v3.26.1
Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Fair Value [1] $ 4,147,194 $ 3,360,280
Agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 4,094,146 $ 3,256,760
Weighted Average Purchase Price (as a percent) 99.90% 100.00%
Weighted Average Market Price (as a percent) 99.90% 101.40%
Fair Value $ 4,091,207 $ 3,303,204
Weighted Average Loan Age (Months) 14 months 11 months
CPR (as a percent) 10.60% 12.90%
4.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 4.50%  
Current Face $ 113,777  
Weighted Average Purchase Price (as a percent) 97.10%  
Weighted Average Market Price (as a percent) 96.20%  
Fair Value $ 109,459  
Weighted Average Loan Age (Months) 8 months  
CPR (as a percent) 3.50%  
5.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 5.00% 5.00%
Current Face $ 1,635,300 $ 859,115
Weighted Average Purchase Price (as a percent) 99.40% 99.50%
Weighted Average Market Price (as a percent) 98.80% 100.10%
Fair Value $ 1,615,241 $ 860,163
Weighted Average Loan Age (Months) 8 months 5 months
CPR (as a percent) 4.40% 4.10%
5.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 5.50% 5.50%
Current Face $ 2,116,748 $ 2,123,143
Weighted Average Purchase Price (as a percent) 100.30% 100.20%
Weighted Average Market Price (as a percent) 100.70% 101.70%
Fair Value $ 2,132,259 $ 2,159,949
Weighted Average Loan Age (Months) 17 months 12 months
CPR (as a percent) 14.00% 15.00%
6.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 6.00% 6.00%
Current Face $ 224,281 $ 269,129
Weighted Average Purchase Price (as a percent) 100.10% 100.10%
Weighted Average Market Price (as a percent) 102.60% 103.10%
Fair Value $ 230,056 $ 277,489
Weighted Average Loan Age (Months) 32 months 26 months
CPR (as a percent) 26.30% 18.10%
6.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 6.50% 6.50%
Current Face $ 4,040 $ 5,373
Weighted Average Purchase Price (as a percent) 101.00% 101.00%
Weighted Average Market Price (as a percent) 103.70% 104.30%
Fair Value $ 4,192 $ 5,603
Weighted Average Loan Age (Months) 31 months 25 months
CPR (as a percent) 26.30% 8.20%
[1] See Note 6 for information regarding the Company’s pledged assets.