v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash Flows Provided By (Used In) Operating Activities:          
Net Loss $ (75,608) $ (48,350) $ (48,276) $ (33,834)  
Adjustments to reconcile net loss to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
Net (accretion) amortization of premium on Agency Securities     (917) 1,509  
Stock based compensation     986 1,819  
Changes in operating assets and liabilities:          
(Increase) Decrease in accrued interest receivable     (10,243) 10,223  
(Increase) Decrease in prepaid and other assets     187 (2,112)  
Change in derivatives, at fair value     384,537 (83,156)  
Increase in accrued interest payable- repurchase agreements     7,583 6,194  
Decrease in accrued interest payable- U.S. Treasury Securities sold short     (46) (1,411)  
Increase in accounts payable and other accrued expenses     1,578 4,114  
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities     126,446 123,894  
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of Agency Securities     (3,181,527) (1,763,821)  
Principal repayments of Agency Securities     634,182 445,368  
Proceeds from sales of Agency Securities     1,226,213 3,537,870  
Disbursements on reverse repurchase agreements (includes $(1,860,188) and $(3,256,075) with BUCKLER, respectively)     (2,217,750) (4,180,637)  
Receipts from reverse repurchase agreements (includes $1,840,375 and $3,161,700 with BUCKLER, respectively)     2,197,875 4,035,762  
Increase (Decrease) in cash collateral posted by counterparties     (363,355) 60,065  
Net cash and cash equivalents and cash collateral posted to counterparties provided by (used in) investing activities     (2,306,495) 2,315,370  
Cash Flows Provided By (Used In) Financing Activities:          
Issuance of common stock, net of expenses     470,537 16  
Proceeds from repurchase agreements (including $42,363,476 and $24,449,913, respectively with BUCKLER)     68,704,178 41,936,175  
Principal repayments on repurchase agreements (including $(40,923,923) and $(25,026,743), respectively with BUCKLER)     (66,588,046) (44,367,515)  
Common stock dividends paid     (114,496) (70,558)  
Common stock repurchased     (10,031) (1,344)  
Net cash and cash equivalents and cash collateral posted to counterparties provided by (used in) financing activities     2,456,418 (2,509,217)  
Net increase (decrease) in cash and cash equivalents and cash collateral posted to counterparties     276,369 (69,953)  
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 422,552 188,905 422,552 188,905 $ 146,183
Supplemental Disclosure:          
Cash paid during the period for interest     313,885 335,057  
Non-Cash Investing Activities:          
Payable for unsettled purchases     (634,088) (341,315)  
Non-Cash Financing Activities:          
Amounts receivable for issuance of common stock     5,540 0  
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     (6,003) (5,991)  
U.S. Treasury Securities          
Adjustments to reconcile net loss to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
Net amortization of U.S. Treasury Securities     66 0  
(Gain) Loss on U.S. Treasury Securities, net     15,793 (30,071)  
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of U.S. Treasury Securities     (602,133) (869,257)  
Proceeds from sales of U.S. Treasury Securities     0 1,050,020  
Agency Securities          
Adjustments to reconcile net loss to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
(Gain) Loss on Agency Securities, trading, net $ (16,545) $ 112,870 $ (224,802) $ 250,619