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Investments in RMBS, Summary (Details)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
Security
Dec. 31, 2023
USD ($)
Security
Residential Mortgage-Backed Securities [Abstract]    
Carrying value $ 1,214,123 $ 1,012,130
RMBS [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value 1,332,600 1,097,720
Book value 1,188,458 1,004,803
Gross unrealized gains 28,140 16,166
Gross unrealized losses (2,475) (8,839)
Carrying value [1] $ 1,214,123 $ 1,012,130
Number of securities | Security 98 80
Weighted average coupon 4.81% 4.64%
Weighted average yield [2] 4.93% 4.77%
Weighted average maturity 28 years 28 years
Fannie Mae [Member] | Fair Value through OCI [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 188,869 $ 211,773
Book value 158,818 187,746
Gross unrealized gains 3,912 2,970
Gross unrealized losses (153) (1,607)
Carrying value [1],[3] $ 162,577 $ 189,109
Number of securities | Security 13 15
Weighted average coupon 4.63% 4.55%
Weighted average yield [2] 4.78% 4.70%
Weighted average maturity 27 years 28 years
Fannie Mae [Member] | Fair Value through Earnings [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 305,920 $ 221,965
Book value 278,839 208,487
Gross unrealized gains 7,648 4,606
Gross unrealized losses (309) (1,076)
Carrying value [1],[3] $ 286,178 $ 212,017
Number of securities | Security 22 17
Weighted average coupon 4.86% 4.78%
Weighted average yield [2] 4.99% 4.94%
Weighted average maturity 28 years 28 years
Freddie Mac [Member] | Fair Value through OCI [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 193,105 $ 262,695
Book value 160,581 235,260
Gross unrealized gains 1,693 1,075
Gross unrealized losses (1,809) (4,865)
Carrying value [1],[3] $ 160,465 $ 231,470
Number of securities | Security 15 19
Weighted average coupon 4.36% 4.45%
Weighted average yield [2] 4.45% 4.50%
Weighted average maturity 27 years 28 years
Freddie Mac [Member] | Fair Value through Earnings [Member]    
Residential Mortgage-Backed Securities [Abstract]    
Original face value $ 644,706 $ 401,287
Book value 590,220 373,310
Gross unrealized gains 14,887 7,515
Gross unrealized losses (204) (1,291)
Carrying value [1],[3] $ 604,903 $ 379,534
Number of securities | Security 48 29
Weighted average coupon 4.96% 4.72%
Weighted average yield [2] 5.06% 4.88%
Weighted average maturity 28 years 29 years
[1] See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.
[2] The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.
[3] The Company used an implied AAA rating for the Agency RMBS.