v3.25.4
Investment Securities Available For Sale, at Fair Value - Schedule of Investment Securities Available for Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Option    
Amortized Cost $ 6,789,275 $ 3,886,897
Unrealized Gains 135,424 18,959
Unrealized Losses (19,918) (77,312)
Fair Value 6,904,781 3,828,544
Fixed rate    
Fair Value, Option    
Amortized Cost 6,300,852 2,949,038
Unrealized Gains 124,348 11,733
Unrealized Losses (700) (21,711)
Fair Value 6,424,500 2,939,060
Adjustable rate    
Fair Value, Option    
Amortized Cost 114,427 130,119
Unrealized Gains 3,662 285
Unrealized Losses 0 (822)
Fair Value 118,089 129,582
Interest-only    
Fair Value, Option    
Amortized Cost 105,495 83,878
Unrealized Gains 61 843
Unrealized Losses (14,669) (16,551)
Fair Value 90,887 68,170
Fannie Mae | Fixed rate    
Fair Value, Option    
Amortized Cost 3,445,953 1,483,619
Unrealized Gains 71,677 7,819
Unrealized Losses (420) (7,991)
Fair Value 3,517,210 1,483,447
Fannie Mae | Adjustable rate    
Fair Value, Option    
Amortized Cost 84,215 97,267
Unrealized Gains 2,911 265
Unrealized Losses 0 (631)
Fair Value 87,126 96,901
Freddie Mac | Fixed rate    
Fair Value, Option    
Amortized Cost 2,854,899 1,465,419
Unrealized Gains 52,671 3,914
Unrealized Losses (280) (13,720)
Fair Value 2,907,290 1,455,613
Freddie Mac | Adjustable rate    
Fair Value, Option    
Amortized Cost 30,212 32,852
Unrealized Gains 751 20
Unrealized Losses 0 (191)
Fair Value 30,963 32,681
Freddie Mac | Interest-only    
Fair Value, Option    
Amortized Cost 3,377 5,251
Unrealized Gains 0 0
Unrealized Losses (315) (459)
Fair Value 3,062 4,792
Ginnie Mae | Interest-only    
Fair Value, Option    
Amortized Cost 102,118 78,627
Unrealized Gains 61 843
Unrealized Losses (14,354) (16,092)
Fair Value 87,825 63,378
Agency RMBS    
Fair Value, Option    
Amortized Cost 6,520,774 3,163,035
Unrealized Gains 128,071 12,861
Unrealized Losses (15,369) (39,084)
Fair Value 6,633,476 3,136,812
Non-Agency RMBS    
Fair Value, Option    
Amortized Cost 22,203 66,203
Unrealized Gains 5,701 6,098
Unrealized Losses (2,312) (2,614)
Fair Value 25,592 69,687
U.S. Treasury securities    
Fair Value, Option    
Amortized Cost 246,298 657,659
Unrealized Gains 1,652 0
Unrealized Losses (2,237) (35,614)
Fair Value $ 245,713 $ 622,045