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v3.25.3

Securities, at Fair Value - Composition of Agency MBS Portfolio (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items] |  |  |
Fair Value | [1] | $ 2,259,657 | $ 1,537,513
Agency MBS |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |
Current Face |  | $ 2,152,097 | $ 1,403,891
Weighted Average Purchase Price (in percent) |  | 99.80% | 100.20%
Weighted Average Market Price (in percent) |  | 101.10% | 99.20%
Fair Value |  | $ 2,176,032 | $ 1,392,635
Weighted Average Loan Age (Months) |  | 14 months | 11 months
CPR (in percent) |  | 7.10% | 9.20%
5.00% Coupon |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |
Coupon rate (in percent) |  | 5.00% | 5.00%
Current Face |  | $ 258,145 | $ 71,645
Weighted Average Purchase Price (in percent) |  | 99.00% | 100.20%
Weighted Average Market Price (in percent) |  | 99.40% | 96.60%
Fair Value |  | $ 256,693 | $ 69,233
Weighted Average Loan Age (Months) |  | 13 months | 21 months
CPR (in percent) |  | 8.30% | 3.30%
5.50% Coupon |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |
Coupon rate (in percent) |  | 5.50% | 5.50%
Current Face |  | $ 1,599,791 | $ 993,466
Weighted Average Purchase Price (in percent) |  | 99.80% | 100.20%
Weighted Average Market Price (in percent) |  | 101.10% | 98.80%
Fair Value |  | $ 1,617,666 | $ 981,796
Weighted Average Loan Age (Months) |  | 12 months | 9 months
CPR (in percent) |  | 6.80% | 8.20%
6.00% Coupon |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |
Coupon rate (in percent) |  | 6.00% | 6.00%
Current Face |  | $ 288,323 | $ 313,173
Weighted Average Purchase Price (in percent) |  | 100.10% | 100.10%
Weighted Average Market Price (in percent) |  | 102.50% | 100.70%
Fair Value |  | $ 295,617 | $ 315,317
Weighted Average Loan Age (Months) |  | 23 months | 14 months
CPR (in percent) |  | 8.40% | 11.50%
6.50% Coupon |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |
Coupon rate (in percent) |  | 6.50% | 6.50%
Current Face |  | $ 5,838 | $ 25,607
Weighted Average Purchase Price (in percent) |  | 101.00% | 100.40%
Weighted Average Market Price (in percent) |  | 103.70% | 102.70%
Fair Value |  | $ 6,055 | $ 26,289
Weighted Average Loan Age (Months) |  | 22 months | 15 months
CPR (in percent) |  | 0.00% | 36.10%
[1] | See Note 6 for information regarding the Company’s pledged assets.

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