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Other assets and liabilities | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Other assets and liabilities | Other assets and 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. Derivatives 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. Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of December 31, 2025 and 2024, if applicable. The Company has not offset or netted any derivatives or other instruments with any financial instruments or cash collateral posted or received. The Company must post cash or securities as collateral on its derivative instruments when their fair value declines. This typically occurs when prevailing market rates change adversely, with the severity of the change also dependent on the term of the derivatives involved. The posting of collateral is generally bilateral, meaning that if the fair value of the Company’s derivatives increases, its counterparty must post collateral. As of December 31, 2025, the Company's restricted cash balance included $9.6 million of collateral related to certain derivatives, of which $5.5 million represents cash collateral posted by the Company and $4.1 million represents amounts related to variation margin. As of December 31, 2024, the Company's restricted cash balance included $9.3 million of collateral related to certain derivatives, of which $0.7 million represents cash collateral posted by the Company and $8.6 million represents amounts related to variation margin. 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) |  |  |
Derivative 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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