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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.