v3.26.3
Derivatives - Schedule of Long Positions in TBA (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative assets $ 0 $ 10,498
Derivative liabilities 89,336 4,830
TBA securities | Long position    
Derivative [Line Items]    
Derivative assets 0 7,841
Derivative liabilities 78,100 785
TBA securities | Not Designated as Hedging Instrument, Trading | Long position    
Derivative [Line Items]    
Implied market value, TBA [1] 2,417,275 3,121,122
Implied cost basis, TBA [2] 2,495,375 3,114,066
Derivative, Fair Value, Net [3] $ (78,100) $ 7,056
[1] Implied market value represents the estimated fair value of the underlying Agency MBS as of the dates indicated
[2] Implied cost basis represents the forward price to be paid for the underlying Agency MBS as of the dates indicated.
[3] Net carrying value represents the difference between the implied market value and the implied cost basis of the Company’s
TBA securities as of the dates indicated. The total shown is the net amount included on the consolidated balance sheets as
derivative assets of $— and derivative liabilities of $78,100 as of September 30, 2026 and $7,841 and $785, respectively, as
of December 31, 2025.