
Gross Unrealized Gains 124,810   143,580      
Gross Unrealized Losses (3,829)   (3,409)      
Net Unrealized Gain/(Loss) 120,981   140,171      
Non-Agency RMBS - Senior | Residential Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value 827,607   852,887      
Gross Unrealized Gains 124,810   143,580      
Gross Unrealized Losses (3,829)   (3,409)      
Non-Agency RMBS - Subordinated            
Debt Securities, Available-for-sale [Line Items]            
Total Premium 1,749   1,852      
Total Discount (217,076)   (231,167)      
Amortized Cost 179,343   223,954      
Allowance for Credit Loss (219)   (1,901)      
Fair Value 191,732   233,315      
Gross Unrealized Gains 22,208   22,925      
Gross Unrealized Losses (9,600)   (11,663)      
Net Unrealized Gain/(Loss) 12,608   11,262      
Non-Agency RMBS - Subordinated | Residential Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value 394,670   453,269      
Gross Unrealized Gains 22,208   22,925      
Gross Unrealized Losses (9,600)   (11,663)      
Non-Agency RMBS - Interest-only            
Debt Securities, Available-for-sale [Line Items]            
Total Premium 142,283   146,461      
Total Discount 0   0      
Amortized Cost 142,283   146,461      
Allowance for Credit Loss 0   0      
Fair Value 68,178   78,961      
Gross Unrealized Gains 12,081   13,286      
Gross Unrealized Losses (86,186)   (80,786)      
Net Unrealized Gain/(Loss) (74,105)   (67,500)      
Non-Agency RMBS - Interest-only | Residential Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value 2,327,935   2,428,976      
Gross Unrealized Gains 12,081   13,286      
Gross Unrealized Losses (86,186)   (80,786)      
Pass-through            
Debt Securities, Available-for-sale [Line Items]            
Total Premium 53,166   21,495      
Total Discount (91,662)   (89,999)      
Amortized Cost 5,002,763   3,027,795      
Allowance for Credit Loss 0   0      
Fair Value 5,014,494   3,081,573      
Gross Unrealized Gains 23,854   54,015      
Gross Unrealized Losses (12,123)   (237)      
Net Unrealized Gain/(Loss) 11,731   53,778      
Pass-through | Residential Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value 5,041,259   3,096,299      
Gross Unrealized Gains 23,854   54,015      
Gross Unrealized Losses (12,123)   (237)      
Agency RMBS - CMO            
Debt Securities, Available-for-sale [Line Items]            
Total Premium 0   0      
Total Discount (161)   (186)      
Amortized Cost 231,031   330,685      
Allowance for Credit Loss 0   0      
Fair Value 232,652   331,909      
Gross Unrealized Gains 1,621   1,357      
Gross Unrealized Losses 0   (133)      
Net Unrealized Gain/(Loss) 1,621   1,224      
Agency RMBS - CMO | Residential Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value 231,192   330,871      
Gross Unrealized Gains 1,621   1,357      
Gross Unrealized Losses 0   (133)      
Agency RMBS - Interest-only            
Debt Securities, Available-for-sale [Line Items]            
Total Premium     18,637      
Total Discount     0      
Amortized Cost     18,637      
Allowance for Credit Loss     0      
Fair Value     14,867      
Gross Unrealized Gains     65      
Gross Unrealized Losses     (3,835)      
Net Unrealized Gain/(Loss)     (3,770)      
Agency RMBS - Interest-only | Residential Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value     367,866      
Gross Unrealized Gains     65      
Gross Unrealized Losses     (3,835)      
Agency CMBS - ACMBS bond            
Debt Securities, Available-for-sale [Line Items]            
Total Premium 0          
Total Discount (406)          
Amortized Cost 17,499          
Allowance for Credit Loss 0          
Fair Value 17,413          
Gross Unrealized Gains 0          
Gross Unrealized Losses (86)          
Net Unrealized Gain/(Loss) (86)          
Agency CMBS - ACMBS bond | Commercial Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value 17,905          
Gross Unrealized Gains 0          
Gross Unrealized Losses $ (86)          
Agency CMBS - Project loans            
Debt Securities, Available-for-sale [Line Items]            
Total Premium     602      
Total Discount     0      
Amortized Cost     40,295      
Allowance for Credit Loss     0      
Fair Value     32,539      
Gross Unrealized Gains     0      
Gross Unrealized Losses     (7,756)      
Net Unrealized Gain/(Loss)     (7,756)      
Agency CMBS - Project loans | Commercial Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value     39,693      
Gross Unrealized Gains     0      
Gross Unrealized Losses     (7,756)      
Agency CMBS - Interest-only            
Debt Securities, Available-for-sale [Line Items]            
Total Premium     3,295      
Total Discount     0      
Amortized Cost     3,295      
Allowance for Credit Loss     0      
Fair Value     2,597      
Gross Unrealized Gains     132      
Gross Unrealized Losses     (830)      
Net Unrealized Gain/(Loss)     (698)      
Agency CMBS - Interest-only | Commercial Mortgage Backed Securities            
Debt Securities, Available-for-sale [Line Items]            
Principal or Notional Value     123,375      
Gross Unrealized Gains     132      
Gross Unrealized Losses     $ (830)