v3.25.2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
GAAP net loss $ (75,608) $ (48,350) $ (48,276) $ (33,834)
Book to tax differences:        
TRS (income) loss (124) 58 (194) 99
Agency Securities (16,545) 112,870 (224,802) 250,619
U.S. Treasury Securities 2,887 (19,149) 15,793 (30,071)
Changes in interest rate contracts 155,882 9,444 389,905 (88,293)
Amortization of deferred hedging costs (17,361) (20,935) (33,695) (42,313)
Amortization of deferred Treasury Future gains 2,490 4,728 5,577 9,325
Other 15 539 129 1,182
Estimated REIT taxable income $ 51,636 $ 39,205 $ 104,437 $ 66,714