v3.26.3
Securities, at Fair Value - Residential Mortgage Securities (Details) - USD ($)
$ in Thousands
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]    
Principal/Current Face 4,136,176 3,256,760
Purchase Premiums 15,770 13,996
Accretable Purchase Discounts (33,322) (13,070)
Discount Designated as Credit Reserve 0 0
Gross Amortized Cost Basis 4,118,624 3,257,686
Gross Unrealized Gains 91 45,539
Gross Unrealized Losses (195,583) (21)
Net Unrealized Gain/(Loss) (195,492) 45,518
Fair Value 3,923,132 3,303,204
Other securities    
Debt Securities, Available-for-sale [Line Items]    
Principal/Current Face 58,889 59,919
Purchase Premiums 6,196 4,009
Accretable Purchase Discounts (4,211) (4,657)
Discount Designated as Credit Reserve (7,191) (7,191)
Gross Amortized Cost Basis 53,683 52,080
Gross Unrealized Gains 1,812 5,231
Gross Unrealized Losses (1,062) (235)
Net Unrealized Gain/(Loss) 750 4,996
Fair Value 54,433 57,076
Total residential mortgage securities    
Debt Securities, Available-for-sale [Line Items]    
Principal/Current Face 4,195,065 3,316,679
Purchase Premiums 21,966 18,005
Accretable Purchase Discounts (37,533) (17,727)
Discount Designated as Credit Reserve (7,191) (7,191)
Gross Amortized Cost Basis 4,172,307 3,309,766
Gross Unrealized Gains 1,903 50,770
Gross Unrealized Losses (196,645) (256)
Net Unrealized Gain/(Loss) (194,742) 50,514
Fair Value 3,977,565 3,360,280
CRT Securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 300 900
Gross Unrealized Losses 0 0
Fair Value 21,200 21,700
Non-agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 300 600
Gross Unrealized Losses (1,100) (200)
Fair Value $ 20,100 $ 22,100
[1] See Note 6 for information regarding the Company’s pledged assets.