v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 69,237 $ (16,456)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock based compensation 1,674 (50)
Net discount accretion on U.S. Treasury securities (260) (316)
Realized (gains) losses on mortgage-backed securities (924) 9,288
Unrealized losses (gains) on mortgage-backed securities 143,270 (87,132)
Realized and unrealized (gains) losses on derivative instruments (96,192) 144,349
Changes in operating assets and liabilities:    
Accrued interest receivable (4,284) (8,938)
Other assets (701) (196)
Accrued interest payable 17,878 3,098
Other liabilities 383 393
Due to affiliates 141 182
NET CASH PROVIDED BY OPERATING ACTIVITIES 130,222 44,222
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases (183,025) (74,098)
Sales and maturities 356,475 733,904
Purchases of U.S. Treasury securities, available-for-sale (183,025) (74,098)
Proceeds from maturity of U.S. Treasury securities, available-for-sale 135,000 50,000
Net payments on reverse repurchase agreements (367,215) 0
Net proceeds from (payments on) derivative instruments 460,032 (131,446)
NET CASH USED IN INVESTING ACTIVITIES (1,009,060) (1,817,749)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from repurchase agreements 42,801,202 28,368,377
Principal payments on repurchase agreements (41,829,753) (26,738,041)
Cash dividends (131,046) (73,026)
Proceeds from issuance of common stock, net of issuance costs 135,525 344,840
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes (8,016) (7,348)
NET CASH PROVIDED BY FINANCING ACTIVITIES 967,912 1,894,802
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 89,074 121,275
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period 724,561 335,053
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period 813,635 456,328
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 187,113 127,414
Collateralized Mortgage-Backed Securities [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases (2,273,827) (2,728,263)
Sales and maturities 356,475 733,904
Principal repayments 863,500 332,154
Purchases of U.S. Treasury securities, available-for-sale $ (2,273,827) $ (2,728,263)