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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial instruments that are measured at fair value on the Company’s consolidated balance sheet by their valuation hierarchy levels as of the dates indicated:
($s in thousands) | March 31, 2025 |  | December 31, 2024
Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS | $ | 8,399,925 |  |  | $ | — |  |  | $ | 8,399,925 |  |  | $ | — |  |  | $ | 7,512,087 |  |  | $ | — |  |  | $ | 7,512,087 |  |  | $ | — |
TBA securities (1) | 5,980 |  |  | — |  |  | 5,980 |  |  | — |  |  | 133 |  |  | — |  |  | 133 |  |  | — |
Interest rate swaptions | 811 |  |  | — |  |  | 811 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage loans (2) | 1,079 |  |  | — |  |  | — |  |  | 1,079 |  |  | 1,130 |  |  | — |  |  | — |  |  | 1,130 |
Total assets carried at fair value | $ | 8,407,795 |  |  | $ | — |  |  | $ | 8,406,716 |  |  | $ | 1,079 |  |  | $ | 7,513,350 |  |  | $ | — |  |  | $ | 7,512,220 |  |  | $ | 1,130 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TBA securities (1) | $ | 3,810 |  |  | $ | — |  |  | $ | 3,810 |  |  | $ | — |  |  | $ | 22,814 |  |  | $ | — |  |  | $ | 22,814 |  |  | $ | — |
Total liabilities carried at fair value | $ | 3,810 |  |  | $ | — |  |  | $ | 3,810 |  |  | $ | — |  |  | $ | 22,814 |  |  | $ | — |  |  | $ | 22,814 |  |  | $ | — |
(1)TBA securities are reflected on consolidated balance sheets within “derivative assets” and “derivative liabilities” at their implied fair value, net of implied cost basis. Please refer to Note 5 for additional information. (2)Mortgage loans are included within “other assets” on the consolidated balance sheets.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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