v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash Flows Provided By (Used In) Operating Activities:      
Net Income $ 27,332 $ 14,516  
Adjustments to reconcile net income to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:      
Net (accretion) amortization of premium on Agency Securities (621) 436  
Stock based compensation 465 1,053  
Changes in operating assets and liabilities:      
(Increase) Decrease in accrued interest receivable (9,562) 914  
(Increase) Decrease in prepaid and other assets (2,567) 240  
Change in derivatives, at fair value 253,248 (84,023)  
Increase in accrued interest payable- repurchase agreements 22,575 23,375  
Increase in accrued interest payable- U.S. Treasury Securities sold short 3,493 6,820  
Increase in accounts payable and other accrued expenses 2,470 6,654  
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities 101,482 96,812  
Cash Flows Provided By (Used In) Investing Activities:      
Purchases of Agency Securities (2,405,583) (422,542)  
Principal repayments of Agency Securities 274,007 182,548  
Proceeds from sales of Agency Securities 234,204 347,896  
Disbursements on reverse repurchase agreements (includes $(461,250) and $(1,805,375) with BUCKLER, respectively) (613,250) (2,425,876)  
Receipts from reverse repurchase agreements (includes $447,063 and $1,254,000 with BUCKLER, respectively) 598,750 1,667,250  
Increase (Decrease) in cash collateral posted by counterparties (178,400) 67,230  
Net cash and cash equivalents and cash collateral posted to counterparties provided by (used in) investing activities (2,090,272) 178,780  
Cash Flows Provided By (Used In) Financing Activities:      
Issuance of common stock, net of expenses 371,425 1  
Proceeds from repurchase agreements (including $14,360,617 and $13,324,607, respectively with BUCKLER) 26,294,795 23,129,610  
Principal repayments on repurchase agreements (including $(13,537,234) and $(12,575,496), respectively with BUCKLER) (24,503,333) (23,364,903)  
Common stock dividends paid (54,070) (35,302)  
Common stock repurchased 0 (1,344)  
Net cash and cash equivalents and cash collateral posted to counterparties provided by (used in) financing activities 2,106,096 (274,933)  
Net increase in cash and cash equivalents and cash collateral posted to counterparties 117,306 659  
Cash and cash equivalents and cash collateral posted to counterparties - beginning of period 146,183 258,858 $ 258,858
Cash and cash equivalents and cash collateral posted to counterparties - end of period 263,489 259,517 $ 146,183
Supplemental Disclosure:      
Cash paid during the period for interest 132,272 136,718  
Non-Cash Investing Activities:      
Receivable for unsettled sales 0 35,948  
Payable for unsettled purchases 0 (199,683)  
Series C Preferred Stock      
Cash Flows Provided By (Used In) Financing Activities:      
Issuance of Series C Preferred stock, net of expenses 279 0  
Series C Preferred stock dividends paid (3,000) (2,995)  
BUCKLER Securities, LLC | Related Party      
Cash Flows Provided By (Used In) Investing Activities:      
Disbursements on reverse repurchase agreements (includes $(461,250) and $(1,805,375) with BUCKLER, respectively) (461,250) (1,805,375)  
Receipts from reverse repurchase agreements (includes $447,063 and $1,254,000 with BUCKLER, respectively) 447,063 1,254,000  
Cash Flows Provided By (Used In) Financing Activities:      
Proceeds from repurchase agreements (including $14,360,617 and $13,324,607, respectively with BUCKLER) 14,360,617 13,324,607  
Principal repayments on repurchase agreements (including $(13,537,234) and $(12,575,496), respectively with BUCKLER) (13,537,234) (12,575,496)  
Agency Securities      
Adjustments to reconcile net income to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:      
(Gain) Loss on Agency Securities, trading, net (208,257) 137,749  
U.S. Treasury Securities      
Adjustments to reconcile net income to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:      
(Gain) Loss on U.S. Treasury Securities, net 12,906 (10,922)  
Cash Flows Provided By (Used In) Investing Activities:      
Purchases of U.S. Treasury Securities 0 (97,003)  
Proceeds from sales of U.S. Treasury Securities $ 0 $ 859,277