v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash Flows Provided By (Used In) Operating Activities:          
Net Income (loss) $ 114,816 $ (75,608) $ 59,965 $ (48,276)  
Adjustments to reconcile net income (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     4,695 (917)  
Stock based compensation     1,329 986  
Changes in operating assets and liabilities:          
Increase in accrued interest receivable     (5,301) (10,243)  
Increase in prepaid and other assets     (1,318) 187  
Change in derivatives, at fair value     (647) 384,537  
Increase in accrued interest payable- repurchase agreements     13,046 7,583  
Decrease in accrued interest payable- U.S. Treasury Securities sold short     0 (46)  
Increase in accounts payable and other accrued expenses     3,678 1,578  
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities     321,734 126,446  
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of Agency Securities     (4,678,791) (3,181,527)  
Principal repayments of Agency Securities     1,453,118 634,182  
Proceeds from sales of Agency Securities     1,411,926 1,226,213  
Disbursements on reverse repurchase agreements (includes $0 and $(1,860,188) with BUCKLER, respectively)     0 (2,217,750)  
Receipts from reverse repurchase agreements (includes $0 and $1,840,375 with BUCKLER, respectively)     0 2,197,875  
Decrease in cash collateral posted by counterparties     (88,684) (363,355)  
Net cash and cash equivalents and cash collateral posted to counterparties used in investing activities     (1,912,738) (2,306,495)  
Cash Flows Provided By (Used In) Financing Activities:          
Issuance of common stock, net of expenses     414,153 470,537  
Proceeds from repurchase agreements (including $38,786,436 and $42,363,476, respectively with BUCKLER)     78,174,756 68,704,178  
Principal repayments on repurchase agreements (including $(38,111,283) and $(40,923,923), respectively with BUCKLER)     (76,675,095) (66,588,046)  
Common stock dividends paid     (179,353) (114,496)  
Common stock repurchased     (2,013) (10,031)  
Net cash and cash equivalents and cash collateral posted to counterparties provided by financing activities     1,736,484 2,456,418  
Net increase in cash and cash equivalents and cash collateral posted to counterparties     145,480 276,369  
Cash and cash equivalents and cash collateral posted to counterparties - beginning of period     289,971 146,183 $ 146,183
Cash and cash equivalents and cash collateral posted to counterparties - end of period 435,451 422,552 435,451 422,552 $ 289,971
Supplemental Disclosure:          
Cash paid during the period for interest     485,224 313,885  
Non-Cash Investing Activities:          
Receivable for unsettled sales     344,372 0  
Payable for unsettled purchases     (241,137) (634,088)  
Non-Cash Financing Activities:          
Amounts receivable for issuance of common stock     19,924 5,540  
BUCKLER Securities, LLC | Related Party          
Cash Flows Provided By (Used In) Investing Activities:          
Disbursements on reverse repurchase agreements (includes $0 and $(1,860,188) with BUCKLER, respectively)     0 (1,860,188)  
Receipts from reverse repurchase agreements (includes $0 and $1,840,375 with BUCKLER, respectively)     0 1,840,375  
Cash Flows Provided By (Used In) Financing Activities:          
Proceeds from repurchase agreements (including $38,786,436 and $42,363,476, respectively with BUCKLER)     38,786,436 42,363,476  
Principal repayments on repurchase agreements (including $(38,111,283) and $(40,923,923), respectively with BUCKLER)     (38,111,283) (40,923,923)  
Series C Preferred Stock          
Cash Flows Provided By (Used In) Financing Activities:          
Issuance of Series C Preferred stock, net of expenses     10,475 279  
Series C Preferred stock dividends paid     (6,439) (6,003)  
US Treasury Securities          
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
Net (accretion) amortization of U.S. Treasury Securities     (34) 66  
Loss on U.S. Treasury Securities, net     21,102 15,793  
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of U.S. Treasury Securities (includes $50,049 and $200,680 with BUCKLER, respectively)     (501,709) (602,133)  
US Treasury Securities | BUCKLER Securities, LLC | Related Party          
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of U.S. Treasury Securities (includes $50,049 and $200,680 with BUCKLER, respectively)     (50,049) (200,680)  
Agency Securities          
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
(Gain) Loss on Agency Securities, trading, net $ 42,624 $ (16,545) 225,219 (224,802)  
Cash Flows Provided By (Used In) Investing Activities:          
Proceeds from sales of U.S. Treasury Securities (includes $49,000 and $0 with BUCKLER, respectively)     491,402 0  
Agency Securities | BUCKLER Securities, LLC | Related Party          
Cash Flows Provided By (Used In) Investing Activities:          
Proceeds from sales of U.S. Treasury Securities (includes $49,000 and $0 with BUCKLER, respectively)     $ 49,000 $ 0