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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company’s financial instruments that are measured at fair value on the Company’s consolidated balance sheet by their valuation hierarchy levels as of the dates indicated:
($s in thousands)
December 31, 2024December 31, 2023
Total
Level 1Level 2Level 3
Total
Level 1Level 2Level 3
Assets:
   
MBS$7,512,087 $— $7,512,087 $— $6,038,948 $— $6,038,845 $103 
TBA securities (1)
133 — 133 — 54,361 — 54,361 — 
Mortgage loans (2)
1,130 — — 1,130 1,793 — — 1,793 
Total assets carried at fair value
$7,513,350 $— $7,512,220 $1,130 $6,095,102 $— $6,093,206 $1,896 
Liabilities:
TBA securities (1)
$22,814 $— $22,814 $— $— $— $— $— 
Total liabilities carried at fair value
$22,814 $— $22,814 $— $— $— $— $— 
(1)TBA securities are reflected on consolidated balance sheets within “derivative assets” and “derivative liabilities” at their implied fair value, net of implied cost basis. Please refer to Note 5 for additional information.
(2)Mortgage loans are included within “other assets” on the consolidated balance sheets.