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Fair value measurements (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Instruments Measured at Fair Value | The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands).
| Fair Value as of December 31, 2025 |  | Fair Value as of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securitized residential mortgage loans | $ | — |  |  | $ | — |  |  | $ | 7,999,619 |  |  | $ | 7,999,619 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,197,678 |  |  | $ | 6,197,678 |
Residential mortgage loans | — |  |  | 1,081 |  |  | 198,596 |  |  | 199,677 |  |  | — |  |  | 1,829 |  |  | 218,388 |  |  | 220,217 |
Legacy WMC Commercial loans | — |  |  | — |  |  | 55,376 |  |  | 55,376 |  |  | — |  |  | — |  |  | 67,005 |  |  | 67,005 |
Non-Agency RMBS | — |  |  | 9,835 |  |  | 191,546 |  |  | 201,381 |  |  | — |  |  | 12,046 |  |  | 115,533 |  |  | 127,579 |
Legacy WMC CMBS | — |  |  | 42,565 |  |  | — |  |  | 42,565 |  |  | — |  |  | 52,785 |  |  | — |  |  | 52,785 |
Agency RMBS | — |  |  | 16,358 |  |  | — |  |  | 16,358 |  |  | — |  |  | 20,996 |  |  | — |  |  | 20,996 |
Derivative assets (1) | — |  |  | 5,395 |  |  | — |  |  | 5,395 |  |  | — |  |  | 11,414 |  |  | 204 |  |  | 11,618 |
Cash equivalents (2) | 55,979 |  |  | — |  |  | — |  |  | 55,979 |  |  | 117,979 |  |  | — |  |  | — |  |  | 117,979 |
AG Arc (3) | — |  |  | — |  |  | 50,016 |  |  | 50,016 |  |  | — |  |  | — |  |  | 30,778 |  |  | 30,778 |
Total Assets Measured at Fair Value | $ | 55,979 |  |  | $ | 75,234 |  |  | $ | 8,495,153 |  |  | $ | 8,626,366 |  |  | $ | 117,979 |  |  | $ | 99,070 |  |  | $ | 6,629,586 |  |  | $ | 6,846,635 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securitized debt | $ | — |  |  | $ | — |  |  | $ | (7,177,923) |  |  | $ | (7,177,923) |  |  | $ | — |  |  | $ | — |  |  | $ | (5,491,967) |  |  | $ | (5,491,967) |
Derivative liabilities (1) | — |  |  | (1,169) |  |  | — |  |  | (1,169) |  |  | — |  |  | (38) |  |  | (336) |  |  | (374) |
Total Liabilities Measured at Fair Value | $ | — |  |  | $ | (1,169) |  |  | $ | (7,177,923) |  |  | $ | (7,179,092) |  |  | $ | — |  |  | $ | (38) |  |  | $ | (5,492,303) |  |  | $ | (5,492,341) |
(1)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. Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively. (2)The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. Cash equivalents may include cash invested in money market funds and are carried at cost, which approximates fair value. (3)The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has elected the fair value option with respect to its investment pursuant to ASC 825.
Schedule of Assets and Liabilities Measured on a Recurring Basis | The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value (in thousands).
Year Ended December 31, 2025 |  |
| Residential Mortgage Loans (1) |  | Legacy WMC Commercial Loans |  | Non-Agency RMBS |  |  |  |  |  | Other Assets (2) |  | AG Arc |  | Securitized Debt |  | Other Liabilities (2)
Beginning balance | $ | 6,416,066 |  |  | $ | 67,005 |  |  | $ | 115,533 |  |  |  |  |  |  | $ | 204 |  |  | $ | 30,778 |  |  | $ | (5,491,967) |  |  | $ | (336) |
Purchases | 3,032,638 |  |  | — |  |  | 80,731 |  |  |  |  |  |  | — |  |  | 15,330 |  |  | — |  |  | — |
Issuances of Securitized Debt | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | (2,735,729) |  |  | — |
Capital distributions | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | (628) |  |  | — |  |  | — |
Proceeds from sales or settlements | (407,158) |  |  | — |  |  | — |  |  |  |  |  |  | (1,098) |  |  | — |  |  | — |  |  | 1,190 |
Principal repayments | (1,039,354) |  |  | — |  |  | (10,668) |  |  |  |  |  |  | — |  |  | — |  |  | 1,236,013 |  |  | — |
Principal funding | 17,691 |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Included in net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premium and discount amortization (3) | 2,459 |  |  | (229) |  |  | (2,835) |  |  |  |  |  |  | — |  |  | — |  |  | (23,561) |  |  | — |
Net realized gain/(loss) | (4,785) |  |  | — |  |  | — |  |  |  |  |  |  | 1,098 |  |  | — |  |  | — |  |  | (1,190) |
Net unrealized gain/(loss) | 190,386 |  |  | (11,400) |  |  | 8,785 |  |  |  |  |  |  | (204) |  |  | — |  |  | (162,679) |  |  | 336 |
Equity in earnings/(loss) from affiliates | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 4,536 |  |  | — |  |  | — |
Other (4) | (9,728) |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 8,198,215 |  |  | $ | 55,376 |  |  | $ | 191,546 |  |  |  |  |  |  | $ | — |  |  | $ | 50,016 |  |  | $ | (7,177,923) |  |  | $ | — |
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of December 31, 2025: |  |  |  |
Net premium and discount amortization (3) | 2,838 |  |  | (229) |  |  | (2,835) |  |  |  |  |  |  | — |  |  | — |  |  | (22,448) |  |  | — |
Net unrealized gain/(loss) | 185,549 |  |  | (11,400) |  |  | 8,785 |  |  |  |  |  |  | — |  |  | — |  |  | (162,333) |  |  | — |
Equity in earnings/(loss) from affiliates | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 4,536 |  |  | — |  |  | — |
Year Ended December 31, 2024 |  |
| Residential Mortgage Loans (1) |  | Legacy WMC Commercial Loans |  | Non-Agency RMBS |  | Legacy WMC CMBS |  | Legacy WMC Other Securities |  | Other Assets (2) |  | AG Arc |  | Securitized Debt |  | Other Liabilities (2)
Beginning balance | $ | 5,675,135 |  |  | $ | 66,303 |  |  | $ | 37,533 |  |  | $ | 5,796 |  |  | $ | 1,156 |  |  | $ | 1,172 |  |  | $ | 33,574 |  |  | $ | (4,711,623) |  |  | $ | (7) |
Transfers (5): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transfers out of level 3 | (1,629) |  |  | — |  |  | — |  |  | (5,796) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases | 1,746,012 |  |  | — |  |  | 95,395 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances of Securitized Debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,372,097) |  |  | — |
Capital distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,042) |  |  | — |  |  | — |
Proceeds from sales or settlements | (355,229) |  |  | — |  |  | (20,289) |  |  | — |  |  | (762) |  |  | (2,739) |  |  | — |  |  | — |  |  | 1,379 |
Principal repayments | (710,639) |  |  | — |  |  | (1,847) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 657,092 |  |  | — |
Principal funding | 2,070 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premium and discount amortization (3) | 14,839 |  |  | 434 |  |  | 17 |  |  | — |  |  | (185) |  |  | — |  |  | — |  |  | (30,310) |  |  | — |
Net realized gain/(loss) | 6,352 |  |  | — |  |  | (87) |  |  | — |  |  | (227) |  |  | 2,739 |  |  | — |  |  | — |  |  | (1,379) |
Net unrealized gain/(loss) | 42,253 |  |  | 268 |  |  | 4,811 |  |  | — |  |  | 18 |  |  | (968) |  |  | — |  |  | (35,029) |  |  | (329) |
Equity in earnings/(loss) from affiliates | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,246 |  |  | — |  |  | — |
Other (4) | (3,098) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 6,416,066 |  |  | $ | 67,005 |  |  | $ | 115,533 |  |  | $ | — |  |  | $ | — |  |  | $ | 204 |  |  | $ | 30,778 |  |  | $ | (5,491,967) |  |  | $ | (336) |
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of December 31, 2024: |  |  |  |
Net premium and discount amortization (3) | 14,753 |  |  | 434 |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30,310) |  |  | — |
Net unrealized gain/(loss) | 41,011 |  |  | 268 |  |  | 4,811 |  |  | — |  |  | — |  |  | 204 |  |  | — |  |  | (35,029) |  |  | (336) |
Equity in earnings/(loss) from affiliates | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,246 |  |  | — |  |  | — |
(1)Includes Securitized residential mortgage loans. (2)Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable. (3)Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively. (4)Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances. (5)Transfers are assumed to occur at the beginning of the period.
Schedule of Valuation Techniques | The following table presents a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value as of December 31, 2025 and 2024 ($ in thousands).
|  |  |  | December 31, 2025 |  | December 31, 2024
Valuation Technique |  | Unobservable Input |  | Fair Value |  | Range (Weighted Average) (1) |  | Fair Value |  | Range (Weighted Average) (1)
Securitized Residential Mortgage Loans |  |  |  |  |  |  |  |
|  | Yield |  |  |  | 5.13% - 18.10% (5.78%) |  |  |  | 5.75% - 11.18% (6.26%)
Discounted Cash Flow |  | Projected Collateral Prepayments |  | $ | 7,999,619 |  |  | 4.92% - 22.00% (10.09%) |  | $ | 6,197,678 |  |  | 4.95% - 14.48% (8.87%)
| Projected Collateral Losses |  |  |  | 0.00% - 1.77% (0.09%) |  |  |  | 0.00% - 2.02% (0.08%)
|  | Projected Collateral Severities (2) |  |  |  | 10.00% - 100.00% (28.23%) |  |  |  | 10.00% - 26.00% (19.51%)
Residential Mortgage Loans |  |  |  |  |  |  |  |
|  | Yield |  |  |  | 5.39% - 11.61% (7.08%) |  |  |  | 6.44% - 15.63% (7.76%)
Discounted Cash Flow |  | Projected Collateral Prepayments |  | $ | 198,596 |  |  | 1.98% - 33.46% (16.06%) |  | $ | 218,388 |  |  | 1.29% - 32.03% (17.65%)
| Projected Collateral Losses |  |  |  | 0.00% - 18.29% (1.47%) |  |  |  | 0.00% - 26.56% (1.00%)
|  | Projected Collateral Severities (2) |  |  |  | 4.43% - 100.00% (17.79%) |  |  |  | 4.45% - 25.00% (17.27%)
Legacy WMC Commercial Loans |  |  |  |  |  |  |  |
|  | Yield |  |  |  | 5.95% - 6.95% (6.68%) |  |  |  | 8.06% - 9.63% (9.11%)
Discounted Cash Flow |  | Credit Spread |  | $ | 55,376 |  |  | 231 bps - 325 bps (300 bps) |  | $ | 67,005 |  |  | 377 bps - 512 bps (467 bps)
| Recovery Percentage (3) |  |  |  | 68.33% - 93.29% (86.62%) |  |  |  | 100.00% - 100.00% (100.00%)
Non-Agency RMBS |  |  |  |  |  |  |  |
|  | Yield |  |  |  | 4.83% - 20.00% (7.56%) |  |  |  | 5.86% - 25.00% (7.90%)
Discounted Cash Flow |  | Projected Collateral Prepayments |  | $ | 191,546 |  |  | 7.55% - 15.23% (11.23%) |  | $ | 115,533 |  |  | 7.37% - 14.50% (11.46%)
|  | Projected Collateral Losses |  |  |  | 0.00% - 0.38% (0.06%) |  |  |  | 0.00% - 0.18% (0.04%)
|  | Projected Collateral Severities |  |  |  | 10.00% - 100.00% (56.87%) |  |  |  | 10.00% - 25.00% (18.17%)
Other Assets (4) |  |  |  |  |  |  |  |
|  | Yield |  |  |  | N/A |  |  |  | 6.59% - 7.70% (6.72%)
Discounted Cash Flow |  | Projected Collateral Prepayments |  | $ | — |  |  | N/A |  | $ | 204 |  |  | 11.52% - 25.78% (19.09%)
|  | Projected Collateral Losses |  |  |  | N/A |  |  |  | 0.02% - 2.73% (0.71%)
|  | Projected Collateral Severities |  |  |  | N/A |  |  |  | 10.00% - 10.00% (10.00%)
|  | Pull Through Percentages |  |  |  | N/A |  |  |  | 65.00% - 100.00% (89.33%)
AG Arc |  |  |  |  |  |  |  |
Comparable Multiple |  | Book Value Multiple |  | $ | 50,016 |  |  | 1.025x - 1.025x (1.025x) |  | $ | 30,778 |  |  | 0.95x - 0.95x (0.95x)
Securitized Debt |  |  |  |  |  |  |  |
|  | Yield |  |  |  | 4.37% - 30.00% (5.42%) |  |  |  | 5.11% - 25.00% (5.86%)
Discounted Cash Flow |  | Projected Collateral Prepayments |  | $ | (7,177,923) |  |  | 4.92% - 22.00% (10.09%) |  | $ | (5,491,967) |  |  | 4.95% - 14.48% (8.85%)
|  | Projected Collateral Losses |  |  |  | 0.00% - 0.50% (0.08%) |  |  |  | 0.00% - 0.50% (0.07%)
|  | Projected Collateral Severities |  |  |  | 10.00% - 100.00% (27.79%) |  |  |  | 10.00% - 26.00% (19.63%)
Other Liabilities (4) |  |  |  |  |  |  |  |
|  | Yield |  |  |  | N/A |  |  |  | 6.58% - 6.96% (6.67%)
Discounted Cash Flow |  | Projected Collateral Prepayments |  | $ | — |  |  | N/A |  | $ | (336) |  |  | 9.00% - 26.94% (18.34%)
|  | Projected Collateral Losses |  |  |  | N/A |  |  |  | 0.01% - 1.36% (0.17%)
|  | Projected Collateral Severities |  |  |  | N/A |  |  |  | 10.00% - 10.00% (10.00%)
|  | Pull Through Percentages |  |  |  | N/A |  |  |  | 65.00% - 100.00% (90.48%)
(1)Amounts are weighted based on fair value. (2)Projected collateral severities excludes assumed recoveries on certain residential mortgage loans. The presentation as of December 31, 2024 was adjusted to conform to the December 31, 2025 presentation of projected collateral severities. (3)Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2025 and 2024. (4)Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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