v3.26.1
Other assets and liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Other Assets and Other Liabilities
The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheets as of June 30, 2026 and December 31, 2025 (in thousands).
June 30, 2026December 31, 2025
Other assets
Interest receivable$43,567 $47,868 
Real estate owned11,174 7,398 
Derivative assets, at fair value151 149 
Other assets3,557 2,253 
Due from broker— 1,232 
Total Other assets$58,449 $58,900 
Other liabilities
Due to affiliates (1)$4,229 $4,580 
Interest payable31,657 34,385 
Accrued expenses2,668 1,836 
Due to broker107 1,655 
Taxes payable176 264 
Total Other liabilities$38,837 $42,720 
(1)Refer to Note 10 for more information.
Schedule of Company's Derivative and Other Instruments and their Balance Sheet Location
The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of June 30, 2026 and December 31, 2025 (in thousands).
Balance Sheet 
Location		June 30, 2026December 31, 2025
Derivatives and Other Instruments (1)NotionalFair ValueNotionalFair Value
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)Other assets$390,560 $151 $283,500 $149 
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)Other liabilities71,000 — 89,060 — 
Forward Purchase Commitments
Other assets— — 475 — 
(1)As of June 30, 2026 and December 31, 2025, no derivatives held by the Company were designated as hedges for accounting purposes.
(2)As of June 30, 2026, the Company applied a reduction in fair value of $9.8 million and $0.1 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2025, the Company applied a reduction in fair value of $5.3 million and $1.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.
(3)As of June 30, 2026, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.40%, a weighted average receive-variable rate of 3.68%, and a weighted average years to maturity of 3.96 years. As of December 31, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.30%, a weighted average receive-variable rate of 3.87%, and a weighted average years to maturity of 4.29 years.
Schedule of Gains/(Losses) Related to Derivatives and Other Instruments
The following table summarizes total income related to derivatives and other instruments for the three and six months ended June 30, 2026 and 2025 (in thousands).
Three Months Ended
Six Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Included within Net interest component of interest rate swaps
Interest Rate Swaps$296 $821 $698 $1,558 
Included within Net unrealized gain/(loss)
Interest Rate Swaps4,259 (194)6,117 (6,730)
Forward Purchase Commitments
— 36 — 168 
4,259 (158)6,117 (6,562)
Included within Net realized gain/(loss)
Interest Rate Swaps— (3,350)54 (2,568)
Short TBAs— 662 — 662 
Forward Purchase Commitments
— — 2 (40)
— (2,688)56 (1,946)
Total income/(loss)$4,555 $(2,025)$6,871 $(6,950)
Schedule of Derivative Activity
The following table presents information about the Company’s derivatives for the three and six months ended June 30, 2026 and 2025 (in thousands).
Beginning Notional
Amount		Buys or CoversSales or
Shorts		Ending Notional
Amount		Derivative
Asset		Derivative
Liability
Three Months Ended June 30, 2026
Interest Rate Swaps$404,560 $57,000 $— $461,560 $151 $— 
Three Months Ended June 30, 2025
Interest Rate Swaps$332,500 $296,500 $(284,000)$345,000 $— $(100)
Short TBAs— 300,000 (495,000)(195,000)— — 
Six Months Ended June 30, 2026
Interest Rate Swaps$372,560 $122,000 $(33,000)$461,560 $151 $— 
Six Months Ended June 30, 2025
Interest Rate Swaps$342,550 $399,500 $(397,050)$345,000 $— $(100)
Short TBAs— 300,000 (495,000)(195,000)— —