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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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mortgage-backed securities        
Balance at beginning of quarter     $ 825,865  
Balance at end of quarter $ 784,958   784,958  
Principal-Only-Strip MBS        
Mortgage-backed securities        
Balance at beginning of quarter 817,596 $ 524,576 825,865  
Purchases   410,617   $ 935,356
Repayments (46,529) (13,336) (84,267) (13,452)
Amortization of purchase discounts 6,699 8,826 18,034 9,090
Valuation adjustments 7,192 (16,460) 25,326 (16,771)
Total (13,891) 7,634 (43,360) 7,681
Balance at end of quarter $ 784,958 $ 914,223 $ 784,958 $ 914,223