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Other assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Other Assets and Other Liabilities | The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheets as of December 31, 2025 and 2024 (in thousands).
|  | December 31, 2025 |  | December 31, 2024
Other assets |  |  |  |
Interest receivable |  | $ | 47,868 |  |  | $ | 34,930 |
Real estate owned |  | 7,398 |  |  | 3,537 |
Derivative assets, at fair value |  | 149 |  |  | 204 |
Other assets |  | 2,253 |  |  | 3,269 |
Due from broker |  | 1,232 |  |  | — |
Total Other assets |  | $ | 58,900 |  |  | $ | 41,940 |
Other liabilities |  |  |  |
Due to affiliates (1) |  | $ | 4,580 |  |  | $ | 4,275 |
Interest payable |  | 34,385 |  |  | 28,294 |
Derivative liabilities, at fair value |  | — |  |  | 340 |
Accrued expenses |  | 1,836 |  |  | 1,698 |
Due to broker |  | 1,655 |  |  | 48 |
Taxes payable |  | 264 |  |  | 103 |
Total Other liabilities |  | $ | 42,720 |  |  | $ | 34,758 |
(1)Refer to Note 10 for more information.
Schedule of Company's Derivative and Other Instruments and their Balance Sheet Location | The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of December 31, 2025 and 2024 (in thousands).
|  |  |  | Balance Sheet Location |  | December 31, 2025 |  | December 31, 2024
Derivatives and Other Instruments (1) |  |  |  |  | Notional |  | Fair Value |  | Notional |  | Fair Value
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) |  |  |  | Other assets |  | $ | 283,500 |  |  | $ | 149 |  |  | $ | 337,550 |  |  | $ | — |
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) |  |  |  | Other liabilities |  | 89,060 |  |  | — |  |  | 5,000 |  |  | (4) |
Forward Purchase Commitments |  |  |  | Other assets |  | 475 |  |  | — |  |  | 30,581 |  |  | 204 |
Forward Purchase Commitments |  |  |  | Other liabilities |  | — |  |  | — |  |  | 35,398 |  |  | (336) |
(1)As of December 31, 2025 and 2024, no derivatives held by the Company were designated as hedges for accounting purposes. (2)As of December 31, 2025, the Company applied a reduction in fair value of $5.3 million and $1.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2024, the Company applied a reduction in fair value of $11.4 million and $35.0 thousand to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, net of collateral posted by the Company's derivative counterparties. (3)As of December 31, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.30%, a weighted average receive-variable rate of 3.87%, and a weighted average years to maturity of 4.29 years. As of December 31, 2024, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.48%, a weighted average receive-variable rate of 4.49%, and a weighted average years to maturity of 4.86 years.
Schedule of Total Income Related to Derivatives and Other Instruments | The following table summarizes total income related to derivatives and other instruments for the years ended December 31, 2025 and 2024 (in thousands).
|  | Years Ended
|  | December 31, 2025 |  | December 31, 2024 |  |
Included within Net interest component of interest rate swaps |  |  |  |  |  |
Interest Rate Swaps |  | $ | 3,447 |  |  | $ | 7,617 |  |  |
Included within Net unrealized gain/(loss) |  |  |  |  |  |
Interest Rate Swaps |  | (6,381) |  |  | 11,977 |  |  |
Short TBAs |  | — |  |  | 63 |  |  |
Forward Purchase Commitments |  | 132 |  |  | (1,298) |  |  |
|  | (6,249) |  |  | 10,742 |  |  |
Included within Net realized gain/(loss) |  |  |  |  |  |
Interest Rate Swaps |  | (4,098) |  |  | (22,265) |  |  |
Short TBAs |  | (2,720) |  |  | 24 |  |  |
Forward Purchase Commitments |  | (31) |  |  | 1,360 |  |  |
|  | (6,849) |  |  | (20,881) |  |  |
Total income/(loss) |  | $ | (9,651) |  |  | $ | (2,522) |  |  |
Schedule of to be Announced Securities Activity | The following table presents information about the Company’s derivatives for the years ended December 31, 2025 and 2024 (in thousands).
| Beginning Notional Amount |  | Buys or Covers |  | Sales or Shorts (1) |  | Ending Notional Amount |  |  |  |  |  | Derivative Asset |  | Derivative Liability
Year Ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Short TBAs | $ | — |  |  | $ | (1,075,000) |  |  | $ | 1,075,000 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |
Interest Rate Swaps | 342,550 |  |  | 738,680 |  |  | (708,670) |  |  | 372,560 |  |  |  |  |  |  | 149 |  |  | — |
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Short TBAs | $ | (9,000) |  |  | $ | (121,000) |  |  | $ | 130,000 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |
Interest Rate Swaps | 503,000 |  |  | 1,067,300 |  |  | (1,227,750) |  |  | 342,550 |  |  |  |  |  |  | — |  |  | (4) |
(1)The sales or shorts include $60.0 million of interest rate swaps that matured during the year ended December 31, 2024.

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