v3.26.1
Mortgage-Backed Securities - Unrealized Loss Positions (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value $ 2,541,831 $ 242,642
Unrealized Loss Position for Less than 12 Months, Unrealized Losses $ (13,654) $ (1,803)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security 124 27
Unrealized Loss Position for 12 Months or More, Estimated Fair Value $ 121,076 $ 175,535
Unrealized Loss Position for 12 Months or More, Unrealized Losses $ (98,170) $ (106,846)
Unrealized Loss Position for 12 Months or More, Number of Positions | security 143 181
Total, Estimated Fair Value $ 2,662,907 $ 418,177
Total, Unrealized Losses $ (111,824) $ (108,649)
Total, Number of Positions | security 267 208
Residential Mortgage-Backed Securities | Non-Agency RMBS - Senior    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value $ 22,861 $ 15,408
Unrealized Loss Position for Less than 12 Months, Unrealized Losses $ (437) $ (266)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security 5 4
Unrealized Loss Position for 12 Months or More, Estimated Fair Value $ 18,082 $ 16,902
Unrealized Loss Position for 12 Months or More, Unrealized Losses $ (3,392) $ (3,143)
Unrealized Loss Position for 12 Months or More, Number of Positions | security 5 4
Total, Estimated Fair Value $ 40,943 $ 32,311
Total, Unrealized Losses $ (3,829) $ (3,409)
Total, Number of Positions | security 10 8
Residential Mortgage-Backed Securities | Non-Agency RMBS - Subordinated    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value $ 5,257 $ 8,492
Unrealized Loss Position for Less than 12 Months, Unrealized Losses $ (476) $ (144)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security 2 3
Unrealized Loss Position for 12 Months or More, Estimated Fair Value $ 66,552 $ 81,581
Unrealized Loss Position for 12 Months or More, Unrealized Losses $ (9,124) $ (11,519)
Unrealized Loss Position for 12 Months or More, Number of Positions | security 12 14
Total, Estimated Fair Value $ 71,809 $ 90,073
Total, Unrealized Losses $ (9,600) $ (11,663)
Total, Number of Positions | security 14 17
Residential Mortgage-Backed Securities | Non-Agency RMBS - Interest-only    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value $ 6,114 $ 1,297
Unrealized Loss Position for Less than 12 Months, Unrealized Losses $ (532) $ (22)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security 11 4
Unrealized Loss Position for 12 Months or More, Estimated Fair Value $ 36,442 $ 44,675
Unrealized Loss Position for 12 Months or More, Unrealized Losses $ (85,654) $ (80,764)
Unrealized Loss Position for 12 Months or More, Number of Positions | security 126 126
Total, Estimated Fair Value $ 42,556 $ 45,972
Total, Unrealized Losses $ (86,186) $ (80,786)
Total, Number of Positions | security 137 130
Residential Mortgage-Backed Securities | Pass-through    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value $ 2,490,185 $ 147,898
Unrealized Loss Position for Less than 12 Months, Unrealized Losses $ (12,123) $ (237)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security 104 8
Unrealized Loss Position for 12 Months or More, Estimated Fair Value $ 0 $ 0
Unrealized Loss Position for 12 Months or More, Unrealized Losses $ 0 $ 0
Unrealized Loss Position for 12 Months or More, Number of Positions | security 0 0
Total, Estimated Fair Value $ 2,490,185 $ 147,898
Total, Unrealized Losses $ (12,123) $ (237)
Total, Number of Positions | security 104 8
Residential Mortgage-Backed Securities | Agency RMBS - CMO    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value $ 0 $ 57,000
Unrealized Loss Position for Less than 12 Months, Unrealized Losses $ 0 $ (133)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security 0 1
Unrealized Loss Position for 12 Months or More, Estimated Fair Value $ 0 $ 0
Unrealized Loss Position for 12 Months or More, Unrealized Losses $ 0 $ 0
Unrealized Loss Position for 12 Months or More, Number of Positions | security 0 0
Total, Estimated Fair Value $ 0 $ 57,000
Total, Unrealized Losses $ 0 $ (133)
Total, Number of Positions | security 0 1
Residential Mortgage-Backed Securities | Agency RMBS - Interest-only    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value   $ 8,302
Unrealized Loss Position for Less than 12 Months, Unrealized Losses   $ (203)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security   5
Unrealized Loss Position for 12 Months or More, Estimated Fair Value   $ 2,928
Unrealized Loss Position for 12 Months or More, Unrealized Losses   $ (3,632)
Unrealized Loss Position for 12 Months or More, Number of Positions | security   5
Total, Estimated Fair Value   $ 11,229
Total, Unrealized Losses   $ (3,835)
Total, Number of Positions | security   10
Commercial Mortgage Backed Securities | Agency CMBS - ACMBS bond    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value $ 17,414  
Unrealized Loss Position for Less than 12 Months, Unrealized Losses $ (86)  
Unrealized Loss Position for Less than 12 Months, Number of Positions | security 2  
Unrealized Loss Position for 12 Months or More, Estimated Fair Value $ 0  
Unrealized Loss Position for 12 Months or More, Unrealized Losses $ 0  
Unrealized Loss Position for 12 Months or More, Number of Positions | security 0  
Total, Estimated Fair Value $ 17,414  
Total, Unrealized Losses $ (86)  
Total, Number of Positions | security 2  
Commercial Mortgage Backed Securities | Agency CMBS - Project loans    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value   $ 4,245
Unrealized Loss Position for Less than 12 Months, Unrealized Losses   $ (798)
Unrealized Loss Position for Less than 12 Months, Number of Positions | security   2
Unrealized Loss Position for 12 Months or More, Estimated Fair Value   $ 28,295
Unrealized Loss Position for 12 Months or More, Unrealized Losses   $ (6,958)
Unrealized Loss Position for 12 Months or More, Number of Positions | security   31
Total, Estimated Fair Value   $ 32,540
Total, Unrealized Losses   $ (7,756)
Total, Number of Positions | security   33
Commercial Mortgage Backed Securities | Agency CMBS - Interest-only    
Debt Securities, Available-for-sale [Line Items]    
Unrealized Loss Position for Less than 12 Months, Estimated Fair Value   $ 0
Unrealized Loss Position for Less than 12 Months, Unrealized Losses   $ 0
Unrealized Loss Position for Less than 12 Months, Number of Positions | security   0
Unrealized Loss Position for 12 Months or More, Estimated Fair Value   $ 1,154
Unrealized Loss Position for 12 Months or More, Unrealized Losses   $ (830)
Unrealized Loss Position for 12 Months or More, Number of Positions | security   1
Total, Estimated Fair Value   $ 1,154
Total, Unrealized Losses   $ (830)
Total, Number of Positions | security   1