Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024.

			March 31, 2025
			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	$	2,000,000	Derivatives, at fair value	$	—	Derivatives, at fair value	$	—
Swap futures	155,000		Derivatives, at fair value	—		Derivatives, at fair value	(240)
Swaptions	—		Derivatives, at fair value	—		Derivatives, at fair value	—
U.S. Treasury futures	—		Derivatives, at fair value	—		Derivatives, at fair value	—
Interest Rate Cap	$	1,000,000	Derivatives, at fair value	—		Derivatives, at fair value	—
Total	$	3,155,000		$	—		$	(240)

			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, net	$	—	Derivatives, at fair value, net	$	—
Swaptions	500,000		Derivatives, at fair value, net	—		Derivatives, at fair value, net	—
U.S. Treasury futures	200,000		Derivatives, at fair value, net	117		Derivatives, at fair value, net	—
Total	$	2,200,000		$	117		$	—

Schedule of Derivative Instruments, Gains (Losses)

The effect of the Company’s derivatives on the Consolidated Statements of Operations for the quarters ended March 31, 2025 and 2024 is presented below.

		Net gains (losses) on derivatives for the quarters ended
Derivative Instruments	Location on Consolidated Statements of Operations and Comprehensive Income	March 31, 2025		March 31, 2024
		(dollars in thousands)
Interest Rate Swaps	Net unrealized gains (losses) on interest rate swaps	$	(3,870)	$	3,679
Interest Rate Swaps	Net realized gains (losses) on interest rate swaps	—		—
Interest Rate Swaps	Periodic interest on derivatives, net	4,088		5,476
Swap futures	Net unrealized gains (losses) on derivatives	(240)		—
Swap futures	Net realized gains (losses) on derivatives	—		—
Swap futures	Periodic interest on derivatives, net	47		—
Treasury futures	Net unrealized gains (losses) on derivatives	(117)		—
Treasury futures	Net realized gains (losses) on derivatives	82		—
Swaptions	Net unrealized gains (losses) on derivatives	—		1,510
Swaptions	Net realized gains (losses) on derivatives	—		—
Interest Rate Cap	Net unrealized gains (losses) on derivatives	(2,242)		—
Interest Rate Cap	Net realized gains (losses) on derivatives	—		—
Total		$	(2,252)	$	10,665