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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
Mar. 31, 2025
Mar. 31, 2024
Mortgage-backed securities    
Balance at beginning of quarter $ 825,865  
Balance at end of quarter 817,596  
Principal-Only-Strip MBS    
Mortgage-backed securities    
Balance at beginning of quarter 825,865 $ 0
Purchases   524,739
Repayments (37,738) (116)
Amortization of purchase discounts 11,335 264
Valuation adjustments 18,134 (311)
Total (29,469) 47
Balance at end of quarter $ 817,596 $ 524,576