v3.26.3
Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Fair Value [1] $ 3,977,565 $ 3,360,280
Agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 4,136,176 $ 3,256,760
Weighted Average Purchase Price (as a percent) 99.70% 100.00%
Weighted Average Market Price (as a percent) 94.80% 101.40%
Fair Value $ 3,923,132 $ 3,303,204
Weighted Average Loan Age (Months) 15 months 11 months
CPR (as a percent) 6.30% 14.60%
4.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 4.50%  
Current Face $ 112,644  
Weighted Average Purchase Price (as a percent) 97.10%  
Weighted Average Market Price (as a percent) 90.00%  
Fair Value $ 101,334  
Weighted Average Loan Age (Months) 11 months  
CPR (as a percent) 2.60%  
5.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 5.00% 5.00%
Current Face $ 1,268,480 $ 859,115
Weighted Average Purchase Price (as a percent) 98.90% 99.50%
Weighted Average Market Price (as a percent) 92.90% 100.10%
Fair Value $ 1,177,955 $ 860,163
Weighted Average Loan Age (Months) 9 months 5 months
CPR (as a percent) 2.70% 3.60%
5.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 5.50% 5.50%
Current Face $ 2,507,266 $ 2,123,143
Weighted Average Purchase Price (as a percent) 100.10% 100.20%
Weighted Average Market Price (as a percent) 95.70% 101.70%
Fair Value $ 2,399,869 $ 2,159,949
Weighted Average Loan Age (Months) 17 months 12 months
CPR (as a percent) 8.00% 15.60%
6.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 6.00% 6.00%
Current Face $ 244,182 $ 269,129
Weighted Average Purchase Price (as a percent) 100.00% 100.10%
Weighted Average Market Price (as a percent) 98.40% 103.10%
Fair Value $ 240,339 $ 277,489
Weighted Average Loan Age (Months) 31 months 26 months
CPR (as a percent) 13.90% 23.20%
6.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (as a percent) 6.50% 6.50%
Current Face $ 3,604 $ 5,373
Weighted Average Purchase Price (as a percent) 101.00% 101.00%
Weighted Average Market Price (as a percent) 100.90% 104.30%
Fair Value $ 3,635 $ 5,603
Weighted Average Loan Age (Months) 34 months 25 months
CPR (as a percent) 34.90% 26.90%
[1] See Note 6 for information regarding the Company’s pledged assets.