v3.25.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
GAAP net income $ 27,332 $ 14,516
Book to tax differences:    
TRS (income) loss (71) 41
Agency Securities (208,257) 137,749
U.S. Treasury Securities 12,906 (10,922)
Changes in interest rate contracts 234,023 (97,737)
Amortization of deferred hedging costs (16,334) (21,378)
Amortization of deferred Treasury Future gains 3,087 4,597
Other 114 644
Estimated REIT taxable income $ 52,800 $ 27,510