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Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Fair Value [1] $ 1,790,285 $ 1,537,513
$5.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 5.00% 5.00%
Current Face $ 71,277 $ 71,645
Weighted Average Purchase Price (in percent) 100.20% 100.20%
Weighted Average Market Price (in percent) 98.20% 96.60%
Fair Value $ 69,967 $ 69,233
Weighted Average Loan Age (Months) 24 months 21 months
CPR (in percent) 0.60% 3.30%
5.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 5.50% 5.50%
Current Face $ 1,242,201 $ 993,466
Weighted Average Purchase Price (in percent) 99.90% 100.20%
Weighted Average Market Price (in percent) 100.10% 98.80%
Fair Value $ 1,242,953 $ 981,796
Weighted Average Loan Age (Months) 10 months 9 months
CPR (in percent) 5.90% 8.20%
6.00% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 6.00% 6.00%
Current Face $ 304,195 $ 313,173
Weighted Average Purchase Price (in percent) 100.10% 100.10%
Weighted Average Market Price (in percent) 101.90% 100.70%
Fair Value $ 310,007 $ 315,317
Weighted Average Loan Age (Months) 17 months 14 months
CPR (in percent) 8.20% 11.50%
6.50% Coupon    
Debt Securities, Available-for-sale [Line Items]    
Coupon rate (in percent) 6.50% 6.50%
Current Face $ 24,405 $ 25,607
Weighted Average Purchase Price (in percent) 100.40% 100.40%
Weighted Average Market Price (in percent) 103.50% 102.70%
Fair Value $ 25,265 $ 26,289
Weighted Average Loan Age (Months) 18 months 15 months
CPR (in percent) 12.30% 36.10%
Agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Current Face $ 1,642,078 $ 1,403,891
Weighted Average Purchase Price (in percent) 100.00% 100.20%
Weighted Average Market Price (in percent) 100.40% 99.20%
Fair Value $ 1,648,193 $ 1,392,635
Weighted Average Loan Age (Months) 12 months 11 months
CPR (in percent) 6.20% 9.20%
[1] See Note 6 for information regarding the Company’s pledged assets.