v3.26.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
GAAP net income (loss) $ 114,816 $ (75,608) $ 59,965 $ (48,276)
Book to tax differences:        
TRS income 3 (124) (82) (194)
Agency Securities 42,624 (16,545) 225,219 (224,802)
U.S. Treasury Securities 10,454 2,887 21,102 15,793
Changes in interest rate contracts (72,588) 155,882 (118,070) 389,905
Amortization of deferred hedging costs (15,772) (17,361) (34,804) (33,695)
Amortization of deferred Treasury Future gains (losses) 410 2,490 286 5,577
Other 139 15 107 129
Estimated REIT taxable income $ 80,086 $ 51,636 $ 153,723 $ 104,437