v3.26.3
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities $ 0 $ 10,498
TBA securities 89,336 4,830
Long position | TBA securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 7,841
TBA securities 78,100 785
Long position | Interest Rate Swaption    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 11,236 4,045
Long position | Exchange Traded Options    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 2,657
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
MBS 25,912,607 16,306,988
Mortgage loans 510 [1] 618
Total 25,913,117 16,318,104
Total 89,336 4,830
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
MBS 0 0
Mortgage loans 0 0
Total 0 2,657
Total 0 0
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
MBS 25,912,607 16,306,988
Mortgage loans 0 0
Total 25,912,607 16,314,829
Total 89,336 4,830
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
MBS 0 0
Mortgage loans 510 618
Total 510 618
Total 0 0
Fair Value, Measurements, Recurring | TBA securities | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities [2] 0 7,841
TBA securities 78,100 [2] 785
Fair Value, Measurements, Recurring | TBA securities | Level 1 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 0
TBA securities 0 0
Fair Value, Measurements, Recurring | TBA securities | Level 2 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities [2] 0 7,841
TBA securities 78,100 785
Fair Value, Measurements, Recurring | TBA securities | Level 3 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 0
TBA securities 0 0
Fair Value, Measurements, Recurring | Exchange Traded Options | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 2,657
Fair Value, Measurements, Recurring | Exchange Traded Options | Level 1 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 2,657
Fair Value, Measurements, Recurring | Exchange Traded Options | Level 2 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 0
Fair Value, Measurements, Recurring | Exchange Traded Options | Level 3 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 0
Fair Value, Measurements, Recurring | Interest Rate Swaption | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 11,236 [3] 4,045
Fair Value, Measurements, Recurring | Interest Rate Swaption | Level 1 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 0 0
Fair Value, Measurements, Recurring | Interest Rate Swaption | Level 2 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities 11,236 4,045
Fair Value, Measurements, Recurring | Interest Rate Swaption | Level 3 | Long position    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TBA securities $ 0 $ 0
[1] Mortgage loans are included on the consolidated balance sheets as a component of other assets.
[2] TBA securities are reflected on the consolidated balance sheet as derivative assets or liabilities at their implied fair value, net of implied cost basis. Please refer to Note 5 for additional information
[3] Interest rate swaptions are reflected on the consolidated balance sheet as derivative assets or liabilities at their fair value,
net of cost. Please refer to Note 5 for additional information.