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v3.26.1

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2026 | Dec. 31, 2025
--- | --- | ---
Assets: |  |  |
Securities, at fair value | [1] | $ 4,147,194 | $ 3,360,280
Total assets carried at fair value |  | 11,912,259 | 11,077,287
Liabilities: |  |  |
Securitized debt |  | 5,756,179 | 5,846,744
Total liabilities carried at fair value |  | 5,812,397 | 5,956,057
Residential whole loans |  |  |
Assets: |  |  |
Residential whole loans, fair value |  | 7,765,065 | 7,717,007
Agreements with non-mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | 26,088 | 48,245
Agreements with mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | 30,130 | 61,068
Level 1 |  |  |
Assets: |  |  |
Securities, at fair value |  | 0 | 0
Total assets carried at fair value |  | 0 | 0
Liabilities: |  |  |
Securitized debt |  | 0 | 0
Total liabilities carried at fair value |  | 0 | 0
Level 1 | Residential whole loans |  |  |
Assets: |  |  |
Residential whole loans, fair value |  | 0 | 0
Level 1 | Agreements with non-mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | 0 | 0
Level 1 | Agreements with mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | 0 | 0
Level 2 |  |  |
Assets: |  |  |
Securities, at fair value |  | 4,147,194 | 3,360,280
Total assets carried at fair value |  | 4,196,248 | 3,411,302
Liabilities: |  |  |
Securitized debt |  | 5,756,179 | 5,846,744
Total liabilities carried at fair value |  | 5,756,179 | 5,846,744
Level 2 | Residential whole loans |  |  |
Assets: |  |  |
Residential whole loans, fair value |  | 49,054 | 51,022
Level 2 | Agreements with non-mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | 0 | 0
Level 2 | Agreements with mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | 0 | 0
Level 3 |  |  |
Assets: |  |  |
Securities, at fair value |  | 0 | 0
Total assets carried at fair value |  | 7,716,011 | 7,665,985
Liabilities: |  |  |
Securitized debt |  | 0 | 0
Total liabilities carried at fair value |  | 56,218 | 109,313
Level 3 | Residential whole loans |  |  |
Assets: |  |  |
Residential whole loans, fair value |  | 7,716,011 | 7,665,985
Level 3 | Agreements with non-mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | 26,088 | 48,245
Level 3 | Agreements with mark-to-market collateral provisions |  |  |
Liabilities: |  |  |
Liabilities carried at fair value |  | $ 30,130 | $ 61,068
[1] | See Note 6 for information regarding the Company’s pledged assets.

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