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Other assets and liabilities (Tables)

12 Months Ended

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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