v3.26.1
Mortgage-Backed Securities - Maturities of MBS by Estimated Weighted Average Life Classification (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair value    
Less than one year, at fair value $ 11,101 $ 9,193
Greater than one year and less than five years, at fair value 606,738 329,992
Greater than five years and less than ten years, at fair value 4,780,431 3,436,187
Greater than ten years, at fair value 593,910 505,393
Total maturities, at fair value 5,992,180 4,280,765
Amortized cost    
Less than one year, at amortized cost 25,780 25,720
Greater than one year and less than five years, at amortized cost 647,431 373,393
Greater than five years and less than ten years, at amortized cost 4,755,608 3,358,140
Greater than ten years, at amortized cost 543,871 440,044
Amortized Cost 5,972,690 4,197,297
Non-Agency RMBS - Senior    
Fair value    
Less than one year, at fair value 5,480 9,088
Greater than one year and less than five years, at fair value 57,114 53,949
Greater than five years and less than ten years, at fair value 184,413 193,582
Greater than ten years, at fair value 220,704 248,385
Total maturities, at fair value 467,711 505,004
Amortized cost    
Less than one year, at amortized cost 7,234 9,377
Greater than one year and less than five years, at amortized cost 59,357 58,134
Greater than five years and less than ten years, at amortized cost 163,093 161,393
Greater than ten years, at amortized cost 170,087 177,271
Amortized Cost 399,771 406,175
Non-Agency RMBS - Subordinated    
Fair value    
Less than one year, at fair value 5,397 0
Greater than one year and less than five years, at fair value 37,688 62,392
Greater than five years and less than ten years, at fair value 66,611 68,089
Greater than ten years, at fair value 82,036 102,834
Total maturities, at fair value 191,732 233,315
Amortized cost    
Less than one year, at amortized cost 1,415 0
Greater than one year and less than five years, at amortized cost 33,004 56,909
Greater than five years and less than ten years, at amortized cost 62,536 64,198
Greater than ten years, at amortized cost 82,388 102,847
Amortized Cost 179,343 223,954
Non-Agency RMBS - Interest-only    
Fair value    
Less than one year, at fair value 224 105
Greater than one year and less than five years, at fair value 27,692 35,063
Greater than five years and less than ten years, at fair value 37,708 41,116
Greater than ten years, at fair value 2,554 2,677
Total maturities, at fair value 68,178 78,961
Amortized cost    
Less than one year, at amortized cost 17,131 16,343
Greater than one year and less than five years, at amortized cost 71,091 76,174
Greater than five years and less than ten years, at amortized cost 48,981 50,216
Greater than ten years, at amortized cost 5,080 3,728
Amortized Cost 142,283 146,461
Pass-through    
Fair value    
Less than one year, at fair value 0 0
Greater than one year and less than five years, at fair value 410,773 161,124
Greater than five years and less than ten years, at fair value 4,315,105 2,801,491
Greater than ten years, at fair value 288,616 118,958
Total maturities, at fair value 5,014,494 3,081,573
Amortized cost    
Less than one year, at amortized cost 0 0
Greater than one year and less than five years, at amortized cost 410,817 160,244
Greater than five years and less than ten years, at amortized cost 4,305,630 2,751,648
Greater than ten years, at amortized cost 286,316 115,903
Amortized Cost 5,002,763 3,027,795
Agency RMBS - CMO    
Fair value    
Less than one year, at fair value 0 0
Greater than one year and less than five years, at fair value 56,058 0
Greater than five years and less than ten years, at fair value 176,594 331,909
Greater than ten years, at fair value 0 0
Total maturities, at fair value 232,652 331,909
Amortized cost    
Less than one year, at amortized cost 0
Greater than one year and less than five years, at amortized cost 55,663 0
Greater than five years and less than ten years, at amortized cost 175,368 330,685
Greater than ten years, at amortized cost 0 0
Amortized Cost 231,031 330,685
Agency RMBS - Interest-only    
Fair value    
Less than one year, at fair value   0
Greater than one year and less than five years, at fair value   14,867
Greater than five years and less than ten years, at fair value   0
Greater than ten years, at fair value   0
Total maturities, at fair value   14,867
Amortized cost    
Less than one year, at amortized cost   0
Greater than one year and less than five years, at amortized cost   18,637
Greater than five years and less than ten years, at amortized cost   0
Greater than ten years, at amortized cost   0
Amortized Cost   18,637
Agency CMBS - ACMBS bond    
Fair value    
Less than one year, at fair value 0  
Greater than one year and less than five years, at fair value 17,413  
Greater than five years and less than ten years, at fair value 0  
Greater than ten years, at fair value 0  
Total maturities, at fair value 17,413  
Amortized cost    
Less than one year, at amortized cost 0  
Greater than one year and less than five years, at amortized cost 17,499  
Greater than five years and less than ten years, at amortized cost 0  
Greater than ten years, at amortized cost 0  
Amortized Cost $ 17,499  
Agency CMBS - Project loans    
Fair value    
Less than one year, at fair value   0
Greater than one year and less than five years, at fair value   0
Greater than five years and less than ten years, at fair value   0
Greater than ten years, at fair value   32,539
Total maturities, at fair value   32,539
Amortized cost    
Less than one year, at amortized cost   0
Greater than one year and less than five years, at amortized cost   0
Greater than five years and less than ten years, at amortized cost   0
Greater than ten years, at amortized cost   40,295
Amortized Cost   40,295
Agency CMBS - Interest-only    
Fair value    
Less than one year, at fair value   0
Greater than one year and less than five years, at fair value   2,597
Greater than five years and less than ten years, at fair value   0
Greater than ten years, at fair value   0
Total maturities, at fair value   2,597
Amortized cost    
Less than one year, at amortized cost   0
Greater than one year and less than five years, at amortized cost   3,295
Greater than five years and less than ten years, at amortized cost   0
Greater than ten years, at amortized cost   0
Amortized Cost   $ 3,295