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Principal-Only Stripped Mortgage-Backed Securities - Activity in the Company's investment in principal-only stripped MBS (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Mortgage-backed securities        
Balance at beginning of quarter     $ 825,865  
Balance at end of quarter $ 774,021   774,021  
Principal-Only-Strip MBS        
Mortgage-backed securities        
Balance at beginning of quarter 784,958 $ 914,223 825,865  
Purchases   0   $ 935,356
Repayments (34,991) (23,054) (119,258) (36,506)
Amortization of purchase discounts 13,642 20,129 31,676 29,219
Valuation adjustments 10,412 48,969 35,738 32,198
Total (24,054) (69,098) (67,414) (61,417)
Balance at end of quarter $ 774,021 $ 960,267 $ 774,021 $ 960,267