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Securities, at Fair Value - Residential Mortgage Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Fair Value [1] $ 4,147,194 $ 3,360,280
Agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Principal/Current Face 4,094,146 3,256,760
Purchase Premiums 15,009 13,996
Accretable Purchase Discounts (20,884) (13,070)
Discount Designated as Credit Reserve 0 0
Gross Amortized Cost Basis 4,088,271 3,257,686
Gross Unrealized Gains 21,790 45,539
Gross Unrealized Losses (18,854) (21)
Net Unrealized Gain/(Loss) 2,936 45,518
Fair Value 4,091,207 3,303,204
Other securities    
Debt Securities, Available-for-sale [Line Items]    
Principal/Current Face 59,309 59,919
Purchase Premiums 5,405 4,009
Accretable Purchase Discounts (4,361) (4,657)
Discount Designated as Credit Reserve (7,191) (7,191)
Gross Amortized Cost Basis 53,162 52,080
Gross Unrealized Gains 3,192 5,231
Gross Unrealized Losses (367) (235)
Net Unrealized Gain/(Loss) 2,825 4,996
Fair Value 55,987 57,076
Total residential mortgage securities    
Debt Securities, Available-for-sale [Line Items]    
Principal/Current Face 4,153,455 3,316,679
Purchase Premiums 20,414 18,005
Accretable Purchase Discounts (25,245) (17,727)
Discount Designated as Credit Reserve (7,191) (7,191)
Gross Amortized Cost Basis 4,141,433 3,309,766
Gross Unrealized Gains 24,982 50,770
Gross Unrealized Losses (19,221) (256)
Net Unrealized Gain/(Loss) 5,761 50,514
Fair Value 4,147,194 3,360,280
CRT Securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 500 900
Gross Unrealized Losses 0 0
Fair Value 21,400 21,700
Non-agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 500 600
Gross Unrealized Losses (400) (200)
Fair Value $ 21,500 $ 22,100
[1] See Note 6 for information regarding the Company’s pledged assets.