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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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)
June 30, 2025December 31, 2024
Total
Level 1Level 2Level 3
Total
Level 1Level 2Level 3
Assets:
   
MBS$10,510,006 $— $10,510,006 $— $7,512,087 $— $7,512,087 $— 
TBA securities (1)
30,823 — 30,823 — 133 — 133 — 
Interest rate swaptions
993 — 993 — — — — — 
Mortgage loans (2)
1,028 — — 1,028 1,130 — — 1,130 
Total assets carried at fair value
$10,542,850 $— $10,541,822 $1,028 $7,513,350 $— $7,512,220 $1,130 
Liabilities:
TBA securities (1)
$31 $— $31 $— $22,814 $— $22,814 $— 
Total liabilities carried at fair value
$31 $— $31 $— $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.