Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The table below summarizes the location and fair value of the derivatives reported in the Consolidated Statements of Financial Condition after counterparty netting and posting of cash collateral as of December 31, 2024 and December 31, 2023.

			December 31, 2024
			Derivative Assets			Derivative Liabilities
Derivative Instruments	Notional Amount Outstanding		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value
			(dollars in thousands)
Interest Rate Swaps	$	1,500,000	Derivatives, at fair value	$	—	Derivatives, at fair value	$	—
Swaptions	500,000		Derivatives, at fair value	—		Derivatives, at fair value	—
U.S. Treasury futures	200,000		Derivatives, at fair value	117		Derivatives, at fair value	—
Total	$	2,200,000		$	117		$	—

			December 31, 2023
			Derivative Assets			Derivative Liabilities
Derivative Instruments	Notional Amount Outstanding		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value
			(dollars in thousands)
Interest Rate Swaps	$	1,000,000	Derivatives, at fair value, net	$	—	Derivatives, at fair value, net	$	—
Swaptions	1,500,000		Derivatives, at fair value, net	—		Derivatives, at fair value, net	—
Total	$	2,500,000		$	—		$	—

Schedule of Derivative Instruments, Gains (Losses)

The effect of the Company’s derivatives on the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively, is presented below.

		Net gains (losses) on derivatives for the years ended
Derivative Instruments	Location on Consolidated Statements of Operations and Comprehensive Income	December 31, 2024		December 31, 2023		December 31, 2022
		(dollars in thousands)
Interest Rate Swaps	Net unrealized gains (losses) on interest rate swaps	$	4,224	$	497	$	(10,358)
Interest Rate Swaps	Net realized gains (losses) on interest rate swaps	(17,317)		(45,226)		(561)
Interest Rate Swaps	Periodic interest cost of interest rate swaps, net	23,780		17,167		(1,752)
Treasury futures	Net unrealized gains (losses) on derivatives	117		—		—
Treasury futures	Net realized gains (losses) on derivatives	(4,223)		(6,344)		—
Swaptions	Net unrealized gains (losses) on derivatives	(1,378)		(6,908)		8,876
Swaptions	Net realized gains (losses) on derivatives	—		10,613		—
Total		$	5,203	$	(30,201)	$	(3,795)